Trading & Risk Solutions

iX-EMS

iX-EMS is a fully managed pan-European exchange membership service designed for trading members. From a pre-trade risk perspective, it fully complies with the latest mandatory European Securities and Markets Authority (ESMA) guidelines.

iX-EMS provides a hosted, low-latency and sponsored access environment utilising your existing membership. The service includes pre-trade risk and limit management controls, client FIX connectivity, symbology mapping, venue gateway access via the members name, and real time command and control via a flexible Graphical User Interface (GUI). It also provides fully managed hosting services with 24/7 support for you and your clients with full order by order reporting.

iX-EMS is a fully managed service with connectivity to the following markets:

•London Stock Exchange

•Deutsche Börse

•Euronext

•Borsa Italiana

•NASDAQ Nordic

•SIX Swiss Exchange

•Oslo Børs

•Johannesburg Stock Exchange

•Wiener Börse

•Bolsa de Madrid

•BATS Global Markets

•BATS Chi-X Europe

•Turquoise

iX-eCute

iX-eCute is an embedded hardware based system, logically designed to provide real time pre-trade risk assessment in addition to real time market data and trading connectivity to a variety of venues. Trading times are in the single digit microseconds.

The features of the service include:

•Fully hardware encapsulated TCP/IP/Ethernet stack with support for retransmissions, jumbo frames, VLAN tagging and dynamic windowing.

•Full order life cycle held on card for full risk check coverage

•Deterministic latency performance regardless of order load up-to-line rate

•Reduced server footprint and power requirements

•SEC C15-3 risk checks, IIROC risk checks, APAC-specific regulations

•Multi-session capability

•Market data input directly to card for live price tolerance and market order price calculations

•Drop copy feeds from card for back office integration and regulatory compliance

•Proprietary interface to CSC Fixnetix GUI 'iX-Eye' for order flow monitoring and SOD/ intraday limit and restriction configuration

•Live latency monitoring via Field-Programmable Gate Array (FPGA) nanosecond time stamping with dashboard view in iX-Eye

The iX-eCute service operates four times faster than a standard FPGA. Each piece of iX-eCute software has a bespoke design, tailored to each customer, which further reduces latency.

As with all CSC Fixnetix services, iX-eCute is supported by experts 24/7. For more information about iX-eCute, you can watch our CTO, Dr Marcus Perrett talk about it here.

iX-Eye

iX-Eye is a multi-market pre-trade risk management system. It maintains a real-time view of all trading activity with three essential functions: monitoring trade flow in real-time, application and business level configuration of trading systems – both CSC Fixnetix in-house and third party products - and real-time intraday administrative functionality, such as stop trading, order cancellation and modifying per-client trading limits and per-venue restriction lists. It can be configured to display all trades in a unified currency and has been designed to enable you to have full control over trade limits across multiple execution platforms.

The features of the application include:

•Ability to monitor all trades in real time and view order flow to and from clients and trading venues

•Single command to cancel all orders across multiple platforms allowing total control

•Ability to adjust limits in real time

•Ability to specify how PnL is calculated and react to margin breaches

•Ability to quickly set and control post-trade limits across multiple markets, EM’s and accounts irrespective of front-end execution software used

•Monitor alerts and risk control orders by clients, account and trader ID across multiple markets

•Real time alerts to identify immediate issues

•Reconcile, analyse, permission and view real time consideration

•Full administration controls

•Full audit and logging capability