On-boarding is a key aspect of the client experience, and one which leaves an indelible impression in the client’s organisation before they ever place an order. Our process has been streamlined for easy, efficient on-boarding. Chronicle’s support for multiple protocols (including FIX, REST, WebSockets and proprietary APIs), plus our protocol and asset-class agnostic platform, enables clients to quickly on-board via their preferred messaging format. Our virtual pre-production environment enables hassle-free configuration and conformance testing, and slashes the time to on-board new clients and have them up and running in production.
Over the past few years, pre-trade risk management has become ever more important for trading firms. In a low-latency, automated trading environment, the ability to effectively manage pre-trade risk, preventing execution of errant trades whilst adhering to regulatory requirements, is an absolute necessity. Risk engines need to be highly performant, implementing critical checks without adding latency, and this is an area in which we are heavily investing in R&D. Chronicle combines speed with software configurability, catering for the broadest range of client types and trading strategies whilst meeting the most exacting performance benchmarks. Our latest solutions enable clients to run risk metrics on a portfolio in excess of 5000 securities in microseconds - a truly unique pre-trade risk capability.
Even the most well-tested algorithmic trading systems can demonstrate unexpected and potentially harmful behaviour in periods of unforeseen market volatility. Chronicle’s Platform provides clients with a robust set of tools for ensuring that outbound orders are completely under control, enabling clients to have confidence in their bottom line, and ensuring that financial losses are capped.
Intelligent Order Routing
We understand the role that order routing plays in our clients’ commercial offerings. It’s not only about meeting increasingly stringent regulatory obligations around best execution. Offering intelligent order routing and execution strategies is essential for attracting and retaining clients and their order flow, in a highly competitive environment. Chronicle’s extensible smart order routing components allow seamless integration, testing and deployment of our clients’ unique proprietary smart routing logic and algorithms. And, recognising that liquidity doesn’t stand still, especially in times of uncertainty and high volatility, they can also be rapidly tuned and updated as requirements change and markets move.
Price Construction and Dissemination
For a sell-side firm, where speed and availability of competitive pricing is of paramount importance, effective price construction and distribution is key to successful performance in a fast-paced trading environment. Chronicle provides the infrastructure in which clients can embed their own pricing algorithms and run pricing calculations. By decoupling the infrastructure from the pricing logic, our clients can deploy their own competitive advantage and intellectual property, retaining full control of their proprietary pricing methodologies, whilst leveraging Chronicle’s trademark performance capabilities for price construction and distribution. Prices can be distributed flexibly and in multiple formats via a range of mechanisms, including but not limited to the client’s own single dealer platform, chatbots, client APIs, or out to trading venues and market data vendors. This enables our sell-side clients’ trading desks to avoid adverse selection in competitive markets and to win new order flow by efficiently distributing high-volume proprietary pricing information at ultra-low latency.
Market Access and Liquidity
As ever-more execution venues come onto the landscape across all asset classes, the resulting liquidity fragmentation drives up liquidity sourcing and risk management costs for trading desks. In this highly competitive environment, Chronicle recognises that the ability to quickly connect to new trading venues and liquidity sources is vital to the continued success of our clients’ businesses. Users of our flexible Open API platform can rapidly build and deploy adapters for market connectivity, translating between internal and external interfaces using FIX, REST, WebSockets and proprietary protocols.
Sell-side firms are increasingly under pressure to improve integration with post-trade processes, and reduce the latency between trade execution and trade booking, confirmations and settlement. Regulatory reporting is a key driver, alongside opportunities for greater automation, driving operational and cost efficiency savings. Chronicle’s scalable, standards-based APIs simplify the process of seamlessly integrating with middle and back-office systems, and enable secure message flow both internally and when connecting with counterparties and market infrastructure providers.
Market Abuse and Conduct Risk
With market abuse and conduct risk high on the regulatory agenda, financial institutions face intense scrutiny and severe penalties not only for regulatory breaches but also for the inability to demonstrate full compliance with regulatory requirements. Sell-side firms need to balance the need for speed of execution against the need to capture multiple data points across pricing, order management and trade execution. Our focus on low-latency, reliable persistence in high-performance environments gives our trading systems the edge over competitors. Chronicle can help sell-side clients to mitigate their conduct risk by providing a forensic view of real-time order flow, validation of order logic behaviour and enabling monitoring for breaches, disorderly trading and market abuse.
In fast-moving markets, our clients need to quickly update positions and react to changing risk metrics and market conditions. Chronicle provides a flexible, extensible hedging capability, generating hedging and risk management orders based on available position and pricing data, and risk metrics. Our basic hedging modules can be customised and extended by clients. For those clients in need of a more sophisticated and bespoke auto-hedging capability, they can be used as a framework in which to easily and rapidly implement proprietary hedging functionality. Our Platform aso supports implementation of multiple hedging strategies – clients may hedge one position book on a trade by trade basis, whilst another could represent an aggregated position and be hedged periodically intra-day.
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