NEX Exchange

Strategy, Engineering

The Nex Exchange platform being used on a Macbook pro in an office environment

NEX Exchange are a London-based stock exchange and part of the CME group. The exchange is the primary listing venue for approximately 80 companies, trading around 650 LSE and AIM-listed stocks.

The Nex Exchange platform being used on an iMAC pro

The Opportunity

In the spring of 2017, NEX Exchange faced two problems. MIFID II was due to come into force at the beginning of 2018. They had made very little progress, were running a legacy trading platform and their parent group was already stretched in trying to implement the wider MIFID II response. At the same time, they needed to replace their existing market supervision and alerting system, which was expensive to license and had been dropped by the wider group leaving NEX Exchange as the only customer and liable for the entire fee.

The Nex Exchange platform being used on an iMac

How We Helped

We successfully brought NEX Exchange through its MIFID II implementation. Our team was involved at all levels, from a full analysis of the FCA/ESMA regulatory requirements, right through to designing and implementing appropriate technical solutions. We built a dedicated cloud-hosted market-reporting platform and implemented a full replacement cloud-hosted surveillance system. In addition, we designed and developed upgrades to their legacy trading platform to implement MIFID II trading rule changes and data reporting requirements. We also represented NEX Exchange in coordination with market participants and NEX Exchange data vendors and the FCA to align testing and implementation. This replicated the functions of the previous system and included improvements to the user interface and enhanced reporting.

Find out more about the project and NEX Exchange on their website.

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