Does ConnectEX software product work with non-futures exchanges?
Yes. Even though our initial focus is to provide connectivity to futures exchanges, the software can easily be customized to work with any electronic exchange in any market (stocks, options, fixed income etc), as long as the exchange supports FIX4.2 protocol. Usually, each exchange will have some custom tags and custom messages. Our trading software is flexible, and it is very easy to extend the software to support different exchange customization.

Does the trading software support connectivity to non-exchange trading partners?
Yes. Even though ConnectEX software is optimized for exchange connectivity, ConnectFIX software can be used to connect to any trading partners supporting FIX protocol.

Does the trading software provide GUI-based or screen-based trading applications?
As our focus is to provide connectivity software and algorithmic trading software, we do not provide GUI based trading products. However, clients can use this connectivity software in implementing different GUI based trading applications, that are customized to their needs.

Does the trading software include order management module?
Our intention is to integrate the trading software with clients’ existing order management infrastructure. For small traders, and small trading groups, who do not have existing order management system, we will provide an order management module that will let the traders get a real-time snapshot of their trades, profit and loss, and their current exposure in each market.

What is Derivatives exchange?
A Derivatives Exchange is where derivatives are traded, which are primarily Options, Futures and Options on Futures. Most active options products include equity derivatives ( stock options), options on indexes, options on volatility, options on ETFs etc. Most active futures products include Euro Dollar futures, S&P futures, e-mini S&P futures, Treasury futures, Commodity futures etc. Derivative contracts are offered on a wide variety of asset classes, and derivatives volume has been growing at a rapid pace. Chicago Mercantile Exchange(CME), after merging with cross-town rival Chicago Board of Trade(CBOT), became the world's largest futures exchange. Overall, there is a lot of consolidation happening in the exchange space. For example, NYSE, which is primarily a stock exchange, has entered into Options trading(with acquisition of Archipelago Exchange) and into Futures trading with the acquisition of Eurex. Most of these exchanges embraced electronic trading and there is very little of floor trading left.

Is the term Buy Side trading group, for everybody who operates at the other side of the exchange, or specifically those who place buy orders?
Broadly speaking, Buy Side trading groups are those who are the originators of order flow (buy orders or sell orders), and the Sell side trading groups are the aggegators of the order flow and does order matching and generating trade executions. Generally, buy side include the brokerage houses, hedge funds, proprietary trading groups etc. Exchanges act as sell-side in the traditional trading operations, but, other institutions like Banks also act as sell side.

By Algorithmic trading, does it mean that the orders are placed based on algorithmic routines, and no manual / personal engagement is needed for placing buy or sell orders?
True. This is also called black-box trading or program trading.

Is FIX a newer protocol, being adopted worldwide? What is the benefit for an India or other developing countries, based stock exchange to adopt to FIX?
FIX protocol has been around for more than 10 years, but has been gaining in usage and popularity on the derivatives side during the last 7 or 8 years, primarily because of rapid trend towards electronic trading. In the beginning, exchanges provided proprietary software that is usually different between different exchanges. FIX protocol, which is maintained by www.fixprotocol.org, has standardized the trading message format, and most of the exchanges offer FIX based connectivity for electronic trading, making it easier for people connecting to different exchanges using the same protocol. As Indian stock exchanges are growing rapidly, providing FIX protocol based electronic trading will allow them to become globally competitive. FIX protocol is becoming the defacto industry standard for electronic trading around the globe.

Your products mention about the connectivity solutions and the speed of connectivity. But, doesn't exchange provide uniform access speed and access platform for all brokers? How do your products play a role here?
Exchanges do provide uniform access speed for every one connecting directly with the exchange. In a FIX world, exchanges provide TCP/IP based connectivity, where exchanges do not provide any connectivity software. This means, institutions needing direct connectivity to exchanges have to either write their own FIX implementation or use 3rd party software. Though there are open source FIX engine software available, we implemented our own FIX engine, primarily to ensure an implementation with less overhead. This provides more flexible and high speed FIX engine. Also, our implementation allows for a dedicated connection with exchanges for both trading and market data, and these processes can be running on different hardware depending on the client requirement.

If an Indian hedge fund or financial institution use FIX based software, would not the exchange provide some software -- in which case your products should be more about added feature -- correct?
As mentioned earlier, FIX based implementations do not provide any software. FIX is a TCP/IP based messaging protocol, which includes a session protocol and an application protocol. Session protocol contains information on session initiation and maintenance, message sequence number management making sure that messages are not lost. Application protocol layer specifies message layout for different trading messages like Orders, Cancels, Execution Reports etc. Please take a look at www.fixprotocol.org