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

A user guide for the latest version of iX-Eye is available to read here.