Lithos RFQ

An efficient RFQ trading solution built with Openfin Workspace for dealers providing quotes to clients and buy-side clients who send RFQs knowing that they will receive quotes in a timely manner with alert notifications

About The ProjectA team in Lithos Labs, 28Stone’s research and innovation hub, developed an RFQ trading solution that leverages Openfin Workspace on the dealer’s side and a web-based client side application. Clients have a sleek design dashboard and can send an RFQ to multiple dealers they select in single view. On the dealer’s side the application efficiently facilitates the RFQ process by sending notifications about quote requests and providing a user-friendly way to send quotes to clients quickly.

Industry

RFQ (Request for Quote) trading

Duration

5 Months

Technologies

React + Typescript, Java, Openfin Workspace, AG Grid

Watch The Demo Video To Learn More About The Project

Main Features of Lithos RFQ

Clients submit RFQs to multiple dealers

Clients submitting RFQs through the solution can be sure that dealers will receive them in a timely manner with alert notifications and are readily able to see the request pop on their screens.

Dealers respond to RFQ and send back quotes

Dealers can send quotes quickly in a matter of a few clicks and have the ability to control specific locations of requests that come in on the dealer screen in an effort to more efficiently facilitate the RFQ process.

Efficient real-time communication

RFQ statuses are updated in real time on both Dealer and Client applications, additional features for adding comments to RFQ or to price quotes helps facilitate communication between clients and dealers on a single platform.

Desktop notifications

Desktop notifications are sent to the dealer’s application when requests come on the dealer screen or when a quote is accepted to make the process efficient.

Desktop application for dealers

Dealer’s desktop application is created using Openfin Workplace, has a look and feel of a modern web app, allows having multiple windows for trade blotter, positions blotter, history that can be merged into a workspace.

Clients can access the web-based application via a browser

For the convenience of buy-side the RFQ client application is web-based allowing clients to access the solution from any device with a browser installed.

RFQ Client Main Dashboard

Buy-side client’s main dashboard with prices, inventory and trades, is accessible through a web browser. The main dashboard view also allows clients to pick which instrument will be in the RFQ ticket they will send to dealers.

Today's Activity

Today's Activity section to indicate that all trades appear here in real time.

Bond Details

Bond Details provides info on the bond description including coupon and maturity as well as bond rating.

Market Data

Market Data columns are indicating that streaming data is displayed and updated in real time.

Settlement Info

Settlement info which details trade settle date used for operations teams and trade processing and perhaps.

RFQ Ticket Setup

The RFQ ticket opens in a new window which handles information about the picked instrument, such as bid and ask prices and yields. Buy-side clients set quantity, choose which dealers will receive the RFQ and can add comments if necessary. Once the ticket is ready, a click on the Send button sends the RFQs that pop up on the picked dealers’ screens.

Managing RFQ Responses

The RFQ status and prices are displayed in real time after a request is sent. The RFQ ticket window shows all the quotes dealers submitted, highlights the best price and provides a convenient way to accept any of the quotes from the same window.

Explore the Lithos RFQ solution yourselfWe host the client-side solution for you to see it yourself and click through its features. The dealers’ actions are automated and you will receive quotes for your RFQs to explore the full workflow.Open in a New Tab

An efficient RFQ platform will not only provide users with a streamlined workflow to obtain optimal pricing but also transparency with ease from inquiry to execution

Erica Valestin (Product Manager)

RFQ Display WindowDealers control specific locations of requests that come in on their dealer screens in an effort to more efficiently facilitate the RFQ process. Received RFQs are displayed in a window that shows the request data, the response timer, and allows to set a quote price and send it or leave the request without a quote provided.

Dealer TradesDealer’s have a configurable multi-window application, which includes trade blotter, positions blotter and other windows that users can add. The use of Openfin allows merging windows in a single workspace, setting them into a comfortable layout and saving such workspace settings to conveniently reopen every day.

Notifications CenterWe used Openfin’s built-in notification functionality for the RFQ solution so dealer’s receive desktop notifications about new requests and also have a dedicated space to view all the notifications and sort them for convenience.

TechnologiesTeams in our research and innovation hub Lithos Labs experiment with various technologies to find new more efficient solutions for existing problems. For the Lithos RFQ project we used Openfin Workplace for the dealer side, because we see how its features, such as multiple windows, notifications and interoperability, come helpful when building an efficient and user-friendly RFQ flow solution. For the front-end we used React with Typescript and AG Grid solution, which helped us make the interface with various tables modern, sleek and easy to read. Finally the back-end is written with Java, a widely used language for financial solutions all over the world.

OpenFin WorkplaceWe’re a partner of Openfin and have built multiple trading platforms and other financial services solutions using the technology. But we are still discovering new ways to use it for building modern enterprise applications.

React + TypescriptReact + TypeScript combines the power of component-based UI development with static typing for reliable, scalable, and maintainable code in modern web applications.

AG GridAG Grid is a powerful, feature-rich JavaScript data grid used for creating high-performance, customizable, responsive data tables, ensuring efficient data handling and real-time updates.

We help industry leaders develop cutting-edge solutions. Let’s discuss your next project.

We used OpenFin to create a dealer-side desktop application with real-time connection to a client-side web app. We utilized OpenFin’s out-of-the-box functionality to quickly deploy features like customizable workspaces, real-time notifications, and easy navigation through the dock.

Janis Dimants (Frontend Developer)

QA AutomationA core tenet of 28Stone’s software delivery philosophy is that the prioritization of testing and QA is crucial. Once we started automating scenarios created by manual QAs using 28Stone QA Automation framework based on Selenium and Java we faced a challenge - some OpenFin Workspace elements are not accessible with Selenium. We used a combination of Selenium and GUI automation tool SikuliX to create automated tests for scenarios involving Openfin Workspace.

Process Flow CreationCreating a process flow is a collaborative practice that brings efficiency to business operations, making it an invaluable service offered by our consulting firm. By meticulously mapping out each step of your processes, from initial client engagement to final delivery, we create a visual blueprint that simplifies complex workflows and enhances understanding across your team. This strategic approach minimizes errors, aligns everyone with their roles and responsibilities, fostering a cohesive and high-performing environment. Regular updates ensure the process flow adapts to your evolving needs, driving continuous improvement and sustained success.

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