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Author Archives: Margo Reyfman

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Build. Trade. Scale.


Your all-in-one trading infrastructure — trusted by brokers, trading firms, and market operators worldwide. Argo Trading Platform is a modular, multi-asset, multi-market solution designed to power the most demanding brokerage environments. Whether you’re launching a new venture or modernizing legacy architecture, ATP delivers the flexibility, speed, and control you need — at a fraction of the typical cost and time.

ATP architecture guarantees linear scalability and low latency of order management, matching and market data dissemination operations.

Argo Trading Platform  modules are written in C++ for performance and portability, we deploy Argo Trading Platform on Windows and Linux platforms.

Argo offers binary and source code licenses. Source code ownership gives our customers full control on system future extensions and evolvements.

Argo Trading Platform was successfully used to implement regulated stock and commodity exchanges, OTC, energy, FX and digital asset markets, ATS, brokerages, market makers and HFT operations around the globe.

Multi-Asset Trading

  • Equities, debt instruments, equities options, commodity futures and options, FX
  • Spot contracts, OTC instruments, and structured products
  • Digital assets: crypto (spot, perpetuals), tokenized RWAs, and synthetic instruments

Internalization

  • ATP matching engine supports internal client flow matching
  • Complex Order Book (COB) with Implied IN- and OUT- logic for multi-leg strategy matching
  • Support for price-time priority (FIFO), pro-rata, call auctions, RFQ/IOI workflows
  • Full market data generation (aggregated depth, MBO)

Order Management System (OMS)  with Smart Order Routing (SOR)

  • Venue-aware order routing for best execution
  • Rule-based routing logic (per asset, client instructions, order characteristics)
  • Connect to exchanges, ECNs, ATSes, brokers, or OTC desks via FIX, SBE, REST, and proprietary APIs

Real-Time Risk Management

  • Ultra-low-latency pre-trade risk checks
  • Margin policies, real-time buying power calculations
  • Multi-level risk limit profiles
  • Real-time account monitoring and management, kill switches

User-friendly Trading GUI

  • Desktop, web, and mobile trading GUI platforms
  • Order entry and management, balances, trades, positions, risk exposure, market data, charts, technical analysis
  • Portfolio performance analysis
  • GUI control of server-hosted trading algorithms
  • White-label ready for brokers, dealers, and wealth managers

Trading APIs & Institutional Connectivity

  • Trading API suite: C++, .NET (C#), REST, and WebSocket
  • Institutional-grade FIX connectivity for client order flow, LP access

Reporting, Surveillance & Compliance

  • Real-time and end-of-day trade/account reports
  • Manipulation detection, audit logs, regulatory reporting integration
  • trade audit trails

Modular, Open Architecture, Source Code License

  • Easily integrate CRM, KYC/AML, custodians, and payment systems
  • Deploy on-premises or in your private cloud
  • Source code or binary license options

Leave Relpy

Argo SE offers a full-featured instrument agnostic turnkey Exchange Solution based on Argo Trading Platform (ATP) technology. Argo Exchange comes with  Matching Engine, Order Management System (OMS), Market Data Dissemination Facility, Risk Management System, Trading APIs, web, mobile and desktop trading front-ends, CRM, payment gateway, FIX Hub/Router, order and trade flow surveillance tools, administrative  front-ends.

Exchange Solution features different price discovery schemas (CLOB and RFQ/IOI/Quote Negotiation dataflow based), multiple matching policies and trading rules, continues trading and auction-style trading sessions, continuous and auction trading, fees and risk control  policies. Exchange Solution comes with multiple integration points providing seamless integration with market participants and regulators, market makers, central securities depositories (CSD), collateral, clearance and settlement facilities.

ATP architecture guarantees linear scalability and low latency of order management, matching and market data dissemination operations.

Argo Trading Platform  modules are written in C++ for performance and portability, we deploy Argo Trading Platform on Windows and Linux platforms.

Argo offers binary and source code licenses. Source code ownership gives our customers full control on system future extensions and evolvements.

Argo Trading Platform was successfully used to implement regulated stock and commodity exchanges, OTC, energy, FX and digital asset markets, ATS, brokerages, market makers and HFT operations around the globe.

Matching Engine

ATP low latency, high throughput, instrument agnostic  Matching Engine implements price-time priority and several variations of pro-rata order matching algorithms, implied in and out functionality. It comes with FIX interfaces for order management and trade drop copy,  publishes aggregated market depth, market-by-order, BBO, last trade and trading session statistics via FIX/FAST and MDP 3.0 market data protocols. Matching Engine supports all main order types and Time-In-Force (TIF) options. Multiple matching engines can be deployed to ensure the highest order throughput.

Order Management and Routing System

ATP Order Management System provides FIX-based order management services to trading front-ends, order gateways, routers and FIX hubs.  It supports all main order types and Time-In-Force options along with ATP  smart orders. OMS provides 0-latency pre-trade risk check via innovative IPC to Risk Management System.  Order Management System configuration allows order routing to multiple Matching Engines and external trading venues.

Market Data Dissemination Facility

ATP Market Data Dissemination Facility provides trading front-ends with market data cache and real-time updates for various types of market data: aggregated market depth, market-by-order, BBO, last trade, session statistics, real-time and historical OHLC data via FIX and proprietary TCP and reliable UDP multicast protocols.

Risk Management System

Argo Risk Management System  provides back-office facilities for account risk management. It fits into the most complicated business environment by  providing elaborated hierarchy of market participants structures: security issuers, clearing members (like FCMs), brokers, trading entities. RMS features multiple risk/buying power control policies including trading on margin based.

Trading API

Argo Trading API features C++ and C# native framework, RESTful and WebSocket based facilities with order management, market data and risk management and control interfaces.  Argo API, backtesting and forward testing facilities provide powerful full cycle development environment for ATP client (trading GUI, automatic trading strategies) application development.

How To Build A New Market? 

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

Argo Trader

Argo Trader was designed to provide ultimate speed of trading operations and technical analysis. Argo Trader is seamlessly integrated with the Platform server components MD Feeder, OMS/Order Router, Risk Manager Server and Argo Robots Algorithmic Server. Traders monitor market data and positions, control their orders and automatic trading strategies in real-time.

Argo Trader is written on C#. Source code licenses are available.

Argo Trader Features

  • real-time and historical market data charts supporting number of technical indicators and studies;
  • inside market, market statistics, aggregated market depth, and Level 2 views;
  • accounts and positions monitoring;
  • order entry form supporting Market, Limit, Stop-Loss, Stop-Limit, Iceberg, Stop-Loss-Take-Profit, and Market-If-Touched orders, as well as “one cancel the other” and “if-done” combinations;
  • Day, GTC, GTD, GFS, IOC, FOK, AON and other time-in-force options;
  • pre-trade risk control;
  • order and order history details views;
  • trading on behalf of multiple accounts;
  • algorithmic trading panel allows real-time control of automatic strategies (Argo Robots) executions;
  • configurable alerts
  • configurable news view;
  • integrated transactions and positions reports;
  • chat with administrator facility;
  • secure communication over public networks;
  • embedded connection QOS monitoring facility.

Argo Trader is user-friendly and fully customizable application. Traders arrange market data, order history, positions, charts, news, all data items and color schema in any way they like.

We provide white labeling for free. You can also purchase Argo Trader source code by paying a one-time license fee and then distribute the application to your clients without paying additional fees.
To evaluate our Trading Platform please send us a request and provide contact information. We will get back to you shortly.

CME Connectivity

Do you need to implement connectivity to CME Globex trading platform quickly and cost efficiently? We can help.

  • We’ve been developing to CME iLink Order Entry Interfaces and CME Group Market Data Platform for the past eight years. We can develop a custom connectivity module for your system in a matter of days.
  • Our engineers have accumulated a wealth of experience using different FIX engines, including QuickFIX and Onix FIX engines, popular FIX/FAST implementations from OCI (QuickFAST) and Onix.
  • We are very famililar with CME’s implementation of MDP 3.0 protocol.
  • We are experts in CME conformance testing and CME certification process. Our engineers can help you with each step from establishing CME CERTLink connectivity to actual FIX and market data conformance testing.
  • We offer competitive rates and can meet the most aggressive deadlines.

CME Clearport

Are you an OTC market participant? Have you found yourself impacted by Title VII of Dodd Frank Act?

  • We have acquired valuable experience integrating with CME Clearport for OTC markets.
  • We help with MQ installation and configuration, conformance testing, and ATP or in-house software integration with clearing networks, such as CME Clearport and LCH Clearnet.
  • We can quickly customize our Argo Trading Platform to support CME cleared OTC instruments such as Interest Rate, Credit Default and Agricaltural Swaps, OTC Metals, FX and Energy products.

Integration and Custom Development

Argo provides the highest level of expertise in custom development of high-performance trading solutions of various levels of complexity. We build order and execution management systems with portfolio management and algorithmic trading functionality, market simulation and testing systems, low latency market data distribution schemas for the most demanding trading environments.

Please contact us to request information about our current schedule and development fees.

“All standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reported to trade repositories.”
– From the G20 Pittsburgh Summit in 2009

The new Dodd-Frank regulatory framework requires:

  • Mandatory clearing for swaps accepted by a clearing entity and designated by the CFTC and SEC as clearable.
  • Mandatory execution of cleared swaps on a regulated exchange or swap execution facility (“SEF”).
  • Mandatory reporting of cleared and uncleared swaps to a trade repository or the CFTC or SEC.
  • Public access to swap transaction volume and pricing data.

Operating in New Dodd-Frank/EMIR Regulatory Environment

Are you an OTC market participant? Have you found yourself impacted by Title VII of Dodd-Frank Act? Or European Market Infrastructure Regulation? Are you looking for a way to submit your over-the-counter transactions for central clearing? Have you been considering building a Swap Execution Facility (SEF),or Organised Trading Facility (OTF)? Here is a quick and cost-efficient solution:

  • Argo Trading Platform (ATP) includes a high-performance matching engine (a.k.a. SimEx) and sophisticated risk management facility. It can be easily customized to become a core of your SEF or OTF system. We also provide Order Router (OMS), market data dissemination system, trading API, user-friendly trading and risk management front-ends.
  • ATP is instrument agnostic. It could become a single venue for your traders to execute sophisticated hedging strategies. We support exchange traded instruments, and can easily add support for OTC Interest Rate, Credit Default and Agricultural Swaps, OTC Metals, FX and Energy, and other OTC instruments.
  • Our pre-trade risk control facility provides real-time zero-latency risk check by implementing innovative inter-process communication mechanism. We use industry proven methods for risk checks and controls for specific instruments. At the same time, architecture of our risk control facility is easily extendable to support ever-evolving OTC contracts.
  • Argo Matching Engine publishes it’s order book changes using industry standard FIX/FAST protocol, fulfilling the CFTC requirement to provide public access to OTC transaction volume and pricing data.
  • We have firsthand experience with CME Clearport. CME ClearPort provides a means to submit off-exchange transactions into CME clearing. We have been successfully integrating Argo Trading Platform with CME ClearPort API within our customization projects. We can also easily customize ATP to provide connectivity to other major clearing houses.

Integration and Custom Development

Argo provides the highest level of expertise in custom development of high-performance trading solutions of various levels of complexity. We build order and execution management systems with portfolio management and algorithmic trading functionality, market simulation and testing systems, low latency market data distribution schemas for the most demanding trading environments.

Please contact us to request information about our current schedule and development fees.

“All standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reported to trade repositories.”
– From the G20 Pittsburgh Summit in 2009

The new Dodd-Frank regulatory framework requires:

  • Mandatory clearing for swaps accepted by a clearing entity and designated by the CFTC and SEC as clearable.
  • Mandatory execution of cleared swaps on a regulated exchange or swap execution facility (“SEF”).
  • Mandatory reporting of cleared and uncleared swaps to a trade repository or the CFTC or SEC.
  • Public access to swap transaction volume and pricing data.

Market Data Feeder

MD Feeder is a core of ATP market data distribution system. It processes and consolidates client market data subscription requests, obtains data using market data provider protocols, maintains market data cache and delivers updates to subscribers using FIX and/or Argo messaging system (RMCast) via TCP or reliable multicast UDP. The latter option has an advantage of delivering price updates to multiple trading workstations/processes simultaneously. Similar to FIX Adapted for Streaming (FAST) protocol we are using a market data-specific encoding method which significantly lowers bandwidth requirements by reducing the size of market data update messages. Advanced multithreading helps to utilize multiple processors efficiently.

Market data provider connectivity components are implemented as dynamic link libraries. We have built adapters for many market data protocols including those used by CME, ICE, CBOT, Liffe, HotSpot, EBS, Currenex, IKON, SIAC/Opra, TenFour, OpenTick, CQG, NSE, MCX, MCX-SX, MOEX, BitMEX.

Market Data Feeder can be integrated into a custom application using our Market Data API.

MD Feeder is written on C++ for optimal performance and portability. It runs on Linux and Windows. Source code licenses are available.

To evaluate Argo Trading Platform please send us a request and provide contact information. We will get back to you shortly.

Argo Order Management System and Smart Order Router

Argo OMS is a high-performance order management system that features FIX interfaces, order history database and order routing to multiple trading venues (exchanges, ECNs, ATS, dark pools, brokers, service bureaus). Architecturally, Argo OMS consists of several components (connectivity adapters, smart order routing/execution management facility,  smart order framework, order status notification facility) implemented as dynamic link libraries. Argo OMS is written on C++ for optimal performance and portability. Source code licenses are available.

Pre-Trade Risk Check

OMS can be integrated with Risk Management Server. Innovative inter-process communication mechanism provides real-time pre-trade risk check with virtually zero latency.

OMS-RMS tandem checks incoming order based on order originator account Risk Limit Profile:

  • is the account active and allowed to trade?
  • is the account allowed to trade particular instrument?
  • is order size within allowed limits?
  • is position size within allows limits (if order is executed)?
  • if this is a short sell, is short sell allowed?
  • does account have sufficient buying power for this order to be executed?
  • is order limit price within allowed limits?

Trading Venue/Market Places Connectivity

We have accumulated decades of experience in building connectivity to trading venues. OMS comes with router adapters for many US and world exchanges, ECNs, brokers, dark pools, ATS and service bureaus including NYSE, NASDAQ, CME, ICE, Arca, Bats, Eurex, CBOT, LIFFE, MOEX, BitMEX, OKX, Binancr, TSE, Japannext, 4AX, Merrill Lynch, HotSpot, Currenex, IKON, EBS, CQG, Knight Equity Markets, Goldman Sachs’ Sigma, Citadel,  Argo own Matching Engine and many other trading venues,.

Smart Order Router and Smart Order Framework

The OMS comes with an integrated Smart Order Router (SOR) / Execution Management Facility and a Smart Order Framework (SOF).

The SOR is capable of routing orders to multiple connected trading venues and managing executions in parallel, based on both predefined and real-time adaptive routing rules. It can be integrated with external market data feeds, including Argo’s own Market Data Dissemination System.

The SOF supports complex, market data–driven order types — such as Iceberg and Pegged orders — for environments or trading venues that do not natively support these order types.

Fractional Trading

OMS works transparently with trading venues that support fractional trading including Argo own Matching Engine.

FIX

We’ve been earlier adopters of FIX technology, and went through several FIX integration projects with NYSE, NASDAQ, Arca, Bats,  CME, ICE, CQG, Sun Trading, NSE, MCX, MCX-SX, MOEX, BitMEX, Binance, TSE, Japannext, 4AX, Merrill Lynch, Knight, Goldman Sachs, Citadel and others. We have summarized our experience and built a generic FIX adapter, which allows us to reduce turnaround time for a new FIX-based communication link dramatically. You may refer to FIX Protocol LTD (FPL) official website to check if your broker (exchange, ECN, ATS) supports FIX.

Risk Manager Front End (RMFE)

Risk Manager Front End was designed to provide ATP risk management and administrative functions. It is a flexible and user-friendly GUI application. Risk Management Front-end (RMFE) features an intuitive graphical interface for RMS control functions, including real-time accounts and global position monitors, account risk monitors, “manual” fill, trade correction, position modification, risk policies, commissions and market  schedules screens.

RMFE is written on C#. Source code licenses are available.

RMFE Features

  • support for creation and management of markets and market data channels, instruments and instrument groups, accounts and account groups, legal entities, ATP users (traders, risk managers, administrators), risk limit profiles, alerts, order routing rules;
  • real-time account, position, order and trade flows monitoring;
  • real-time account control – enable/disable (single account, account group and the whole legal entity), liquidate positions, kill orders, put an account into liquidation only mode;
  • orders and order history, trades historical  and real-time query views;
  • real-time and historical charts supporting number of technical indicators and studies;
  • real-time inside market, aggregated, and Level2 market depth views;
  • manual fill modifications, trade bust, and position modifications;
  • commissions policies
  • market schedules
  • integrated transaction and position reports;
  • chat with trader facility.

RMFE is user friendly and completely customizable application. User can arrange different views on multiple monitors in any way he likes. User can decide which data items he wants to see and how, or choose his own color schema.

Argo provides White Labeling services. Source code licenses are available. You can purchase Risk Manager Front End source code by paying the one-time license fee and then distribute the application to your clients without paying additional fees.

Risk Management Server

Risk Management Server (RMS) and Risk Management Front-end (RMFE) work together to provide risk control and market management functionality. RMS is responsible for real-time calculation of multi-currency account position values, P&L, buying power and risk exposure and real-time. RMS works in concert with Order Management System and Market Data Distribution System to provide zero-latency risk check, capture orders, trades and market data updates. RMS calculates risk values in real-time, saves them in the database, and, optionally,  publishes via RMCast channels.

OMS-RMS tandem checks incoming order based on order originator account Risk Limit Profile:

  • is the account active and allowed to trade?
  • is the account allowed to trade particular instrument?
  • is order size within allowed limits?
  • is position size within allows limits (if order is executed)?
  • if this is a short sell, is short sell allowed?
  • does account have sufficient buying power for this order to be executed?
  • is order limit price within allowed limits?

RMS and RMFE implement the schedules, policies and management facilities for:

  • legal entities (trading firms, brokers, FCMs)
  • accounts and account groups
  • instruments and instrument groups
  • system users (logins)
  • FIX sessions management
  • risk limits profiles and risk control policies
  • real-time buying power calculations
  • margin policies
  • commissions policies
  • real-time risk check
  • matching algorithm policies
  • market schedules
  • real-time order flow, trades and positions monitoring
  • trade and positions adjustments
  • FX conversion rates
  • account funding
  • account, user, legal entity market access control: enable trading, disable trading, move to liquidation only mode
  • alerts/notifications

RMS is written on C++ for optimal performance and portability. Source code licenses are available.

Read more about RMFE features….

Argo Messaging System

Argo Reliable Multicast (RMCast) is a high-performance messaging system. We have designed it to satisfy high throughput, low latency, scalability and adaptability demands of modern market data distribution and real-time risk management systems.

If you are a trader, you know how important it is to get prices on time. If you are an IT professional working for a trading company you know how difficult it can be to achieve. The price update has to be delivered to each trading screen as soon as it hits your network. Even a fraction of a second delay is not acceptable for a trader. Classical point-to-point methods of market data distribution just don’t cut this. Argo RMCast delivers price updates to all trading applications simultaneously and reliably. Each price update not only reaches all processes at the same time but also can be resent in a fraction of a millisecond if necessary.

RMCast Provides

  • sender-receiver decoupling and location transparency via implementation of publish-subscribe topic (subject)-based addressing with wildcards support;
  • one-to-one, one-to-many and many-to-one inter- and intra-process communication;
  • daemon-less architecture, which eliminates extra data copying and contents switching;
  • reliable UDP multicast, “raw” UDP multicast and TCP-based messaging;
  • extensive parameterization to allow fine tuning for different communication scenarios;
  • C++ and .Net API implemented as dynamic link libraries;
  • flexible threading model, which allows an application to implement the most efficient schema for inbound message dispatch and processing;
  • supports Windows, Linux and major UNIX platforms;
  • a number of example programs demonstrate variety of usage patterns.
reliable multicast messaging

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