Argo Matching Engine

Argo Matching Engine

Argo Matching Engine is  a highly scalable, low latency order matching server, the software core of electronic marketplace. It features price-time priority and several variations of pro rata order matching algorithms, industry standard FIX interfaces for order management, FIX/FAST over UDP multicast market data protocol, implied engine and RDBMS-based order history storage. Argo Matching Engine is written in C++. It runs on Linux and Windows. We can port it to any major UNIX platform by request. Matching Engine Source code license is available.

Argo Matching Engine is a core component in Argo Exchange and ATS solutions.

• 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.