D-3 Pricing System

D-3 Pricing System is a powerful and feature-rich FX/MM rate engine covering cross and arbitrage calculations. It comes with comprehensive plausibility checking and flexible price-import and distribution capabilities. D-3 users are highly competitive in the growing FX e-commerce market.

Why choose D-3?

More than 20 major trading banks rely on D-3 when driving their daily business and quoting on global markets and ecommerce platforms. The possibility to link different trading environments in different countries and the outstanding architecture of the system enables the rapid growth of international foreign exchange activities, hence a competitive advantage is created.
New releases including the latest features are available once per year. Streaming mode interfaces ensure forwarding of correct prices including calculated broken dates and crosses as well as low latency. Inbuilt holiday calendars cover unlimited number of currencies and allow maintenance-free operation. Price curves can be adjusted to reflect variances on special dates, for example FED-, IMM- or turn dates. FX swaps can be derived from Futures, Money Market and bond rates. Reliable real-time rates are exported to e-commerce platforms and customer applications.

Trading Features

» Broken date calculation incl. fwd-fwd
» Correlation of European curves with USD future
» Early NZD date roll
» Future equivalence
» Futures including convexity adjustments
» FX pricing based on other markets, e.g. FRAs, OIS or IRS
» Historic rollover
» Multi-site installations with different time-zones supported
» Par forwards
» Prepayment penalty
» Security supported by dedicated access rights, audit trails and logs
» User's convenience through creation of individual desktops

Price Quality

Many trading features are common practice – but D-3 also offers smart and elaborate functionality which makes it excellent and extraordinary. Many years of experience, close partnership with our customers and with numerous users led to this result, which is also field-proven. Multiple price sources can be combined with blending mechanisms for FX-Spot and Forward rates. Furthermore traders can easily manage several price tiers and spreads, dedicated to different export destinations. The data quality concept ensures high reliability and safe error detection. Before incoming prices are applied to the blending stage or are remitted they have to pass a multi-level check stage.

The user interface is intuitive and allows multiple configurations. Almost all functionality is reachable with one click on the mouse or through right-click-menus. Traders are able to set up individual desktops, create own pricing models and work with customized alerts and priority lists. Various access profiles relating to specific user groups ensure that all responsibilities are managed correctly.

Most customers use D-3 Pricing System as central pricing tool to collect data from different price sources, perform all necessary checking and verification, apply blending mechanisms and margins allocation. Afterwards share prices with their traders worldwide and feed both dealing systems and central host’s applications.

Data Quality Features

» Access control
» Audit trail
» Automatic adjustments
» Automatic spreads
» Automatic suspensions
» Curve comparisons
» Hierarchy of sources
» Inspector tool
» Interpolation rules
» Market average rates
» Maximum spreads
» Plausibility checks
» Rate comparison
» Risk simulation
» Spread management
» Time-to-live
» Ultimo steps
» Watchlists

Import and Export

D-3 is a client/server system and makes extensive usage of multiple calculation services to ensure both low latency and high availability. It is well prepared for 24-hours a day/seven days a week operation and can handle locations in different time-zones. Different parts of responsibility for 24-hours of price control and update may be assigned to traders in different dealing rooms across the globe, which also share prices and work with their individual configuration. Through a generic interface design new price feeds can be adapted rapidly.

RIC-Export to Elektron (TREP-RT)® (including status messages, amounts, locations, maturities) and other systems using RIC-technology. Other applications and platforms are supplied with mass data by the highly efficient Streaming API, as well as response to single requests for quote.

Customer‘s systems often benefit from all special date adjustments and  interpolation methods when communication is done in terms of such individual requests instead of being driven by a fixed list of tenors exported. Optional HTML-format enables web-based distribution and price display via Internet browsers.

Export Features

» API with streaming prices
» Export of tradeable amounts
» HTML price export allows seamless website integration
» Location/trader indicator
» Multiple spreads
» Optional throttling
» Several different price tiers

D-3 Architecture