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Author Archives: Margo Reyfman

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Market Maker Solution require separation of trading platform architectural layers (order management, market data, risk control, trading algorithms) and  high-frequency trading (HFT)properties – nanoseconds latency possible, high throughout.

Achieving a nanoseconds latency may be difficult in conventional trading applications. Separating architectural layers makes perforce sense but may also introduce significant limitations in high-frequency trading (HFT) applications that market makers require.

We were facing a significant architectural challenge in one of the recent Argo Trading Platform (ATP) customization projects – a trading infrastructure for one of CME market maker when IPC between Argo Trading Platform servers (OMS, MDF, RMS ) became a major obstacle. Our layered design came to rescue. We have designed Argo Market Maker Solution by  collocating trading API, order management and market data frameworks in one process. Then we have applied tried-and-true software engineering performance  improvements technics:

  • build on Linux, taking advantages of myriads OS-specific optimization tricks
  • use the best of the breed network technology and kernel bypass IP stack from Solarflare
  • eliminate data copying – whenever possible
  • pre-serialize trading venue FIX messages
  • refactor data structures to facilitate optimal use of processor cache
  • apply lock-less and block-less design patterns, eliminating latency of OS signaling whenever it’s possible
  • make pools of working threads allowing processing of multiple inbound and outbound streams of data (orders, order states, market data) to be processed concurrently on multiple CPU cores
  • utilize OS scheduler interfaces to complete minimize indeterministic behavior of standard thread scheduling algorithms

We’ve got a solution that provides an excellent tick-to-trade latency. Also, it is ready to be used with various FPGA solutions .

Source Code License is available. Contact Argo for more information.

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Argo SE is a provider of highly efficient software for financial markets. We strive to produce innovative solutions and offer services that meet ever-evolving needs of our customers. Our main focus is the development of quality software components for our flagship product – broker-neutral, multi-asset, multi-user Argo Trading Platform.

Realizing the extreme importance of highest throughput, lowest latency and adaptability of financial data delivery mechanisms, we have designed RMCast — our own reliable multicast messaging system. Use of the most advanced communication techniques along with the industry standard FIX protocol gives our platform a cutting edge advantage over competitors.
Our team of talented software engineers has decades of combined first-hand experience in building and implementation of complex software systems. Our success is based on intensive use of object-oriented techniques, design patterns and best of breed communication frameworks. Our research and development is a continuous investment.

We offer simple proven solutions. We offer dedication and diligence. We offer success.

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Argo engineers provide the highest level of expertise in custom development of high-performance trading solutions of various levels of complexity. We service the most demanding financial institutions around the globe. We build software for  exchanges, OTC, FX and Crypto markets, ATSes/Dark Pools, order and execution management systems, portfolio and risk management facilities, algorithmic trading application, low latency market data distribution systems, systems for market makers.

Argo Trading Platform (ATP) provides multiple ways for  third party and in-house applications integration, including C++, C#  trading, market data and risk controls APIs, FIX-based order management and market data protocols, FIX/FAST, MDP 3 and reliable multicast (RMCast) market data dissemination, RESTful and WebSocket based WEB trading services.

Our integration team offers assistance in connecting to electronic systems of trading venues, market data providers, market participants and regulators. In our integration projects we have connected ATP to equity, commodity, FX and crypto trading venues such as Arca, Bats, US ATSes and dark pools, CME,  ICE, NCX, MOEX, JPX, Binance, BitMEX, OKX and many others.

We have been integrating ATP for pre-trade risk check, trade confirmation, allocations, regulatory reporting and clearing  with CME ClearPort, LCH Clearnet, Swap Data Repositories (SDR), Traiana’s risk hub, Markit, J-Gate.

ATP gets market data from exchange and Tier 0 feeds – like CME MDP3.0, SIAC multicast feed, and/or  from market data providers such as Bloomberg, Activ Financial, dxFeed.

In our integration projects we were using FIX, FIX, FpML, and many proprietary protocols and APIs.

Please contact us to request information about our current schedule and development fees. Our development and support fees are reasonable aggressive. We’ve been helping customers of different calibers and budgets.

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We have acquired in-depth knowledge of Financial Information eXchange (FIX) protocol and proprietary trading APIs, implementing connectivity to exchanges, ECNs, dark pools, ATS, dark pools, service bureaus and market data providers including NYSE, NASDAQ, CME, ICE, Arca, Bats, Eurex, CBOT, LIFFE, JPX,  TSE, Japannext, MCX, MOEX, BitMEX, Binance, OKX, Merrill Lynch, HotSpot, Currenex, IKON, EBS, CQG, Knight Equity Markets, Goldman Sachs’ Sigma, Citadel.

We are experts in FIX certification process and exchange conformance testing. Our engineers have accumulated a wealth of experience using several popular FIX engines including QuickFIX and Onix FIX engines.

New in CME Globex electronic trading environment? We can definitely help. Argo SE is CME independent software vendor. We have had great successes on CME Globex and ClearPort integration projects.

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Designing fast and reliable electronic trading software  is a significant challenge facing in-house software developers. We can help application development teams to solve many of the system architecture and market place connectivity issues, so they can achieve strategic goals by focusing on their core competencies.

There is no generic solution for electronic trading business. Each company has its own unique objectives and strategies.

Do you want to build a new cross-market arbitrage trading strategy? Smart Order Router with connections to multiple trading venues? HFT trading environment? Market Making system? Complex price discovery solution based on combination of different matching algorithms and negotiation protocols? Fractional trading system?  Take a look at Argo Trading Platform (ATP). ATP components can be easily customized into a robust, high performance, yet flexible solution just for YOUR business. ATP Source Code License gives your own electronic trading solution a path to grow. Argo development and support engineers accumulate  decades of experience building high quality software solutions for capital markets. We are experts in FIX protocol, electronic trading workflows including order entry, management, and routing, order matching algorithms, trading venues connectivity, market data handling, risk control and management.

Save many man-years of in-house sofwtare development! Contact Argo to schedule free one hour design session today!

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Argo Trading Platform is a full-featured solution that provides facilities for all workflows of a modern market place. It can be easily customized, and quickly deployed for an over-the-counter trading environment. Since ATP is instrument agnostic, it could become a single venue for your internal order flow, as well as for sophisticated hedging strategies with outside markets. We can provide trading environment for traditional exchange-traded asset types (such as stocks, futures, options), as well as for OTC contracts such as Interest Rate, Credit Default, Energy and Agricultural Swaps, OTC Metals, and FX contracts, and others. Our risk control and management facility can be extended easily to support ever-evolving OTC instruments. We have firsthand experience integrating with CME ClearPort, LCH ClearNet and ICE Clearing API, DTCC and Traiana.
We can also provide connectivity to other major clearing venues and Swap Data Repositories (SDRs) by customer request.

Are you impacted by Title VII of Dodd-Frank Act? Or European Market Infrastructure Regulation?

We can help. Read more…

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Argo Alternative Trading System/Dark Pool Solution implements key ATS data flows including: order matching, RFQ/IOI protocol, order management and smart routing, trade reporting, trade clearance and settlements, pre- and post- trade risk checks and risk exposure control, participants onboarding,  Argo ATS Solution is based on tried-and-true Argo Trading Platform components.

ATP Matching Engine and Order Management System are optimized for low latency, high throughput. ATP Matching Engine supports FIFO price-time priority and several variations of pro-rata matching algorithms, all major order types (limit, market, stop loss, stop limit, iceberg), one-cancel-other and if-done combinations; Day, GTD, GTC, GFS, IOC, FOK, and AON TIFs.

ATS comes (optionally) with smart order routing, risk management facility, regulatory reports, market data dissemination system, order and trade flow monitoring tools, user-friendly trading and risk management front-ends.

 We deploy ATS system in private data centers on the cloud.

We sell binary and source code licenses.

Our source code licenses come with FREE white labeling, training and integration with market participants and regulators.  We provide 24/7 support services from US and Eastern Europe centers cover all time zones across the globe. Custom development and consulting services are available as well. Our license and development fees are very competitive.

Check our ATS/Dark Pool Solution if you need

  • • to trade stocks, commodity spot and/or derivatives contracts, FX contracts, precious  metals, crypto spot or crypto derivatives an on the same platform
  • access US, Japanese and European markets
  • Central Limit Order Book (CLOB) or Request For Quote (RFQ) and Indiction of interest (IOI) dataflow
  • • high performance  instrument-agnostic matching engine that features price-time priority FIFO and several variations of pro-rata matching algorithms, call auctions,  all standard order types and time-in-force options, If-Done and One-Cancels-the-Other (OCO) order combinations, implied IN and implied OUT functionality, continuous and  call auction trading sessions, FIX (order and quote management) and FIX/FAST (market data) protocols, self-trading protection, execution drop copy features
  • • ultra-fast order management system (OMS) with FIX and RESTful interfaces, smart order  framework
  • • smart order routing to US and world equities and derivatives trading venues like Arca, Bats, CBOE, CME, TSE, Japannext, US and Japanese dark pools and others
  • • to build a dark pool or lit pool with market data dissemination via FIX, FIX/FAST, proprietary multicast and WebSockets protocols
  • • risk management with implementation of various risk policies, pre-trade risk checks,  self-trading prevention, commissions engine, market schedule facilities
  • • flexible market administration, order flow surveillance and risk management  GUI tools
  • • FIX interfaces
  • • trading and risk control C++, C# and RESTful APIs
  • • user-friendly desktop, web and mobile and risk management/control front-ends
  • • real-time trade reporting to regulators (like FINRA TRF) and/or market participants
  • • regulatory reports like FINRA CAT, CAIS, Rule 605, Rule 606
  • • world-class 24/7 professional support
  • • complete control of your technology
  • • to go live in a few short weeks

We match our competitors prices! Contact us at info@argocons.com for additional information, to schedule a demo or our free one-hour new ATS/Dark Pool design session.

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