The AURUM Exchange Platform Architecture is based on the concept of the Distributed Computing and the Event-driven Push Technology. A number of small-decoupled Components and Programs work all together in a cooperative and a Distributed Environment to deliver all the Business functionalities for all the Users, which is easily monitored and maintainable.
The availability of reliable volume produced servers and very competitive price performance ratios together with affordable large bandwidth networks enables development of high performance, cost effective real-time distributed trading systems. Smaller individual decoupled components enable the building of quality software systems at a fraction of effort and deployment time of traditional systems.
Software fault tolerance, with replica processes and duplicate machines gives the availability that an Exchange needs; Geographic immunity is given by having “hot” backup sites
The distributed computing architecture provides system level reliability unprecedented in traditional architectures. The premise is that business rules, business data, data distribution, load balancing, fault tolerance, and disaster recovery are all part of the general notion of service abstraction.
Exchange
The exchange solution consists of:
1. Matching services
2. Market Data Feeder & Historical Data Services
3. Back Office with facility
Matching Engine
Matching Service works on the distributed architecture and supports scalability and extensibility. The Module comprises of Robust System for Order Queuing and Matching the Buy/Sell Orders on the basis of price time priority. The matching logic can be modified as per the requirement.
Features
1. Supports Market, Limit and Stop Loss orders.
2. GTD, DAY and GTC types of time conditions supported.
3. Supports external price feed to regulate the Market according to International Prices.
4. Order matching based on orders as well as according to quotes.
5. Supports AUTO Orders that can be placed by Market Makers and whose prices are regulated by the external price Feeds.
6. Special mode trading where Clients Orders are traded against house Account Orders and not among themselves.
Market Data Feeder
Market data feeder is an important module that disseminates all the information pertaining to the on-going trading activities. Commonly broadcasted data is market depth, last traded price/volume/time, Open Interest, Open, high, low, close values of price and open interest etc.
Features
1. Flexibility of configuring broadcast to every single update in order queues/LTP or at regular intervals
2. Intervals can be different for different securities based on trading volume or categories
3. Compression of the broadcast packets to save on the bandwidth
4. Member wise configurability for the frequency of broadcast
Back Office
This module covers the functionalities involved in Beginning of Day and End of Day activities to be performed.
Features
1. Security Master to add/modify/delete/suspend Security Information.
2. Index Management to add/modify/delete Indices.
3. Market scheduling to set start and end timings of various Sessions.
4. Facility of setting conditions for Automatic Trading halt due to set % difference in Index.
5. Facilities to create/suspend/deactivate Member Accounts.
Clearing House
There will be one clearing house associated directly with the exchange. There can be many members associated with the clearing house depending on their area of operations. These members have access to back office with various priviliges to perform restricted operations.
1. The clearing house will have following
2. Order Management System
3. Risk Management System
4. Market Data Feeder
5. Historical Data Services
6. Back Office
7. TWS
Order Management System
The Module is the Engine which takes the Order from Client, parses it, validates it and then passes it on to the Account Risk Management. The Module manages all Client Connections and Order Requests.
Risk Management System
This covers the limit Validations at Broker level after every Trade and thus protects Exchange from running short of the margin for the positions taken by the Clients for the Brokers.
Features
1. Trade level Risk Management can also be changed to Order Level Risk Management.
2. Members to automatically get suspended if margin limits violated
3. Automatic bulk cancellation of Orders for suspended Members
4. Alerts can be set for the margin consumption to some % of total limit and after regular increments of % consumption.
Market Data Feeder
This module just gets the data from Exchange and propagates further.
Historical Data Services
This application module stores tick as well as periodic data. Data stored at the CH level is master data and is used by brokers to synchronize their historical data servers.
Back Office
The back office performs basically two tasks:
1. Member Administration
2. Collateral Management
Member Administration
The Administrator can easily create all the Entities in the System. He can also create various roles with different sets of rights to perform different operations with restricted access. BOD/EOD activities can be performed at a click of a button.
Features
1. Facility to create different branches and trader logins under different branches.
2. Facility to map clients to different Traders.
3. Role master to create different Roles with different sets of Rights.
4. Facilities to upload the limits and holding related information o Clients in the System.
Collateral Management
This module helps the Exchange to keep the track of the cash and cash equivalents deposited by Members as margin. Members can also view their own details. Upload of the collateral file provided by back-office becomes a beginning of day activity for the Administrator.
Features
1. Cash, securities, Bank Guarantee and FD’s as the components of Margin.
2. Configurable conditions of minimum proportional requirement of the Components.
3. Real time update of margin available with update in Collateral Components.
TWS
The clearing house can also have a trader connect to it and trade. These will be high net worth clients.
Broker Solutions
The broker will be connected to clearing house. The broker will have following modules
1. Order Management System
2. Risk Management System
3. Market Data Feeder
4. Historical Data services
5. Back Office
6. TWS
Order Management System
The system is similar to the one with clearing house. As this is at the lowest level of the tree, there will be more clients connecting to this system.
Risk Management System
Real time Risk Management module safeguards the Broker from the risk of running short of margins of the Clients against their Obligations. We have reactive measures like MTM based lock/auto square off. We are working on System that provides various themes of Risk computation (for example Gross Exposure/VAR), various protective tools like buy/sell/turnover/position limit etc.
Features
1. Client wise script wise limit setting.
2. Position limits.
3. Facility to set margin/buy/sell/turnover/MTM/max open order limits for Clients/Traders/Branches.
4. Facility to provide multiple Exposures.
Market Data Feeder
The system is similar to the one with clearing house. As this is at the lowest level of the tree, there will be more clients connecting to this system
Historical Data Services
The system is similar to the one with clearing house. As this is at the lowest level of the tree, there will be more clients connecting to this system.
This module connects to the clearing house historical data services for any synchronization.
Back Office
The Administrator of the Broker can easily create all the Entities in the System. He can also create various roles with different sets of rights to perform different operations with restricted access. BOD/EOD activities can be performed at a click of a button.
Features
1. Facility to create different branches and trader logins under different branches.
2. Facility to map clients to different Traders.
3. Role master to create different Roles with different sets of Rights.
4. Facilities to upload the limits and holding related information to Clients in the System.
TWS
A desktop based trading workstation branded with broker’s logo and name.
Features
1. Easy to operate Buy/sell order entry, fast / batch/basket/auction/2L/3L/spread order entry screens
2. Shortcut keys to access different screens quickly
3. Online order/trade books and online net position screen with real time values
4. Utilities like margin calculator/Index calculator
5. Up to five simultaneous market watches
6. Template of market watch can be stored and revisited
7. Charting tools
Knowledge Information: LTech India - Exchange & Trading Apps.
We have readymade Solutions available for the Exchange Modules:-
1. Order Matching Engine
2. Risk Management System
3. Order Routing System
4. Market Data Engine
5. Connectivity to Liquid Provider’s
6. Connectivity to LPs for Live Market Data Streaming
For Back Office Tools support we offer the following:-
1. Back Office Engine
2. Reports & Analysis
3. Risk Management
Other than the Fix Engine we have the expertise on the following:-
1. Plugins for Charting Tools
2. Plugins to connect to different LP’s & to Brokers for Order Execution and Real-time Market Data Streaming
Automatic Trading Application connectivity to LP’s and Brokers
1. Best Direct
2. Currenex
3. Trading Technologies
4. Gain Capital
5. Fortex (AMI)
6. Choice
7. HotSpotFx
8. Genesis
9. Open E Cry
10. Real Tick
Trading Apps on Mobile Platforms for Blackberry and Iphone
The other three in line are J2ME, Ipad and Android Versions soon. We can design the Exchange & Trading platforms on all Smartphones - Blackberry, Android, IPhone, Ipad – As per your specific Requirements.
LTech India Software Systems
www.ltechindia.com and www.trading.ltechindia.com
We are availabe 24*7 on the IM's
MSN: connectltech@hotmail.com
