You operate in a demanding 24x7
global environment. You need asystem that does too.
FXL: the industry’s most fexible cross-product,
front-to-back transaction processing solutions

Introduction
The fnancial services market is one of the most dynamic
industries in the world. In recent years, the credit
crisis, increasing consolidation, a growing and stricter
regulatory environment, and globalization – and all that
follows from it – have had considerable impact on theway organizations conduct business.

2

As market conditions change, fnancial services
organizations must adapt. Remaining competitive often
necessitates new business practices, new operational
processes and being active in new markets.
Underlying all of these changes is an organization’s
technology infrastructure. Today’s key business support
systems need to be more fexible and confgurable thanever before to support evolving business requirements.

The fall-out of the credit crisis has seen the strategies,
structures, and cultures of fnancial services
organizations radically change. This brings with it
signifcant operational challenges, particularly for
those having to work with costly, high-maintenancelegacy systems or manual processes they are notfamiliar with. As a result, change and innovation
are required. Ensuring the technology within theorganization is suited to the new era and able
to provide support in terms of scale, fexibility,
consistency, and the ability to reduce cost and risk.
To help move away from hindering legacy operations,frms are partnering with FXL.
FXL provides global, 24x7 transaction processing
solutions your organization needs to improve
operating performance and stay ahead of thecompetition.

Service and support
Broadridge FX & Liquidity Solutions
Professional Services team can help you:• Analyze current system needs• Defne business and technical requirements• Document requirements and workfows• Implement and manage projects• Improve quality assurance• Tune system performance• Convert and migrate data
• Perform custom development

3

FXL• Provides global data communications on areal-time basis.
• Improves user efciency and productivity.
• Reduces system hardware, system implementation,

integration, and maintenance costs.
• Increases the percentage of Straight ThroughProcessing (STP) transactions.
• Reduces overhead traditionally needed fortransaction processing.

Broadridge FX& Liquidity Solutions
Broadridge FX & Liquidity Solutions improves
operational performance and efciency aroundthe globe & around the clock.
FXL provides comprehensive transaction processing
solutions for front, middle and back ofce processing
across fnancial products. FXL facilitates anorganization’s global trading activities in a fexible,
efcient and cost efective way.
FXL provides a singular application platform andofers the following solutions:• FXL – FX & FX Derivatives Componentized Front,

Middle & Back Ofce Solution• FXL CM– Cash Management Real-time Global

Liquidity Views Across Asset Classes & Entities• FXL RM– Risk Management Real-time Global Limit

Monitoring, Margin Monitoring & VaR• FXL OMS – Order Management Solution

Market & Limit Orders for FX & FX Options• FXL Treasury – Treasury Management

Global Treasury Management Across AssetClasses & Entities

4

FXL seamlessly integrates with an organization’s existing
systems and is designed to support 24x7 trading aroundthe globe. Organizations can easily confgure workfow
processes to support (changing) operational practices,and traders can view consolidated information acrossall products according to personal preferences andrequirements.
FXL is a scalable, n-tier application based on Window’s.NET framework. As one of the few market entrants inmore than 10 years, FXL is designed to address today’s
market needs using the latest technologies:• Global 24 x 7 trading & operations – FXL enables global

trading and operations around the clock. No system downtime means more productive traders and fewer missed
opportunities. And because global operations can besupported from a single data center, ongoing operating
and maintenance costs are low.
• Front-to-back Straight Through Processing (STP) –FXL supports front, middle and back ofce processing.
This reduces initial integration costs, increases thepercentage of STP transactions, and lowers processing
overhead costs.
• Cross-product processing – FXL is a multi-asset

class transaction processing system. Traders can view
consolidated position information, process settlements
andconfrmations, and manage accounting across all asset
classes, making them more productive and able to makebetter decisions more quickly. Additional products canbe added to the system with minimal efort and withoutcompromising FXL’s cross-product functionality.
• Multi-asset class support – FXL supports front, middle

and back ofce processing across an extensive set offnancial asset classes, including Foreign Exchange,
Money Markets, Internal Arbitrage, Cash Management,
Financial Futures, Exchange Traded Options, OTC
Options, Unallocated Metals, Interest Rate Swaps,
and Fixed Income.

• High volume transaction support – FXL’s state of theart technology supports large volumes of transactions
and scales for peak loads as necessary. FXL’s processing
capacity handles hundreds of thousands of trades per day.
• Multi-entity multi-organization support – FXL

supports any organizational structure. Data can beclassifed globally, by organization or entity, andinformation is easily viewed and processed at aggregate
or individual levels.
• Workfow-based processing – FXL is workfow based

to facilitate smooth and consistent operations, improve
trader productivity, and reduce operational risk.
Workfows are a fexible set of rules, business objects
and tasks that are easily confgurable to support anorganization’s specifc business requirements andoperational priorities.
• Unattended end-of-day processing – FXL’s end-of-

day activities are disconnected from ongoing trading
activities and run automatically, at easily confgurable
times, with no user intervention.
• Flexible and confgurable information views –FXL provides a highly customizable user interface.
Users can confgure how data is displayed to increase
their efciency, productivity and levels of service.
And because data is published in real-time, traders
can monitor position, rate, cash and P/L changes as
they occur.
• Seamless integration with existing systems –FXL integrates smoothly with all corporate support
systems, regardless of technology, data type and format,
or communication requirements. FXL’s Gateway links thesystem with internal and external systems, and manages
all incoming and outgoing data to ensure integrity
and consistency.

5

System Architecture

1. Workfow director

FXL’s fexible workfow-based processing &robust architecture seamlessly conforms to yourorganization’s operational practices & infrastructure.
FXL is a comprehensive 24x7 trading solution
designed for real-time, high volume, Straight ThroughProcessing (STP) of transactions. As one of the few
market entrants in more than 10 years, FXL truly
addresses today’s market needs using the latest,
state of the art technology.
FXL’s system architecture is an n-tier client-server
platform based on Windows .NET technologies. The
application server scales seamlessly for operations
across one or many locations, and your organization
can create components in-house to modify, replace or
extend application functionality.
FXL is made up of components. Each component isdesigned to be maintainable, consistent, secure andhighly available.

GATEWAY
Workfow
Director

Position Services

Settlement
Services

UK/
EuropeAccount
Services

Message
Queue

Publisher6• 24x7 Operations: Supports around the clock

processing, with no system down time.
• Confgurable: Easily confgured to meetorganizational requirements with plug and playcomponents, and the ability to replace and enhancebusiness objects with company-specifc calculations
and algorithms. Workfow Director’s business logic
rules are highly confgurable to suit companyspecifc rules and tasks, and are simple to set up
and maintain.
• (A)Synchronous processing: Processes• Efcient: Business objects manage corresponding

Asia
Trade
Services

Features:• Scalable: Supports high transaction volumes andscales to handle increasing volumes as needed.

transactions either synchronously or
asynchronously, enabling lower priority tasks to behandled in the background without impacting timecritical tasks. For example, positions can be updated
in real-time, while confrmations are generated in
the background.

SECURITY

America

Workfow Director is the Application Server
component of FXL. It is a scalable and fexible rulesbased engine that manages the processing of rules,
tasks and business objects. These elements areinterchangeable, enabling easy customization of
the system to meet organizational needs.

Transaction Objects to update the in-memory
repository, the Database and the Workfow
Message Engine through the entire processing of atransaction. This prevents unnecessary or extensive
Database table locking and reduces redundant data
selection.

CreditServices

Static Data
Services

Database

Web Server• Secure and robust: Built with robust error handling

ClientPortaland fault tolerance to provide a secure environment
for handling fnancial transactions. Workfow
Director contains comprehensive auditing andlogging capabilities that can be confgured to meetorganizational requirements.

2. Client Application

3. Interface Gateway

The Client Application is FXL’s Windows-based front
end. This multi-threaded, rich user interface runs on
any .NET framework compliant operating system,
locally or remotely. FXL also provides a thin client
application which is FXL’s browser based interface.

The adapter-based Gateway links FXL with anorganization’s other (internal and external) systems,
processing all incoming and outgoing data. The FXL
Gateway supports all types of data and modes of data
entry, and ensures data integrity and consistency.

Features:• International: Supports the capture and display ofinternationalized data throughout the applicationand database. Information views, captions, literals
and messages are based on an individual user’s
regional Windows setting.

Features:• Confgurable and extensible: Communication adapters
are easily confgurable for interfacing with external
systems and their specifc requirements. Adapters
are based on plug-and-play components, and allow
data type, server and priority defnition. Standard FXL
adapters include Database, FIX, Message Queue, XML,
File and .NET Remoting. Additional adapters can be built
to connect to internal client systems.

• Customizable: Users can efortlessly customize

screens and information views to suit personal
preferences and operational needs using a graphicalscreen designer. Screens are dynamically createdas needed and are based on underlying templates
and user preferences stored in the database.
Customization features are based on user grouppermission, allowing functionality to be limited
if necessary.
• Zero administration: Zero Administrationmeans all software updates are automaticallydownloaded and installed at user sign on to reduce
administration costs and maintenance efort.
• Efcient: Network trafc from client to server isminimized for WAN and LAN based clients: static
data is cached (encrypted) in the Client Application;transactions are designed to have one (1) round trip
to the server; and transactions send minimal datafrom client to server as part of a transaction.
• Secure and robust: Provides a secure environment

for processing fnancial transactions on a local area
network, a wide area network or across the Internet.
The Client Application contains comprehensive
auditing and logging capabilities that can beconfgured to meet organizational• Evaluation and transformation: A 2-step dataprocessing procedure provides optimum fexibility
and ease in integrating FXL with other components.
Data is frst evaluated to determine how it will beprocessed according to a set of confgurable rules. It isthen transformed before being sent to its destination,
whether inbound or outbound. FXL’s integrated GUI
mapping tools allow clients to easily confgure andmodify interfaces.
• Scalable: The FXL Gateway supports high data volumes,

and can be scaled to process across multiple servers bydata type and priorities. Transaction processing is multithreaded, and multiple concurrent executions are used
to ensure that one interface is transparent to the next.
• Data integrity: Data received from external sources is

processed using the same workfow rules, validations,calculations and database updates as data originatingfrom the Client Application, ensuring integrity andconsistency. Interface data that does not pass integrity
validations is sent to an interface repair queue. From
the repair queue, the data can be manually fxed and reprocessed or removed.
• Direct processing: APIs can be used to bypass the FXL

Gateway and communicate directly with Workfow
Director to process transactions or select data.
• Secure and robust: Built with robust error handlingand fault tolerance to provide a secure environment
for handling fnancial transactions. The FXL
Gateway contains comprehensive auditing andlogging capabilities that can be confgured to meetorganizational requirements.
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4. Workfow schedule engine

are not necessary. In the unlikely event of failure,
the scheduled event is automatically rescheduled
based on confgurable parameters.

The Workfow Schedule Engine schedules bulk
processing to begin at specifc times, intervals orafter a specifed event has occurred.
COMMUNICATION
Database
LAYER

ORCHESTRATION
LAYER

Message
Queue

Web
Services...

EVALUATION
TRANSFORMATION

Position
Services

PROCESSING
LAYER

FIX

5. Publication engine

Settlement
Services

Trade
Services

CreditServices

Account
Services

Static Data
Services

Workfow
Director

Features:• Scheduling: The Workfow Schedule Engine canbe confgured to run continually, periodically or at
specifed times, or can be linked to a prerequisite
event. Scheduled events can be scaled acrossservers. Manual intervention is unnecessary forscheduled events, including end of day processes.
• Confgurable: Confgurable parameters can be used

to modify the data being processed and the type ofprocessing employed.
• Robust: A reschedule event time interval can beconfgured to resubmit processing in the event thata scheduled event fails to run.
• Secure: Built with robust error handling and fault

tolerance to provide a secure environment forhandling fnancial transactions. The Workfow
Schedule Engine contains comprehensive auditing
and logging capabilities that can be confgured tomeet organizational requirements.
• Restartable: Scheduled events are designed tobe restartable. In the case that a scheduled eventis re-run due to changed confgurations or failure,timely and inefcient database restore procedures

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The Publication Engine evaluates and delivers data
in real-time to the appropriate, subscribed users.
Message Queue technology manages the information
to be published and guarantees data delivery. Users
subscribe to publications based on permissions set
for user groups.
Features:• Confgurable: Easily confgurable, with new
types of publication data based on plug-and-playcomponents.
• High-performance: Optimizes performance andreduces network load by supporting a hierarchyof local Publication Engines, instead of using asingle, centralized engine. For example, when alocal New York ofce Publication Engine receives
a new trade, it passes the data to a local London
ofce Publication Engine, which is responsible fordelivering the data to local London subscribers.
• Efcient: Further reduces network trafc byemploying a Bulletin Board service on Client
Applications. The Bulletin Board is responsible formanaging client-side subscriptions and delivering
data (which is received once) to all relevant
components of the user interface. To minimize
trafc across a wide area network, the Publication
Engine uses a bridge to distribute data.
• Scalable: Supports high data volumes, and canbe scaled across multiple servers to balance load.
Publication Engines can be confgured to manage
specifc types of data, and multiple engines canbe used to manage the same type of data. User
subscription permissions can also be distributed
across diferent engines, even for the same type of
data. As an example, multiple engines can be used
to publish trade data, with diferent user groups
assigned to receive the information from diferent
Publication Engines.
• Robust: Robust error handling ensures data

integrity and data publication is guaranteed. If
a user is unable to subscribe to one Publication
Engine or an error occurs during publication,the user is automatically subscribed to a secondary or
tertiary engine. Any Publication Engine experiencing
problems automatically restarts and subscribed users
are automatically re-subscribed.
• Data-level security: Data-level security limits the data

published to a user. Because only the data a user hasaccess to is published, network trafc is reduced.
• Fault tolerant: Workfow Director periodically pulses

each Publication Engine to check connectivity. The
Publication Engine then pulses the Client Applications
that are currently connected to it, ensuring that datadelivery is possible. If a Client Application does notreceive a pulse within a specifed timeframe, the user
is alerted and the Client Application automaticallyre-subscribes.
• Secure: Provides a secure environment for handlingfnancial transactions. The Publication Engine contains
comprehensive auditing and logging capabilities thatcan be confgured to meet organizational requirements.

6. Database
FXL uses a Relational Database Management System(RDBMS) to store data, provide easy access to informationand enforce data-level security. FXL supports Microsoft
SQLServer, and can work with other database systems
as required. Diferences in the underlying databasetechnology are isolated by a data abstraction layer.
Trade model:
FXL’s core data model supports multi-asset classtransaction processing: one set of tables is used toconsistently handle all product types. Additional products
can be added to the system with minimal efort andwithout compromising FXL’s ability to view consolidated
positions information, process settlements andconfrmations, and manage accounting across all
asset classes.
Features:• 24x7 Operations: Supports 24 hour a day processing,
7 days a week.
• International: The Database supports all character

sets installed in the RDBMS, including the double bytecharacters. Dates and times are stored in Universal
Coordinated Time (UCT).

• Volume processing: Supports high performance cursor

processing for individual operations on large data sets
(e.g. revaluation, accounting, confrmations).
• Hierarchical: The data model is hierarchical in design.

Data only needs to be set up once to support all
products, and can be customized at diferent levels
to support individual product requirements.
• Data-level security: Segregates data in order toprovide data level security. Users only have access toview or modify data to which they have been granted
permission.
• Efcient: Groups dynamic SQL statements together

to send to the RDBMS, which minimizes network calls
and reduces the time tables are locked. Confgurable
table ordered updates prevent programmer-createddeadlocks.
• Secure and robust: Built with robust error handlingand fault tolerance to provide a secure environment forhandling fnancial transactions. The Database contains
comprehensive auditing and logging capabilities thatcan be confgured to meet organizational requirements.

7. Security layer
The Security Layer authenticates users and controls
access to screens, data and processes. Unauthorizedaccess to business objects is prevented using a
combination of IDs and passwords, password policies,
tokens, encryption and code access security. The Security
Layer controls access from FXL Client Applications andexternal users, and manages all aspects of the system.
Features:• Authentication: User ID and password are used toauthenticate the user. The user ID and password can beauthenticated against the following:• FXL Application,• Active Directory,• Federated authentication system leveraging SAML

2.0,

• Third party product leveraging API.

When leveraging the FXL application for authentication,
the entered password is salted and hashed and comparedwith the hashed password that is stored on the database.
Once authenticated, a token is generated and used for
subsequent requests.

9

STP2
Broadridge FX & Liquidity Solutions is committed to providing top quality
Service, Technology, People and Product – a philosophy we call STP2:• Service – Working together with our clientsto ensure their needs are always met.
• Technology – Building a system with state-of-the-art technology that can adapt astechnologies evolve and develop.

• Session Management: Tokens generated are forboth internal and external users. Tokens are salted
and hashed and have 2 forms of expiry. The frst
form of expiry is a sliding expiry based on activity.
Each user action resets this inactivity timeout for
the token. Tokens also have a maximum timeout.
After this maximum timeout, the token expires andcannot be extended. Whenever a token expires,the user is prompted to re-enter both their user
ID and password, initiating the authentication
process. The inactivity timeout is confgurable,
and is the same for both internal and external
users. The maximum timeout is confgurable; there
are diferent parameters for internal and external
users, allowing the clients to set diferent timeouts
for diferent types of users. The tokens are sharedacross application servers.
Note: Session management and tokens are not used forcommunication between diferent FXL components andthe workfow engine.
• Authorization: After a user is authenticated, thescreens, controls, workfows, publications, roles,
reports and types of data that the user has accessare associated with the user account. Entitlements
are set up at a group level and users can beassociated with multiple groups.
• Audit: All valid and invalid attempts at logging into

the application are captured and stored on the FXLUser Account table. For valid logins, the time, thecomputer and the expiry of the token are captured.
• Communication: Communication between end

users (client applications) and the FXL Workfow
Engine is via HTTPs. The communication
travels through the IIS web server and gets
redirected based on the confgured servers in
the Request Module associated with the website.
10• People – Working with the industry’s best

and brightest people to support our clientsand develop our systems.
• Product – Providing a fexible, cross-product,

24x7 trading solution that handles all asset
classes and new products on demand.

The communication only supports HTTPs
communication through the use of HTTP headers.
In addition, clients should shutdown access to thewebsite through HTTP.
• Communication between FXL server components

and the FXL Workfow Engine is via TCP.

8. Monitoring, auditing and logging
Data logging and auditing are associated with FXL’s
Security Layer. All historical data can be captured,
enabling auditors to monitor what data is changed,
by who and when. Logging is confgurable and canbe set at system level and user levels.
Features:• Confgurable: Confgurable and based on plugand-play components at the system level which
can be overridden at the user level.
• Standard: FXL supports logging to all standard

formats.
• Errors: All errors are automatically logged.
• Thorough: Capturing historical system changes

provides a comprehensive reporting mechanism,and enables auditors to monitor what data haschanged, by whom and when.
• Secure and robust: Built with robust error handlingand fault tolerance to provide a secure environment
for handling fnancial transactions. Auditing and
Logging functionality contains comprehensive
auditing and logging capabilities that can beconfgured to meet organizational requirements.

Deploying FXLFXL can be accessed either directly through a local area
network (LAN), or from around the world over a wide
area network (WAN). FXL’s open architecture means thesystem easily integrates with all other in-house systems,
and a high-degree of confgurability guarantees that FXL
matches your organization’s specifc business processes
and requirements.

FXL – the industry leader in global, 24x7transaction processing
Organizations deploying FXL install the application in
one data center. This single installation point reduces theoverall cost of ownership by centralizing administrationand maintenance at one location. FXL’s high availability
infrastructure ensures built-in system redundancy tosafeguard against processing or operational downtime.

DATA CENTER

Workfow
Schedule
EngineMarket
Data

InterfaceEnginePublisher

Workfow
Director
Position
Services
Trade
Services

WAN

CreditServices
Static Data
Services

New York

WAN

WAN

WAN

Singapore

Settlement
Services

LAN

Account
Services

Data
Base

Tokyo

ZurichLondon11

Contact us
For more information, please contact us at
Broadridge FX & Liquidity Solutions+1 914 288 8200 | fxlsales@broadridge.com

About Broadridge FX & Liquidity Solutions
FXL ofers, global, workfow-based transaction processing
software solutions in FX, treasury cash management, limit
monitoring, and order management across multiple asset
classes. FXL products enable real-time, high volume trading–around the clock, and are used by leading fnancial services
organizations to improve speed and agility, enable better
decision-making, reduce risk and drive down costs. Designed
for quick implementation and integration, FXL uses the latest
technologies, including C# and Microsoft’s .NET framework,
to ensure the highest levels of scalability and fexibility.

© 2015 Broadridge Financial Solutions, Inc., Broadridge and the Broadridge

MKT_841_15

logo are registered trademarks of Broadridge Financial Solutions, Inc.

broadridge.com/fxl