Comprehensive Trading Platform
For trading venues competing for liquidity, fast and efficient connectivity, latency performance, scalability and robustness are all critical market differentiators. Trading solutions must support the full range of pricing, market data publication, order management, smart order routing and regulatory reporting activities, whilst maintaining performance. With Chronicle’s Platform, trading venues and exchanges can benefit from out-of-the box support for standard order types, as well as the ability to create custom order types. Our software provides the ability to build reliable market depth and market data, either specifically for the operator’s own exchange, or consolidating data across multiple exchanges. It also supports multiple trading protocols, including order books and RFQs, across multiple asset classes.
Chronicle’s Platform provides a secure, resilient and trusted infrastructure for rapidly developing and deploying highly-performant, scalable and high-throughput low latency trading systems. It contains all the essential infrastructure components for a trading platform, including functionality to support market connectivity, messaging, data access, storage and retrieval.
Institutional investors demand high performance from their exchanges and trading venues at all times, and this is particularly important under exceptional stress conditions. For market-leading exchanges, the availability of sufficient headroom in their existing systems is a key differentiator. The design principles behind Chronicle’s Platform ensure that headroom is always built into our infrastructure, so that it is fully able to withstand market turbulence without the need for additional scaling. Our software is designed to operate at between 1% and 10% utilisation during normal market conditions, and to ensure consistent latencies at higher levels of utilisation, giving your exchange platform up to 99% headroom in times of volatility and high volumes – that’s more than enough spare capacity to ensure that performance is maintained even at outliers of market volatility.
On-boarding and Market Connectivity
Our process has been streamlined for easy, efficient connectivity. Chronicle’s support for multiple protocols (including FIX, REST, WebSockets and proprietary APIs), and our protocol and asset-class agnostic platform, enables venue operators to select the protocol that is right for their specific market needs. Our virtual pre-production environment enables hassle-free configuration and conformance testing, and slashes the time to on-board new participants and have them up and running in production.
Trading venues need to extensively test and fully validate new functionality before having the confidence to roll upgrades into production. Chronicle’s Platform supports creation of test environments that replicate the trading behaviour of multiple client types, with the ability to replay real dataflow and volumes. It enables thorough testing of changes and enhancements in a production-equivalent virtual environment, before releasing them to the market.
Trading venues sit at the heart of the financial ecosystem, and the market disruption and reputational damage arising from performance issues or outages can have lasting impacts. Chronicle’s advanced monitoring capability provides real-time transparency of individual and aggregate orders, client connectivity status, and overall platform performance, together with the ability to store and analyse historical data for deeper insight.
With the advent of MiFID II and MAR, surveillance and compliance monitoring obligations for trading venues have increased significantly. Chronicle’s Platform presents a forensic view of real-time order flow, enabling venues to monitor orders, cancellations and transactions to help identify and respond to breaches, disorderly trading and market abuse.
MiFID II and other regulations globally create requirements for trading venues and exchanges to comply with increased post-trade and transaction reporting obligations. At the same time, venues must also facilitate timely and efficient STP for their participants by providing post-trade integration with other market infrastructure providers, for reporting, clearing and settlement. Chronicle’s Platform supports publication of post-trade notifications and messaging, and connectivity to third-party clearing and custody providers. Our standards-based APIs enable secure electronic message flow for regulatory reporting.
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At Chronicle, we believe less is more. Learn more about why and how Chronicle can support your business and how it can increase efficiency and streamline your systems and workflows by speaking with one of our experts.
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