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Global Electronic Trading

Technology strategy for the front-office. Software development, FIX Orchestra, Cryptocurrency, data-analytics, OMS, EMS, TCA, FIX and global electronic trading. Fixed income, equities, FX, ETD and OTC. Buy-side, sell-side, hedge funds, exchanges and execution venues. And MQTT and Internet-of-Things...

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Subjects covered...

Global Electronic Trading
Interviews
Fixed Income
Internet-of-things & MQTT
OMS and EMS
FIX: Orchestra, testing, reference implementations, SBE, SOFH, FIXP
Excel
Covid-19

Posts

Why is most automated FIX testing software pretty bad?

on December 10, 2013

FinTech FIX FIX Testing and Certification FIXP https://twitter.com/AlignmentSys https://www.linkedin.com/company/alignment-systems RoE

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What we’ve got here…is failure to communicate (September 28th 2011)

on September 28, 2011

bonds Fixed Income https://twitter.com/AlignmentSys https://www.linkedin.com/company/alignment-systems liquidity mostly.wordpress.com trading

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Fixed Income trading – exchanges/MTFs/SEFs/same old stuff? (September 16th 2011)

on September 15, 2011

bonds Fixed Income https://twitter.com/AlignmentSys https://www.linkedin.com/company/alignment-systems liquidity mostly.wordpress.com MTF SEF

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Liquidnet for Fixed Income (June 24th 2008)

on June 21, 2008

bonds exchange trading Fixed Income https://twitter.com/AlignmentSys https://www.linkedin.com/company/alignment-systems mostly.wordpress.com trading

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What’s the future for Institutional buy-side Fixed Income trading? (April 21st 2008)

on April 21, 2008

bonds EMS FIIDL FIX FIX Orchestra Fixed Income FIXP https://twitter.com/AlignmentSys https://www.linkedin.com/company/alignment-systems mostly.wordpress.com RFS

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What Do You Want From A Hub? (March 6th 2008)

on March 06, 2008

FIX FIX Network FIXP https://twitter.com/AlignmentSys https://www.linkedin.com/company/alignment-systems mostly.wordpress.com

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Project “Utility” (October 30th 2007)

on October 30, 2007

FIX FIXP https://twitter.com/AlignmentSys https://www.linkedin.com/company/alignment-systems mostly.wordpress.com

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Archive

2023 6

2022 3
- August 1
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2021 6
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2020 54
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2019 27
- December 2
- September 1
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2018 31
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2017 26
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2016 48
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2015 108
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2014 35
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- March 5
2013 1
- December 1
2011 2
- September 2
2008 3
- June 1
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- March 1
2007 1
- October 1

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Revolution #9

Fixed Income Trading: New venues ( How many Fixed Income trading venues are there? )

How many Fixed Income trading venues are there? [182] Last update 3rd January 2025] A simple question came up recently in a conversation – how many new Fixed Income trading venues are there? I could not think of anywhere that maintained a comprehensive list, so I decided to try and put something together. A global list of Fixed Income Trading Venues with a change log

Windows equivalent of UNIX "touch" command

A fairly standard operation in *nix world is the command touch. Touch changes file dates, so it's an easy way to kick off backup jobs or similar that use file modification times. Windows doesn't have an exact analogue, but a functionally similar feature exists within PowerShell.

What's the difference between an EMS and an OMS?

Suggestion: it’s directional, asset-class and/or execution style related… If you got here from google - try also OMS and EMS

What is a FIX engine? [Updated]

In a number of consulting roles over the years I've been asked this question. It's something that I still get asked so I'll describe my view. First, some history on the firms in the FIX engine market sector, then some narrative.

Excel RTD Server implementation in C#......Part 1

I have not written much C# recently but I've had two conversations recently on the topic of RTD Server implementations so I thought I'd try and refresh my memory.

Fintech Interview: Kevin Mak, Co-Founder, Ironfly Technologies

Sixth interview with interesting folks within Fintech, this one with Kevin Mak of Ironfly Technologies .

Buy-side analytics: Beyond TCA

Within most buy-sides there is a realisation of a need for TCA. TCA is something we have covered before here . There is also a recognised need for performance measurement and attribution. This post covers those topics yet has a focus on a new analytic area for buy-sides - behavioural analytics.

Kill Switch

The kill switch is a requirement for a modern automated trading environment. The term is pretty generic and can include capabilities such as:

What does a 21st Century Exchange matching engine look like?

A regulated exchange is a big complicated way to facilitate one thing – bringing buyers and sellers together to trade in a legally and regulatory compliant manner. Behind that simple one line are a considerable number of other features that are required within the value chain (not necessarily within the same firm) For CSD based equities, a delivery-versus-payment mechanism to ensure that no-one loses all of their stock or cash. For a derivative exchange a clearing mechanism that can calculate IM and VM and ensure member margin accounts are maintained to a sufficient balance Market surveillance to ensure bad actors are kept out of the market FIX Connectivity for orders/executions FIX Connectivity “drop-copy” for post-trade workflow Binary market data over UDP/Multicast for latency sensitive firms Integrations with market data vendors such as Activ, Refinitiv, Bloomberg and many more Co-location offering KYC/AML/CFT processes to ensure regulatory compliance Persistent storage for instrum...

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