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FIX-compliant Futures and Options Exchange Platform
EPAM Systems and SDS Financial Technologies created a joint
venture for the purpose of marketing and implementation of Genesis
exchange technology. This technology was used for Chicago Climate
Futures Exchange and Dash Financial.
FIX compliancy together with the requirements for low latency
and high availability were cornerstones of the architecture of the
platform. Platform can be used for trading exchanges, alternative
trading systems, multilateral trading facilities, dark pools and
internalization engines for many asset classes.
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- Order-driven market model - orders from different participants
compete alongside each other; orders are placed into central order
book where they are matched using a consistent set of rules.
- Matching algorithm - matching of orders is based on price/time
priority; there are special rules for processing of hidden orders
and replace requests.
- Supported order types - platform supports the following order
types: market, limit, stop, stop limit, IOC, FOK, AON, GTD, GTC,
hidden/iceberg orders, orders with minimal quantity and several
types of conditional orders (e.g. OCO)).
- Real-time market data distribution - platform produces market
data in real-time; the following market data elements are
distributed by the platform: L1, L2 (aggregated and
non-aggregated), last trade, high/low, open/close prices,
settlement prices, Greeks.
- Market phases - different market phases/trading sessions can be
set up on per instrument/group of instruments; market pre-open,
market open and market close phases are currently supported.
- RFQ - RFQ can be used to indicate interest for less liquid
instruments; these RFQs will be distributed to all participants who
can react by submitting quotes.
Platform Features and Benefits
- State-of-the-art technology - platform is built on technology
specifically designed for high performance, message throughput and
scalability; platform meets and exceeds the highest standards for
enterprise exchange infrastructure.
- High reliability - all components and platform failover process
are designed to operate at mission critical levels of resilience
- High performance FIX Engine - platform includes fully FIX
compliant gateways for order entry clients and market data
- Low latency Order Matching Engine - the matching engine
provides high throughput sub-millisecond matching of simple and
advanced order types.
- Variety of supported instruments - platform supports futures
and options trading (outright and complex instruments).
- Variety of supported order types - platform supports a lot of
simple and advanced order types (market, limit, stop, stop limit,
AON, FOK, IOC, GT orders, hidden/iceberg orders, conditional
The following application-level messages are supported by
- Order entry:
- New Order - Single (D), New Order - Multileg (AB), Order
Cancel/Replace Request (G), Multileg Order Cancel/Replace Request
(AC), Order Cancel Request (F), Execution Report (8), Order Cancel
Reject (9), Quote Request (R).
- Market data:
- Market Data Request (V), Market Data - Snapshot/Full Refresh
(W), Market Data - Incremental Refresh (X).
- Security master:
- Security Definition Request (c), Security Definition (d).
- Infiniband - Infiniband switched fabric technology was chosen
to implement low-latency messaging solution. The solution delivered
throughput of 80,000 client orders per second with latency below
- C++ - C++ with Boost libraries was chosen to implement
platform-independent, highly efficient Order Matching Server,
Market Data Server, Security Master Server, as well as the
middleware for intra-server communication.
- Java - Oracle JRockit Java Virtual Machine (JVM) with
deterministic garbage collector was chosen to deliver
mission-critical application servers. Java Secure Socket Extension
(JSSE) enabled secure communication over the Internet.
- Relational database - generic SQL interface and stored
procedures customizable for any relational data base were used.
Standard SQL server tools used for data replication.
- FIXEdge - B2BITS FIXEdge was chosen as FIX Order Gateway for
- WebLogic - Oracle WebLogic Application Server was chosen as a
unified application server that brings performance, scalability,
efficiency, and manageability together.
We offer project management, customization and implementation of
the platform including:
- Requirements definition study, business planning, custom
development, design for the deployment platform
- Integration, configuration and testing
- 24x7-hour support, global help desk, system and application