LeapRate interview… Founder, CEO and CTO of Your Bourse, Andrey Vedikhin has more than 20 years of accumulated knowledge and experience in the industry, as well as a PhD in Economics and strong software architecture skills.
We discussed the company’s goal to further expand on their institutional offering and the risk management functionality of the platform, as well as plans for a new liquidity distribution functionality release.
Andrey was also one of the founders and ex-owners of Alpari Group. Under his management, the company became a top FX/CFD broker worldwide.
LR: Could you tell us more about Your Bourse and its main focus?
Andrey: Your Bourse is an adaptive service technology provider in the FX, CFD and Crypto brokerage field. Our primary aim is to provide a bespoke technological infrastructure with comprehensive support that creates freedom for our brokers to focus on their clients and revenue streams with confidence. Our solution consists of MT4 Bridge/MT5 Gateway/FIX API, Matching Engine with Aggregation Functionality, as well as Risk Management, Reporting and Business Analytics Tools for peace of mind.
To provide this level of customization, during the onboarding process we run several in-depth business analytics sessions. In these sessions, we analyse the broker’s current revenue models and technological setup. We then provide recommendations to increase business revenue streams through the platform’s technological tools and implement the most profitable hosting and service monitoring set-up.
With more than 20 years of experience in the industry, I have put together a unique team of FX professionals. Each team member has experience with B2C and B2B brokers in operations, compliance and technology. For example, we achieve a 99.99% SLA because our lowest level support is level 2 and the minimum requirement is that of a Meta Trader admin. That combined with all level 3 support, being software developers, is one of many factors that set us apart.
LR: How has Your Bourse been managing through this challenging period of global uncertainty around the COVID-19 pandemic?
Andrey: While COVID-19 has been challenging for many businesses across the globe, we have worked hard to create a period of growth and strength. With three international offices and remote staff, it was an opportunity to refine processes and support both internally to our staff and externally to our clients. This in turn created a strong culture of adaptability and a general sense of flexibility within the company to meet the ever-changing needs of the world.
LR: We have seen unprecedented volatility in the past year and a half, what changes have you noticed in the FX liquidity world? The demand for your product must have increased in 2020, do you see any difference in 2021?
Andrey: These are uncertain times for sure. What is certain is that the quality and strength of our support and technology continues to grow. This is evidenced by both the growing number and the increased variety of prospects who are requesting to join our offerings at Your Bourse. While it would be foolish to speak on behalf of the entire market, we can speak with certainty about the changes that we are currently implementing and will continue to implement to offer to our clients.
Each client, regardless of size or volume has proven that our technology works and continues to prove itself having performed well in all circumstances. We believe that such results are achieved due to our continuous research, integration and testing. We heavily test all functionality before it is implemented for our clients to ensure minimal disruption and delays.
LR: How does Your Bourse cope with risk in time of such extreme volatility? What features do you provide your clients to minimize risk? Do you have advice for brokers on how to manage risk?
Andrey: We have two types of functionality that help maximise performance during abnormal market conditions. First, the machine-based learning algorithms that set automated filters. For example, seven variations of spike filters will be activated or deactivated depending on the market conditions and instruments trading times. Second, brokers can use and configure manual tools specific to their business model, such as, floating leverage or floating commissions.
In addition, we make functional recommendations to each of our clients based on the risk appetite, business model and regulatory requirements during the business analytics onboarding. Product alignment is something we take very seriously at Your Bourse.
LR: Tell us about Your Bourse’s matching engine workflow.
Andrey: The liquidity aggregator provides aggregated liquidity pools with the liquidity providers price streams. The matching engine then sets the configuration for the price feeds from each liquidity pool.
Clients can use the same LP FIX session to feed multiple matching engines or multiple liquidity pools. The matching engine allows clients’ limit order (takers) to be aggregated into the Order Book alongside the liquidity provided by LP’s (makers). This feature is selectable depending on the broker’s needs and business model. The aggregated price stream is then sent to the MT4 or MT5 server, or aggressed via FIX API.
When the bridge receives an order from an MT4/MT5 client, the order is being sent to the matching engine with all the respective parameters such as A/B-book settings, markups, mappings, hedging settings and others. Following that the matching engine checks the recent price update in the aggregated order book to verify if the requested price is still available.
If it is not, the execution price for a B book order will be adjusted accordingly. An A-book order is then sent to the LP that provides the current best price. Rejected orders are returned to the matching engine and then sent to the LP provisioning the next best price in the order book. The matching engine attempts to fill the order for a predetermined time limit and any order exceeding that limit, results in a rejection for the client. Our matching engine supports the Best Execution Policy, which is an essential feature for regulated brokers.
LR: Your Bourse has recently added new features to the platform, announced new partnerships, what can we expect in the near future?
Andrey: Our current goal is to further expand on our institutional offering and the risk management functionality of the platform. In September, we are planning to launch a new liquidity distribution functionality.
In addition, we are on the verge of releasing several new risk management features based on machine learning algorithms to deliver incremental efficiency and profitability while limiting the effect of volatility in the markets for our clients.
