Harmoney’s API suite and DART dashboard can power the entire execution journey for any fixed income trading participant in India.
Features/Functionality
Harmoney provides the following features and functionality as part of its solution:
- UCC management
- RFQ integration for single-click execution
- Reported trades integration
- Payment Integration with exchanges
- Inventory Management
- APIs to expose inventory with price on your application
- Team members with access controls
- Maker-checker process for trade confirmation
- Process automation - deal sheets and contract notes
Harmoney provides integration with both NSE and BSE RFQ and reported trades.
Bond reference data and calculator are available on the dashboard. Refer to / Fixed Income Data APIs if you want to integrate reference data and price calculator into your applications.
Process Flow
UCC Management
You can upload your customer's information to Harmoney’s dashboard or push it via Harmoney’s client creation API. Uploading the customer information or pushing it via this API will also create a UCC on CBRICS / ICCL.
Harmoney does not offer any solution to check KYC. You should upload verified customer information to Harmoney.
Inventory
You can upload your inventory on Harmoney’s dashboard along with the available quantity and price at which you want to sell it. You can choose the bonds that you want to expose to your application via API at the set price and quantity.
This is exposed via the /api/inventory API.
Trade Execution
Once the client shortlists a bond it wants to buy/sell, they will drill down to get more information. Harmoney will power bond level details, price information, and cash flow by Harmoney’s Security Details API
Once the client has decided on a bond, they will click the buy/sell button. This will create a trade for execution. This will be powered by Harmoney’s Transaction API. There are two options after this step: Auto-approve and execute the trade Push the trade to the dealer queue on DART - the dealer will be able to see the client and security details and then can approve the trade Once the trade is approved, it will execute the trade on exchange RFQ or report the trade instantly.
Now the client is supposed to make payment. This will be powered by Harmoney’s Payment API. If the client is doing a sell transaction, the bond delivery has to be done by the client. This API is currently proposed, and not available in production.
The status of all the live orders will be available via Harmoney’s Order List API.
Additionally, the Platform can expose a bond calculator to their website using Harmoney’s Quote API