As part of Broker-status’s certification process of trading platforms, in order to help ensure that at-a-minimum a basis is established using the criteria listed below, we require applicants submit all requested information as described and any additional that may be asked for.
The Certification process helps ensure that our supervisory responsibilities with regards to the dispute resolution process that Broker-status facilitates will remain fair and equitable.
Some items in the following questionnaire below may not apply to you. For example, if the system is hosted on your licensee’s data servers, which you have no control of. Nonetheless, applicants must let us know of such arrangements and provide Broker-status with minimum technical requirements to licensee’s infrastructure, as explained in the guidelines below.
In addition to questions, Broker-status must review technology providers written procedures to address the security, capacity and integrity of trading, and confirm such procedures are being followed.
Certification Guidelines Questionnaire (To be completed by all applicants):
1. SYSTEM SECURITY
Firewalls, Data encryption algorithm and suspicious activity monitoring
System Administration procedures
Server infrastructure and system backup procedures
Capacity monitoring procedures
Software update procedure
3.INSTRUMENTS AND ORDER TYPES
All instruments available within platform
List all types of orders that are available in the platform.
4.PRICING AND EXECUTION POLICY
List of quote-feed providers
Can broker set restrictions on trades? If yes, please describe.
Does system maintain applied restrictions logs?
Can broker adjust the price feed? If yes, please describe who can do so and under which circumstances?
Does system has a manual price change/input logs?
Does system has “bad print” or “price spike” protection?
Can broker set or execute orders on behalf of clients?
Does system maintain manual execution logs?
For Binary Options
Please provide the options pricing and payout calculation methodology.
Do you change the payouts during the option term?
Do you change payout terms based on market volatility?
Do you provide incentives to trade in a certain direction due to uneven spread of risk at the option expiry date?
Does system maintain the logs of payouts change?
5.REPORTING AND RECORD KEEPING
System must store tick data for at least 45 days.
System must have detailed report on all trades and orders places by the client or by the company on behalf of the client
Breakdown procedures that contain responsible employees for major blocks of the system and their main duties.
6.BUSINESS CONTINUITY/ DISASTER RECOVERY PLAN
Broker-status believes that disaster recovery and business continuity issues are of utmost importance and trading technology providers must take a proactive approach to ensure that they have an adequate disaster recovery plan in place.
Disaster Recovery plan must contain the following information:
Implementation of Disaster Recovery/Business Continuity Plan
Disruptions of Third-Parties
Communication with Broker-status
Employee and Emergency Contact Information
Completed answers and requested information to the questions above should be submitted to the certification board of Broker-status, either in Microsoft Word Format, or PDF format.
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