Introduction

MarketFactory provides low-latency API connectivity in LD4/NY4/TY3/DC3 to 80+ ECN/Bank/Non Bank venues, allowing Customers to access Normalised and/or Aggregated data from these venues, place orders, and make markets.

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The Whisperer API distribution contains automatically-generated API reference documentation for both Java (JavaDoc) and C++ (Doxygen), in the top-level java/doc/ and cpp/doc/ directories.

Summary

• Our product normalises market data and orders between your internal platform and venues in a 3-20 microsecond range. 
• We provide smart order routing (SOR), aggregation, order management system (OMS), trading interfaces, data analytics, internal order books for 'resting off market', price improvement and much more.
• We can seamlessly turn on/off access to any of our connected venues.
• New venues and connections are added by request by emailing [email protected].
• Every client gets a dedicated deployment.
• We store all market data and maintain the infrastructure.

Normalization

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• Be deployed in self-contained MF components, separated from the core Whisperer product
• Require an explicit, active, safe opt-in from the client, rather than the current opt-out - requiring prior knowledge, discussion etc.

Exceptions

There are obviously many aspects of the trading work flow that cannot be normalised. These are typically venue-specific behaviours or features, such as:

• Timing of date rolls.
• Time-slicing of book market data.

Benefits

Whisperer has a number of aims, the primary aim is normalisation, accomplished by reducing the barriers to integration, arising from the differences between messaging transports and their application across markets. Whisperer achieves this by the adoption of consistency, with concepts and terminology used across Trading Venues being normalised and given consistent and specific definitions. These definitions are used as uniformly as possible throughout the API. This shields customer applications from having to maintain code specific to a Trading Venue.

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• Full pre/post trade lifecycle
• Isolate user from venue API changes
• Identify per-PB risk

Additional Material

Further detail is provided in the following page(s):

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