In today’s rapidly changing world, it is essential for a broker to keep abreast of the events. For this reason, the processing speed of a dealer's activity on the market, i.e. trading positions and deposit operations, is a crucial point for the brokerage firm. This allows the broker to respond quickly to the changes and mitigate risks.
UTIP Technologies Ltd. strives to provide brokers with such opportunities, thus having integrated a webhook functionality into the UTIP Trade Server, which is featured by automatic event notifications sent to other applications and services.
My name is Alexander. I’m a product manager at UTIP Technologies Ltd., being responsible for the UTIP Server, UTIP Manager and UTIP Desktop products. As part of the releases of the UTIP Trade Server over the past year, the webhook functionality has been implemented and improved. This article covers the way we have increased the processing speed and data security of traders’ and managers' activities in the UTIP Admin, a web application designed for Forex administration staff.
Webhooks vs API
A webhook is a user-defined HTTP callback that is triggered by the predetermined event. In plain language, webhooks serve as a bridge between a foreign host and clients. Other common terms for webhooks are "web callback" and "HTTP push API". As soon as the designated event occurs, webhooks immediately send data to the recipients. The server sends data via an HTTP request (usually a POST method) to the URL configured for the webhook.
API — application programming interface that can be used for similar purposes. It is a kind of digital infrastructure for data exchange between the applications. The API requests data, checks for the presence of new information, and only then collects it. Multiple server requests shall be sent to receive data about the system updates. Webhooks are activated in response to an event, thus sending data to the recipient. It is enough to configure webhooks once to start getting data about the system updates. Webhooks are the best solution to be aware of the important events in real time. For example, once the trader changed their position, a dealing manager could respond to the action.
Expertise
According to the information given on the website of one of the UTIP alternative solutions, the platform has several application programming interfaces that make it possible to integrate it with trading and post-trading systems. For example, this platform has a Web API for integration with web resources and other services of the brokerage company. It means that the integration between the platform and supplemental brokerage services is based on the API.
The integration between the UTIP Trade Server and UtipOffice Platform has been ensured in the same way. In a certain period of time, the UTIP Admin requested new data from the trading server, so the integration was based on the queries to the UTIP Web API. There is no doubt that the UTIP Web API includes all the necessary tools for managing accounts and trading activity on the platform, as well as for generating different UTIP-based reports. Brokers can apply various functions to ensure integration with their applications and work automation. The following operations can be performed:
● create, change and delete accounts;
● make deposit operations;
● manage financial instruments and groups of accounts;
● obtain parameters of trading accounts and reports;
● and suchlike.
UTIP solution
We have revealed the space for improvements to reduce the server load. Therefore, a webhook functionality seems to be an appropriate tool for conveying updates in the system.
Currently, the UTIP Trade Server includes more than 10 events that users can subscribe to and receive notifications about without putting in extra effort. Webhooks are already being used in the UTIP Admin to obtain information about deposit operations, changing parameters of accounts and groups of accounts. We have streamlined the interaction between these applications. As a result, the administrative staff of the brokerage company can keep up with the trader's information being updated, which positively affects the efficiency of business processes. Even now, you are able to use the UTIP webhooks for further integration of your services with the UTIP Trading platform.
Perspectives
The webhook functionality also caters for granting access to the certified liquidity providers. Such a partnership gives brokers the following advantages: access to interbank markets, minimal slippage in the execution of limit orders and the ability to hedge positions. In addition, the partnership with reputable liquidity providers can enhance the reputation of the broker's brand, attract new clients, increase the conversion of deposits and profits.
To read more about the UTIP Trade Server and other UTIP products, leave a request on our corporate website, our manager will contact you and consult upon this and other offers.
