We provide normalized access to regulated venues, broker dealers, and any other entity that accepts orders regardless of the protocol. The system is architected to be ultra-low latency without sacrificing reliability.
Our Fix implementation supports all major versions as well as standard and non-standard implementations. We also support additional venue specific optimizations to further decrease overall latency to Fix venues.
Where available, we provide support for a venue’s native binary protocol, which generally provides the most optimized and lowest possible latency for order entry.
We support the ability to spread orders over multiple active gateways in order to load balance order traffic. This increases throughput and reliability while decreasing latency and reducing gateway concentration.
In-Process gateways permit orders to be encoded and sent in the same process as your code. This reduces the number of network hops and overall latency.
By being in the same process, the client benefits from encoding and processing orders with no additional hops. This provides a model to solve the most latency sensitive problems without adding additional complexity.
In-Process gateways are part of an optimized stack including in-process feeds and inter-process messaging. These complementary components provide the basis for implementing the lowest latency solutions.
In-Process is a deployment model as opposed to a different software stack. Unlike other systems, the same features and gateway coverage are available for the in-process gateway that are suppored in other models.
In addition to supporting a variety of venues, we support a model to aggregate multiple venues under a single routing interface. This allows clients to access multiple venues in a greatly simplified format.
We enable clients to offer access to multiple venues through a standard normalized Fix interface. A unified interface in the most common protocol decreases obstacles to adoption.
We support order routing to internal or external systems in client-specified ways. This can be used to normalize access to a venue, a crossing mechanism, custom algorithms or other unique end points.
Routing may be configured in a variety of ways; by tags, by customer, by session, by account, or any combination of information available.
Often, routing decisions require more than basic policy. In these cases, it is necessary to listen to real-time data or regularly update data sets to make more sophisticated routing decisions.
We support the implementation of multiple algorithms to permit diversity in smart routing offerings. A client may want to provide a variety of algorithms, each targeting a different routing objective.
OUT OF THE BOX
We have out-of-the-box implementations of many commonly requested algorithms. Clients can use and extend our algorithms, which reduces the time to develop and test while facilitating the desired customization.
Our proprietary ultra-low latency framework reduces the overhead of routing logic which increases the probability of achieving a routing objective.
Drop copies provide a real-time mechanism for importing or exporting order data to and from external systems.
We support inbound drop copies via the Fix protocol. These drop copies can be normalized and forwarded over our messaging systems as well as update positions and internal risk management systems.
Generate outbound drop copies via the Fix protocol, including full order traffic or only fill data. We can also aggregate inbound drop copies to provide a unified feed of internal and external order activity.
As with all of our order-related systems, the drop copy system is designed to handle high throughput, which allows for aggregating or disseminating large amounts of order traffic to and from external systems.
In evolved trading environments, risk checks are necessary to trade responsibly and satisfy regulatory obligations. We provide a distributed risk system designed to enforce seamless, pre-trade risk checks.
BROAD LIST OF CHECKS
We support a large number of risk checks out-of-the-box. These include fat finger checks, rate limiting, credit-based checks, regulation specific checks, restricted lists, asset-specific checks, and many others.
Understanding the state of risk checks is critical to managing them. We provide configurable notifications for order rejections, thresholds, and other relevant events.
Our risk checks are built on top of a distributed risk framework that enables speedy development of custom risk checks. Clients can add checks specific to their systems to ensure risk management is tailored to their specific use case.