What is OTIS? 

On-line Trading Information System, OTIS, is an electronic trading system developed by IGEA in 1997. It enables real-time trading between remote members of OTC market, under previously defined and equal conditions, thus making trading transparent and available.

OTIS meets today's high demands on trading information systems thanks to the following characteristics:

• open, transparent and modular design and architecture based on widely accepted industrial standards;
• embedding on-line trading and backoffice applications with friendly GUI interface;
• client-server based architecture;
• relational database system ensures effiicent data administration and security.

 

OTIS Structure

The basic parts of OTIS are:

• computer and communication system of OTC market
• computers and communication units of remote users – market members
• Market's database
• OTIS Broker application for members
• OTIS Administrator and OTIS Reports – backoffice applications for system administration and surveillance

Basic Concepts

Roles of The Market Participants

Market participants can have following roles on the market:

• Trader is a firm with permission for trading
• Market Operator is a person authorized from the market to open and close trading day, define and authorize system users, input securities data, change their status, monitor security and perform other activities ensuring safe and continuous system operation
• Broker is a person, authorized to act in the name of trader
• Trader can be buyer or seller. If the transaction is closed, buyer and seller are parties to the trade.
• Order owner is trader that in the name and for account of client, or his own name and account, places and manages order on the system, and takes clients responsibilities in the trade.

A trading day consists of three types of periods:

• Open market period during which participants can perform all allowed activities with ther orders and close transactions.
• Closed market period during which participants can analize data and enter/withdraw orders, but can not close transactions or expose (display) withdrawn or new orders.
• Maintenance period for database administration and other administrative activities. Users can not connect to the system in this period.

 

OTIS Broker

OTIS Broker is Windows based application for market members. It enables real-time on-line trading, through placing orders, retrieving, changing and deleting them. System supports automatic order matching. As well, OTIS enables all participants to access information on turnover and Market transactions. Trading is process of preparing, exposing, and withdrawing orders, and closing transactions in the OTIS system.

• If buy and sell conditions of best bid and best ask match, transaction is automatically closed
• Continuous transaction displaying – they become visible to all trading participants included in trading process

OTIS Administrator – Trading Surveilance

OTIS Administrator enables:

• To open and close trading;
• Administering system users;
• Managing brokerage houses, issuers and securities data;
• Printing performed transaction document – confirmation note;
• Transaction cancelling.

Using OTIS Reports, market administrator can easily obtain information on closed and canceled transactions, owners of exposed offers and similar data. This application enables:

• Advanced forming of inquiry about closed transactions for desired period;
• Reports of performed turnover for period;
• Owners of exposed offers;
• Provisions for each brokerage house, etc.