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-based interfaces for order management, FIX/FAST market data protocol, 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.

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

• Extendable set of instruments, support for equities, futures, options, bonds, FX spot, cryptocurrency contracts, forwards, exchange traded strategies (like calendar spreads, butterflies) out of box; support for dynamic (intra-day) instrument creation;
• Market, Limit, Stop-Loss and Stop-Limit Orders; Iceberg; Day, GTD, GTC, GFS, FOK, IOC, AON time-in-force options; one-cancel-the-other and if-done combinations;
• Price-time priority and several variations of pro-rata order matching algorithms;
• Implied engine: implied IN and implied OUT;
• Continuous and call auction style trading sessions;
• Validation of order price alignment, price range, minimum order size, order size increment, and more;
• FIX 4.2/4.4 interfaces for order management;
• Publishing of BBO, last trade, trading session statistics, aggregated market depth (full snapshot, incremental updates), market-bo-order data, and instrument definitions via FIX/FAST;
• 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;
• Scalability. Advanced multithreading helps to utilize multiple processors efficiently; we can deploy multiple matching engines to work in concert in one trading environment;
• fractional trading support
• Seamless integration with Argo Trading Platform components: ATP Order Management System, Market Data Feeder, Risk Management Server, and Argo Trader front-end;
• integration with trade reporting facilities (like FINRA TRF);
• Optional Market Simulation facility.

Market Simulation

Argo Matching Engine can be used as market simulation system . To simualte market we feed the matching engine by real-timer or predefined market data.

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

White Label

Argo Matching Engine is a White Label product. You can purchase the application source code by paying one-time license fee, and distribute the application to your clients without paying additional fees.