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Creating a New Distribution Channel

Creating a New Distribution Channel

From the admin config cockpit, under Distribution in the left-hand panel select 'Channel Explorer', here you can specify price distribution characteristics and order acceptance criteria for different sets of flow.

At the top of the page select the '+' to create a new channel config.

This will bring up the risk control profile which allows for the adjustment of parameters to manage pricing, pools, visibility and throttle limits for the defined subset of flow:

  • Risk control profile - the group of clients for which the distribution channel is being configured.
  • Visible quantity - applies a limit to how much of the quantity available in an instrument is visible to the clients in the channel.
    • E.g. if set to 25, where the normal quantity has been set at 200,000. Clients will only be able to see the prices for the first $5,000,000 of that instrument available.
  • Max pool price - is the maximum distance the pool price can move from the core models TOB price.
  • Throttle limit - controls how many times a price is updated per ms.
  • Broker pool - specifies the pool an order is to be sent if it cannot be internalised.
  • Internalisation market - the core price market to base prices on and where internalised trades will be sent.
  • Mid source market - the market from which mid will be sourced for mid price checks during internalisation.

Mapping the channel to a FIX connection

Mapping connections is configured in the editor tab.

Navigate to: distribution.clientConnections.fix.fixClientConnection

In the editor, you are able to copy a FIX client connection from a previous build using

In this case, make sure to change the Distribution Channel ID to match the Channel and change the Target Comp ID and Sender Comp ID so any admin or application messages related to the connection are identifiable. The credentials will already be available in the config from previous connections.

To build connection without previous build:

Add a new FIX Client Connection field, input the name of the Channel created in the Distribution Channel ID field.

In session details, select from custom or standard FIX session and input your FIX messaging log in details. Scroll down to session properties and select the type of FIX account mapping being connected, Compass allows multiple fields to be added for as many trading accounts, parties or counterparties as needed.

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