Cryptocurrency trading is a relatively new. Consequently, the functionality provided by crypto exchanges and crypto trading systems lacks the maturity offered by modern exchanges and trading systems of traditional asset classes: equities, futures, options and FX. Many critical gaps and missing features are caused by the lack of robust streaming interfaces between cryptocurrency exchanges and external trading systems. The majority of crypto exchanges are created to support GUI-based trading as the main use case.Hence, the support of external algorithmic systems is a secondary priority for these exchanges. Crypto exchanges offer REST and web sockets programmatic interfaces, but these have numerous limitations. Other missing features are caused by the absence of advanced order types, exchange matching rules and the lack of reporting capabilities. The main purpose of CryptoCortex for Exchanges is to fill these gaps and provide crypto exchanges and sophisticated traders of crypto currencies the majority of advanced institutional-grade features available on the exchanges of traditional asset classes.
The core functionality of CryptoCortex for exchanges is the following:
- Institutional-grade interfaces for streaming market data and receiving order flow. Specifically, C2 offers FIX and multi-cast interfaces for market data based on market-by-order (so called Level 3) and market-by- level (so called Level 2) protocols. Support of Web Sockets and REST API’s is also provided.
- Ability to offer co-located multi-cast and FIX interfaces for advanced high-frequency traders and market makers as a separate product offering
- Enterprise-grade time-series data warehouse with the ability to publish and distribute historical price data via modern streaming API’s. These interfaces support all modern languages including Python, C++, C#, Java, R and Matlab.
- Institutional-grade interfaces for streaming market data and receiving order flow:
- FIX and multi-cast interfaces: market-by- order (Level 3) and market-by- level (Level 2)
- Web Sockets and REST APIs
- Co-located multi-cast and FIX interfaces for advanced HFT and market makers
- Enterprise-grade time series data warehouse with the ability to publish and distribute historical price data via modern streaming API’s in modern languages including Python, C++, C#, Java, R and Matlab.
- Ultra-low latency matching engine with ability to implement custom matching algorithms and order types.
- Ability to add custom exchange hosted execution algorithms
- Full transaction cost analysis (TCA) system
- Advanced trade surveillance and reporting systems
- Fully functional exchange simulator and UAT environment for paper-trading and FIX certifications
- Audit and risk management
- Integration with external settlement systems
- Proprietary cloud-based state-of- art research and strategy development infrastructure for quants, robo-traders and market makers