IFIS IRIS WORDER

With SGX transitioning its securities trading to the new Iris-ST engine and retiring the legacy Reach-ST trading engine, member firms face a narrowing window to modernise their post-trade data infrastructure.
IFIS IRIS WORDER seamlessly bridges this gap by replacing the legacy Drop Copy OMNet API connection with the new FIX Drop Copy connection. By securely receiving order and trade information directly from the SGX Iris-ST trading engine, IFIS IRIS WORDER automatically generates standardised WORDER files on a schedule fully customised to your firm’s operational needs.
The results: An independent, golden source of truth that feeds your critical downstream systems—including trade reconciliation, market surveillance, risk management, operational reporting, and regulatory compliance—with zero manual intervention.

The Legacy Gap

Brokerage firms have long relied on the SGX Reach-ST to receive orders and trades for downstream processing. As SGX retires this interface, proprietary legacy connections will be deprecated. All firms connecting to SGX Drop Copy will need to comply with the FIX Drop Copy specification.

Why brokerage firms should choose IFIS

IFIS has developed the original WORDER application to work with SGX Reach-ST trading system and has been supporting leading brokerage firms in Singapore with their mission-critical operations.
With SGX migrating from Reach-ST to the new Iris-ST trading system, IFIS has developed a new IFIS IRIS WORDER application that will work with Iris-ST using FIX connection.
IFIS has been testing the new IFIS IRIS WORDER with SGX since March 2026. The new application has been thoroughly tested.
IFIS is familiar with SGX Conformance Testing process. This will help our clients to navigate their conformance testing when the window opens in Jan 2027.

IFIS IRIS WORDER System Overview

IFIS IRIS WORDER is built from the ground up on JDK17. It could be upgraded to JDK21 depending on client environments.
IFIS IRIS WORDER complies with SGX Iris-ST FIX Drop Copy specification and supports Password Change function without human intervention.
IFIS IRIS WORDER will connect to SGX Iris-ST trading engine at predefined time specified by client and retrieve order and trade infromation. It will then generate either WORDER or TRADORDR file for client's downstream systems to perform reconciliation.

Below is the system diagram:

Download IFIS IRIS WORDER brochure here:
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