XStack is a full stack Exchange Trading system for securities, digital and environmental instruments.
It accepts buy and sell orders for instruments and places them in books. The books are monitored and whenever a match occurs, a trade is created. XStack processes trades and settles the resulting transactions. Settlement can be carried out using its built in registry. Alternatively, it can link to an external settlement system.
The technology used has been developed to standard expected of regulated environments. XStack has the ability to enforce market rules to provide the level of trust expected by regulators, traders and participants. Its architecture provides the reliability and performance expected by listed entities and traders to provide a frictionless trading environment.
XStack contains all the software components needed to run a full regulatory exchange environment. This includes:
- Matching Engine
- FIX server
- Order Management System
- Data Distribution
- Identity Management
- Trading Terminals
Below is a high level overview of the main technology components of XStack:
Its main components are:
A matching engine which supports multiple markets with different market rules. Prodigy is built with a plugin architecture where plugins can be developed to support different types of markets. Prodigy will simultaneously run all plugins allowing it run multiple markets at once. Read more …
A synchronising registry and settlement system. Can be the ‘source of truth’ for holdings and cash or Foundry can synchronise with upstream registries, banks and clearing houses which hold the ‘source of truth’ for particular accounts.
Front-office services - typically provided by a brokerage firm in a traditional securities exchange environment. However with XStack, these services are provided as a platform to all brokerage firms participating in the environment and also directly to retail traders. Brokers can focus purely on brokerage services and marketing using the provided platform. Alternatively they can enhance the platform services with 3rd party applications or their own custom extensions. Read more …