Skip to main content

Blog

Achieving a sub-microsecond latency may be difficult in conventional trading applications. We have been taught to build the systems that are easy to test – separating architectural layers, frameworks and processes. The best software engineering practice would call to design, build and test order management operations, market data processing, risk control and logic of trading algorithms independently from each other. Conventional design makes perfect sense in the most cases. But it may also introduce significant limitations in high-frequency trading (HFT) applications.

We were facing a significant architectural challenge in one of the recent 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 “collocated” trading API, order management and market data modules in one process and applied a number tried-and-true performance optimization techniques:

  • • 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  FIX messages directed to trading venue
  • • refactor data structures to facilitate optimal use of processor cache
  • • apply lock-less and block-less design patterns, eliminating OS signaling latency whenever it’s possible
  • • utilized OS scheduler interfaces to complete minimize indeterministic behavior of standard thread scheduling algorithms

Our tick-2-order latency satisfies the needs of the most demanding HFT and Market Making applications.  It can be used with various FPGA solutions.

2 Replies

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.

Leave Relpy

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.

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.

Email