Fixed-Income RFQ Trading Platform

A SpringBoot monolith simulating a fixed-income Request-for-Quote (RFQ) trading platform.

Technologies used:

• Java 11, Spring Boot, Spring Data JPA

• H2 in-memory database

• Maven

• Fixed-Income RFQ Trading Platform

  • Domain Entities
  • REST Endpoints
  • Seed Data
  • Running the Application
  • Testing

Domain Entities

Three domain entities:

• Counterparty
  • name
  • lei (Legal Entity Identifier)
  • creditLimit (BigDecimal)
  • availableCredit (BigDecimal)
• Bond
  • isin (unique, e.g. US912828YK15)
  • issuer
  • couponRate (BigDecimal)
  • maturityDate (LocalDate)
  • availableNotional (BigDecimal — par amount available for trading)
• RFQ (Request for Quote)
  • counterparty (manyToOne)
  • bond (manyToOne)
  • notionalAmount (BigDecimal — par amount requested)
  • side (BUY / SELL)
  • status (PENDING / QUOTED / EXECUTED / REJECTED)
  • executionPrice (BigDecimal — total settlement amount)
  • createdAt (Instant)

Counterparty and Bond must be in place before executing an RFQ. If the bond has insufficient available notional or the counterparty has insufficient available credit, an exception will be thrown. The core logic is in RFQExecutionSaga.java, which attempts to execute an RFQ in a single transaction.

A PATCH method endpoint exists for both Counterparty and Bond controllers to update credit / notional inventory.

A trade confirmation is sent to a counterparty whenever credit is added, handled by TradeConfirmationService.java.

REST Endpoints

Method	Path	Description
GET	/counterparties	List all counterparties
POST	/counterparties	Create a counterparty
GET	/counterparties/{id}	Get a counterparty by ID
PUT	/counterparties/{id}	Update a counterparty
PATCH	/counterparties/{id}	Add or deduct credit (JSON: amount, operation)
DELETE	/counterparties/{id}	Delete a counterparty
GET	/bonds	List all bonds
POST	/bonds	Create a bond
GET	/bonds/{id}	Get a bond by ID
PUT	/bonds/{id}	Update a bond
PATCH	/bonds/{id}	Add or deduct notional (JSON: amount, operation)
DELETE	/bonds/{id}	Delete a bond
GET	/rfqs	List all RFQs
POST	/rfqs	Execute an RFQ
GET	/rfqs/{id}	Get an RFQ by ID
DELETE	/rfqs/{id}	Delete an RFQ

Seed Data

On startup the application loads:

• Counterparty: Acme Asset Management (LEI: 549300EXAMPLE12345678, credit limit: $50,000,000)
• Bond: US Treasury 2.75% 11/15/2030 (ISIN: US912828YK15, available notional: $100,000,000)
• RFQ: BUY $5,000,000 notional at $4,987,500 — status EXECUTED

Running the Application

cd monolith
./mvnw spring-boot:run

The application starts on port 8080. Hit /counterparties, /bonds, and /rfqs to verify the REST endpoints.

Testing

cd monolith
./mvnw clean test

See IntegrationTest.java for the full set of use-cases covering RFQ execution, insufficient notional/credit, and missing counterparty/bond scenarios.