We've also looked at possible future directions for exchanges "Exchanges: What next?" and new trading venues for Fixed Income "Fixed Income Trading: New venues"
- LSE Group
- Millenium IT Millenium Exchange. As acquired by and used by the LSE. Written in C++ and runs on SUSE Linux.
- Gatelab exchangepath-100µs matching engine.
This was used by QuoteMTF before they shut up shop.
- Genium INET matching engine. Judging by this job advert it's written in C/C++ and runs on Linux.
- The X-Stream INET matching engine runs on Linux/UNIX and judging by the age of the code base I expect it will be C/C++.
- Click XT - Clearly of an older generation - runs on good old OpenVMS on Alpha/Itanium and Windows/Intel. With HP Reliable Transaction Router middleware.
- SAXESS - being replaced
- List Group
- Connamara Systems
- Argo Software Engineering
We see a real mixture of tried and trusted (considered legacy?) and much more modern technology. At the moment it appears that the tide is turning and the demands of lower latency are forcing exchanges to rip-and-replace systems to get meaningful performance improvements rather than merely incremental improvements.
As always with software, the process of procurement must be based upon a mastery of the business requirements, a hard edged understanding of commercial realities, accurate estimation of delivery capability of the matching engine vendor and a substantial degree of technical skill to actually evaluate and measure the performance claims made by the vendor.
And here's a real engine...