Argo Matching Engine

Argo Matching Engine

Argo Matching Engine is a highly scalable, low-latency order matching server — the software core of any electronic marketplace. It supports price-time priority and multiple variations of pro-rata order matching, with industry-standard FIX interfaces for order management and FIX/FAST over UDP multicast for market data. The engine also includes an implied matching module, and uses an RDBMS-backed order history storage system for full auditability.

The engine is built in modern C++, and runs on Linux and Windows. It can be ported to other major UNIX platforms upon request. A source code license is available, offering full transparency and customization flexibility.

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Use Cases

Regulated Exchanges & ATSs
Deploy Argo as the core matching engine for equity, digital asset, or fixed income markets. Supports multi-venue routing, ATS-N compliance workflows, and integrations with RMS/OMS stacks.

Internalization & Off-Exchange Matching
Broker-dealers or liquidity providers can use Argo to build internal dark pools, improve quote internalization, or reduce market impact with smart matching logic and trade handling.

Commodity & Niche Marketplaces
Ideal for startups or regional platforms in metals, carbon credits, agri-commodities, and renewable energy credits. Includes auction support and customizable lot definitions.

Tokenized Asset Platforms
Use Argo to power order books for real-world asset token trading — such as real estate, gold, or collectibles — with fractional trading and custom matching logic.

Proprietary Trading Firms / Simulated Markets
Run low-latency simulations, backtests, or internal strategy competitions. Argo’s performance and control make it ideal for sandboxing or prototyping alpha strategies.

In-Game Economies / Digital Goods Markets
Gamified marketplaces benefit from Argo’s high throughput and API-first architecture to match items, skins, or NFTs in real-time with CLOB-like logic.

 

• Price discovery via continuous order matching  sessions, call auctions and IOI/RFQ dataflow;
• Price-time priority and several variations of pro rata order matching algorithms;
• Extendable set of instruments: equities, futures, options, bonds, FX spot, cryptocurrency contracts, forwards, exchange traded strategies (like calendar spreads, butterflies), interest rate swaps, credit default swaps;
• Support of dynamic intra-day instrument creation;
• Implied engine: implied IN and implied OUT;
• Order Types: Market, Limit, Stop Loss, Stop Limit, MOO, MOC, Iceberg;
• Time-in-force options (TIF) and execution instructions: Day, GTD, GTC, GFS, FOK, IOC, AON;
• One-cancel-the-other (OCO) and if-done combinations;
• Validation of order price alignment, price range, minimum order size, order size increment, and more;
• FIX 4.2 and FIX 4.4 interfaces for order management;
• Market data publishing: BBO, last trade, trading session statistics, aggregated market depth (full snapshot, incremental updates), market-bo-order, instrument definitions;
• Support for trading session scheduling on market, channel, and instrument level;
• Administrative HTML and command line interfaces provide trader session statistic, trader activity, order book, fills, and market depth views;
• Support for “manual” matching for dealer-desk setups via IOI/RFQ dataflow;
• Scalability: advanced multithreading, utilizing multiple processors efficiently,  deployment of multiple matching engines  in one trading environment;
• Fractional matching;
• Seamless integration with Argo Trading Platform components: ATP Order Management System, Market Data Feeder, Risk Management Server, and Argo Trader front-end;
• Trade capture FIX session;
• Integration with trade reporting facilities (like FINRA TRF).

Market Simulation

Argo Matching Engine can be used as market simulation system . To simulate market we feed server by real-time or predefined market data.

See how Argo Matching Engine has been used to build a powerful CME Simulation system.

Matching Engine Source Code License

Argo Matching Engine is a White Label product. You can purchase the matching engine source code by paying one-time license fee, and distribute the application to your clients without paying additional fees. Argo provides support, training and custom software development services.

Contact us to learn more about Argo products and services.