The Connamara Regulated Exchange Framework provides clients the components to launch a regulated exchange. By using the Connamara Regulated Exchange Framework, clients can take the technology and regulatory risk out of launching a regulated exchange. The risk is further mitigated by the experience that the Connamara team has gained by going through the rigors of regulatory technical and operational reviews.
The licensing model offered, coupled with the ability to deploy to Amazon Web Services, makes this solution ideal for startups and entrepreneurs looking to minimize upfront capital costs to get to market. Connamara also has the expertise and experience to fully manage and operate the regulated exchange allowing the exchange staff to focus on growing the customer base.
The Connamara Regulated Exchange Framework is asset class neutral and is made up of the following components.
- Matching Engine
The matching engine provides the transactional integrity for the platform. Organized as a Central Limit Order Book (CLOB), the matching engine allows orders from buyers and sellers to be matched on a price-time priority. The matching engine supports, pre-open, open trading, closed, and suspended trading functionality.
- FIX Order Routing API
A FIX 4.2 order routing API is provided to simplify connectivity to the exchange by exchange participants and independent software vendors.
- FIX Market Data API
A FIX 5.0 API is provided for market data subscriptions. The API supports snapshots and incremental updates of market data, depth of market to five levels deep, top of book, security definitions, and market statistics.
- RESTful API
A RESTful API is provided for clients who wish to connect to the exchange using a web friendly protocol. The RESTful API exposes the same features as the FIX Order Routing API and the FIX Market Data API only in a format compatible for web or mobile applications.
- Administration Interface
An administration interface is provided to allow exchange personnel the ability to manage, configure, and surveil the exchange. Through this interface, exchange operators can bust or correct trades, view market participant active orders and order histories, and cancel participant orders.
Administrators of the exchange can also manage and control participant access to the exchange by enabling or disabling participants.
- Platform Monitoring
The Connamara Regulated Exchange Framework provides several tools for monitoring the performance and health of the exchange. The tools are available to the exchange operations personnel. The Connamara Regulated Exchange Framework leverages ElasticSearch, Logstash, and Kibana for monitoring. The third party tool Threat Stack is used for security monitoring and Data Dog is used for system alerting.
- Clearinghouse Gateway
A connection to a clearinghouse is provided for trade clearing. Presently, the Connamara Regulated Exchange Framework supports connectivity to the Minneapolis Grain Exchange Clearinghouse. Other clearinghouses can be supported by request.
- Trade Practice Surveillance Gateway
A gateway is provided to send daily activity and metadata to a facility for T+1 trade practice surveillance and reporting. The Connamara Regulated Exchange Framework supports the format of the National Futures Association (NFA).
- End of Day Price Settlement
The Connamara Regulated Exchange Framework provides an end of day price settlement report. The rules for price settlement are customizable.