The Long Transaction
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TruMarket 2.0
Marketplace Edition
Overview
Features
Technology
TruMarket 2.0
Financial Edition
Overview
Features
Technology
Services

 

Download the TruMarket 2.0 Financial Edition Datasheet (PDF - 31k)

Features : TruMarket 2.0 Financial Edition

Flexible Matching Engine and Risk Management System

TruMarket 2.0 Financial Edition is an electronic matching engine and risk management system for markets trading a range of simple and complex instruments, including equities, fixed income products, futures, options, spreads, swaps, and other derivatives.

TruMarket can be customized to fit a variety of market types and behaviors, and has been designed for demanding high-availability environments.

Features Overview
Native Multi-Attribute Support
Complex Products
Multi-Dimensional Trading
Multi-Dimensional Risk Management
High Performance and High Availability
Business rules

Multiple Order Types
Limit Order Book
Native Internet Support
Multiple User Interface Options
Administrative Interface

 

Native Multi-Attribute Support for Product Authoring

TruMarket has been developed specifically to optimize trading in "rich" or multi-attribute products. Our core matching engine along with our patent-pending Commodity Filter™ allows exchange administrators or end-users to define new product types on-the-fly, without costly down-time or time-consuming implementation work.

TruMarket's flexible attribute-definition process allows the creation of new products in the marketplace with previously unanticipated attributes - TruMarket doesn't lock you in to deciding what products to trade up front. TruMarket's Commodity Filter™ then allows buyers and sellers to define their own market view and place orders based on multiple criteria - either general or specific.

 

Complex Products

TruMarket 2.0 Financial Edition offers native support for trading non-standard or otherwise complex products. Instruments supported within the core matching engine include:

  • Outright and Implied Spreads
  • Compound Products (Spreads on Spreads)
  • Exotic Derivatives
  • FLEX Options

TruMarket also supports extending products by defining functional relationships between existing instruments, speeding product innovation and improving marketplace efficiency.

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Multi-Dimensional Trading

TruMarket is the first electronic trading system to offer true multi-dimensional trading, which enables bids and offers denominated in different units to automatically resolve and match with one another in real time.

For example, an international futures market trading petroleum products may allow its users to place orders in several currencies. Users bidding in Euros will automatically be matched with users offering in Dollars according to the live Euro-Dollar exchange rate.

Likewise, an FX options exchange may allow its users to place hedged bids and offers in "vols" and automatically match the orders with the underlying currency futures according to the current interest rates and trading price of those underlying contracts.

 

Multi-Dimensional Pre- and Post-Execution Risk Management

TruMarket 2.0 Financial Edition offers comprehensive pre- and post-execution risk management without sacrificing system processing speed.

TruMarket's unique multi-dimensional risk management allows for market condition sensitive risk profiling based on multiple system attributes. Counterparty risk can now be assessed market-wide, by organization, or by individual. Risk factors can include:

  • Counterparty transaction history
  • Type of trade or combination of trades
  • Timing
  • Type of product being traded
  • Pricing of comparative products
  • and more…

 

High Performance and High Availability Platform

TruMarket's enterprise-class foundation offers multiple tiers of failover and high-availability (hardware-, OS-, and application-level fault tolerance) for reliable 24x7 trading. TruMarket 2.0 Financial Edition's optional ASP deployment model offers a fully hosted and managed secure environment with full system monitoring under a range of Service Level Agreements.

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Business rules for order matching and routing

TruMarket's flexible architecture is built around definable, modifiable business rules. Each order and exchange process can be programmed to behave according to one or more rules, each of which can be adjusted by exchange users and administrators.

A choice of matching algorithms is offered, with full support for price-time, pro-rata, or other customizable matching behaviors.

Order routing is also supported: for example, a rule can be created for an FCM's internalized order system to "match an order within the local book and route any unmatched orders to another exchange or network if no match can be made within a certain time period."

 

Multiple Order and Order Expiration Types

TruMarket comes pre-configured with all standard marketplace order types and timing modifiers, including:

  • Market and Limit
  • Stop, Stop Limit, and Market-if-Touched
  • Market-on-Open, Market-on-Close
  • Fill-or-Kill, All-or-None, and One-Cancels-Other
  • Day, Good 'Til Canceled, and Good 'Til Date

TruMarket's business rules engine also supports customized order pricing and expiration behavior for users and administrators to define.

 

Limit Order Book & Call Market Support

TruMarket 2.0 Financial Edition offers a complete limit order book system and supports customized call markets (bid/ask, auction, or custom pricing format) on demand. Using our Universal Market Model, TruMarket can support a variety of market and clearing types, including:

  • Continuous Clearing
  • Semi-Continuous Clearing
  • Batch Clearing

 

Native Internet Support

TruMarket was built from the ground-up as an Internet-enabled platform, resulting in low integration cost and easy adaptation for markets that need to be fully connected to the Internet.

Connectivity via either the Web or private network is fully supported.

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Multiple User Interface Options

TruMarket 2.0 Financial Edition supports trading and risk management either via a browser-based web interface, an application-based Java interface (for real-time price and position updates), or a 3rd-party FIX-compatible front-end trading system.

Both the browser and application interfaces are fully customizable to customer specifications.

 

Administrative Interface

TruMarket includes a complete application- or web-based interface for managing users, trading rules and products, and for monitoring the system status and audit logs. Administration capabilities include:

  • User and Group Maintenance

A complete multi-level hierarchy. Users can be classified by organization and sub-organization. Organization administrators (managers) can be defined and can manage subordinate users' credit and position limits, monitor activity, and manage user registration information.

  • Market Controls

TruMarket includes the ability to set trading limits and price bands for products in the marketplace. Trading hours can be defined for different user groups and price limit rules can be set according to an exchange-defined time schedule.

  • Market Monitors

TruMarket's monitoring functionality provides customized alerts and can be set to notify administrators of certain market conditions, price fluctuations, or trading behavior. A complete user and administrator audit log is also available for compliance purposes.

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