Millennium Exchange. Fast, flexible, multi-asset trading engine

Transcription

1 Millennium Exchange Fast, flexible, multi-asset trading engine

2 To thrive in the current environment, you need a trading platform that moves as quickly as you do. Innovation is power

3 Millennium Exchange The MillenniumIT technology advantage Built on rulebased, distributed and fault-tolerant technology Reliable. Scalable. Flexible. Cost effective. MillenniumIT technology powers many of the world s financial markets. Our advanced, proven, ultra-low latency technology has transformed markets and the organisations that participate in them. Since switching to MillenniumIT technology, London Stock Exchange has enjoyed significant improvements in latency, a 400% increase in order-execution capacity and a notable reduction in cost. A highly extensible electronic trading platform which can be deployed to trade virtually any product in any type of market. Our technology is advanced, rule-based and fault-tolerant. This permits MillenniumIT technology to optimally balance ultra-low latency, flexibility, rich functionality and easy connectivity with a fast time to market, high throughput, reliability, scalability and a low total cost of ownership. MillenniumIT technology can support multiple products in any type of market. As a distributed system, with its patented software-fault-tolerant technology, it has very high reliability and availability. Overall, across all our global implementations to date, our technology has achieved % availability. Crucial to its success is MillenniumIT s patented BID (Business Innovation Dynamically) technology. BID technology separates business rules from the underlying technology, so that a customer s solution can be uniquely configured without changing the product code. This shortens the solution implementation and makes change easier and cheaper. MillenniumIT technology is used to power trading, real-time surveillance, market data services, order gateway, smart order routing and post trade services across the globe. Our flagship product, Millennium Exchange, is built on MillenniumIT s technology platform. Millennium Exchange is endlessly extensible, with the ability to grow and change as quickly as your business. It is highly reliable, scalable and flexible to meet your specific needs. 01 Millennium Exchange / Fast, flexible, multi-asset trading engine

4 Millennium Exchange % availability Unparalleled flexibility Millennium Exchange can be configured to trade virtually any product in any type of market. Millennium Exchange provides a very broad range of trading functionalities and supports a wide range of markets. Any type of instrument, including cash and derivative products on equities, fixed income, commodities and currency can be traded on almost any type of market structure, including order-driven, quote-driven and hybrid market structures. Multiple types of users are supported including brokers, dealers, market makers, clearing firms and buy-side customers. Millennium Exchange is designed to accommodate and react quickly to changes in the regulatory and competitive environment. MillenniumIT s BID technology allows a client s business practices and rules to be incorporated into the platform without making changes to the software code. This enables the solution to be customised to meet the exact business requirements faster, than with more traditional approaches. One platform, many functions Millennium Exchange offers a large number of different market structures on the same platform such as quotedriven, order-driven, negotiated, auction only and dark pools. Key features of Millennium Exchange include: a comprehensive range of order types, order book prioritisation and trading methods market making trading of multi-legged strategies including multi-level implied orders registration of privately negotiated trades real-time publication of a wide range of pre- and post-trade market data a range of pre-trade risk filters to protect the marketplace connectivity via industry standard protocols such as FIX, FAST and MITCH industry best practices. Performance Order latencies under 50 microseconds. Scalable to 1 million orders per second. Millennium Exchange provides unrivalled levels of performance. Highly optimised processing techniques enable the system to handle very large order rates with latencies under 50 microseconds using off-the-shelf hardware. The platform is also readily scalable to 1 million orders per second. The unique MillenniumIT technology platform allows a single product and code base for all customers, whether they process 5 million or 1 billion orders a day. This means you can start with a system sized for your immediate needs and easily scale up as your customers change and your volumes and product offering grows. Reliability Millennium Exchange is built on proprietary faulttolerant technology, where immediately available replica processes ensure uninterrupted trading even in the face of software or hardware outages. It provides fault tolerance within and across main and DR sites. Overall, across all our global implementations to date, our technology has achieved % availability. Our 24-hour support centres provide worldwide support for warranty-based activities, maintenance calls and time and material services; ensuring that your system is supported 24 hours a day, 7 days a week. The strength of Millennium Exchange lies in our proven technology Millennium Exchange / Fast, flexible, multi-asset trading engine

5 Easy to use and easy to understand Reducing the cost of trading Millennium Exchange is designed to be affordable, with a low total cost of ownership. The system can be operated on low cost, off-the-shelf hardware. It includes all the software necessary to manage and operate the system, reducing your cost. The system s unique flexibility and easy scalability cuts the cost of change and ensures costeffective management of your future needs. The system can be run by a small team of market and system operators. Low-cost hardware Millennium Exchange achieves its performance with highly optimised software design, eliminating the need for expensive, specialist hardware. Its software is designed to fully exploit the capabilities of the new generation of multi-core processor-based hardware. Millennium Exchange is the only platform that offers everything: reliability, flexibility, performance and low cost of ownership. Fast time to market Millennium Exchange is deployed quickly, resulting in a shorter time to market. The great majority of customer requirements are already available off the shelf. MillenniumIT s BID technology allows fast and straightforward implementation of business rules, resulting in lower support costs. It is easy to use and understand, which means less training and administration time. Reduced bandwidth MillenniumIT has devised a new concept in market data delivery to trader workstations. Spatial subscription, our proprietary technology (patent pending), gives instant on and instant restore capability to the user. As the rate of flow of data to the desktop is proportional to the data items visible on the screen, bandwidth requirements are significantly reduced. Easy connectivity Millennium Exchange supports industry standard interfaces (e.g. FIX, MITCH, FIX/FAST). Global ISVs, market data vendors, global broker-dealers and HFTs are already connected to us. MillenniumIT: capital market product specialists MillenniumIT has been building technology for capital markets for over 15 years. We have patented some of the key technologies for flexible, high performance and high availability systems. Our platforms are deployed across the globe and we have experience in a wide variety of markets: frontier, emerging and mature markets; regulated exchange, ECN/MTF, dark pool, OTC market; cash and derivative products of equities, fixed income, commodities and more Millennium Exchange / Fast, flexible, multi-asset trading engine

6 System performance Millennium Exchange in summary Enabling trading in any asset class Millennium Exchange is the only platform that offers such great levels of reliability, scalability and flexibility. It offers a wide variety of functional and technical features: Any asset class (equity, fixed income, commodities, derivatives, etc.) Multiple market structures (regulated exchange, ATS, ECN, dark pool, OTC market internaliser, etc.) Flexible quotation conventions (price, yield, rate, etc.) Comprehensive range of order types Support for market making (quotes, mass quotes, RFQs, special allocations, etc.) Multiple trading methods (continuous matching, auctions, etc.) Trading across multiple order books (regular, dark, odd lot, non-regular settlement, etc.) 24/7 support available for your system Price monitoring (price bands, circuit breakers, execution limits, short sale rules, etc.) Pre-trade user level risk controls (gross consideration, net consideration, net loss, price bands, etc.) Flexible order book prioritisation schemes (price-time, pro rata, size-time, etc.) Theoretical options pricing models Bulletin board Off-book trades (reporting, cancellation, delayed publication, pre-release, etc.) Support for strategies (multi-legged instruments, implied orders, tailor-mades, etc.) Trade enrichment Real-time publication of order book and time and sales information Comprehensive range of statistics (opening price, closing price, high/low, VWAP, volume, indicative auction price, etc.) Multiple currencies and time zones Flexible user permissioning scheme Comprehensive market operations functionality (manage orders, cancel trades, halt/resume trading, extend/shorten sessions, suspend participants, manage static data, etc.) FIX, FAST and binary interfaces for order submission, trade reporting, drop copies and market data Complete audit trail Industry standard protocols for order submission, trade reporting, drop copies and market data. 04 Millennium Exchange / Fast, flexible, multi-asset trading engine

7 Related products CAPITAL MARKETS Millennium Surveillance Real-time, multi-market, multi-asset class monitoring and compliance Millennium SOR Ultra-low latency, flexible and intelligent order routing Millennium MarketData Ultra-fast and efficient data for financial markets Millennium Gateway High performance order routing platform Millennium PostTrade Real-time, cross-asset clearing, settlement, risk and CSD solutions Millennium LiveOps High availability IT operations for capital market firms Millennium Exchange is the only platform that offers such great levels of reliability, scalability and flexibility.

8 Our offices Malabe Millennium IT Software (Pvt) Ltd 1, Millennium Drive Malabe Sri Lanka Telephone Fax London Millennium IT Software (Pvt) Ltd 10 Paternoster Square London EC4M 7LS United Kingdom Telephone +44 (0) Fax +44 (0) Colombo Millennium Information Technologies (Pvt) Ltd. 48, Marcus Fernando Mawatha Colombo 7 Sri Lanka Telephone Fax [email protected] 2013 Millennium Information Technologies (Pvt) Ltd