Trading Exchange Solutions

Our independent experts have great experience in helping procure, replace, upgrade and integrate trading solutions.

The drive is normally to get away from multiple, heavily bespoke solutions to more standardised, multi-asset platforms.  Our knowledge of trading solution providers includes: NYSE Euronext; Nasdaq OMX; London Stock Exchange; Deutsche Boerse; Millennium IT; Cinnober; Financial Technologies.  The scope of what we can cover includes:

Who & What:

Surveillance:

Vendor Capability:

How:

Non-Functional:

Participants, Roles, Privileges (Traders, Brokers, Market Makers, Supervisors);

Geographic Reach;

Asset Classes (Stocks, Bonds, Foreign Exchange, Futures, Options, Commodities, Energy, Structured Products);

Class Relationships (Options on Futures, etc.);

Baskets and Strategies;

Product Introductions.

Market Management & Control;

Fast Market, Suspension, etc.;

Price & Behaviour Monitoring;

Audit Trail;

Closing/Settlement Price Determination.

Supply Model (Operational Service, Software Product, etc.);

Commercial Stability;

Political Risk;

Stage in Product Lifecycle;

Future Developments;

Delivery Capability;

Operational Model (SLA, etc.);

Support;

Changes/Upgrades;

Testing.

System Access (provision of workstations, API, etc.);

Visibility (anonymous, pre-trade, post trade, etc.);

Pricing Formats;

Order Qualifiers (Market, GTC, Icebergs, etc.);

Market characteristics (Quotation Based, Auction Based, RFQs);

Matching Algorithms;

Allocation Algorithms/Preference Schemes;

Market Making/Specialist Schemes;

Market Protection (Circuit Breakers, Price Controls);

Off Market Trading (Block Trading, EFP, EFS, etc.);

Cross Trading Rules;

Sessions, Open & Closing Mechanisms;

Post Trade Management;

Market Statistics;

Clearing & Settlement;

Billing (Fees);

Static Data Management;

Market Data Dissemination.

Transactional Capacity (Quote, Order & Trade);

Peak & Sustained Throughput;

Latency;

Scalability;

Protection (Throttles);

Availability, MTBF, MTTR;

Security;

Maximum Loss of Service;

Disaster Recovery;

Technology (Platform, OS, Language, Database, etc.);

Network Requirements/Design.