P r o d u c t

B r ie f

Technical Architecture
Recognizing the need for an entirely new generation of trading technology to meet the demand for an ultra-fast, true multi-asset, multi-broker trading system, Mantara assembled a seasoned trading systems development team and the financial resources to develop expressWay. A functionally-rich new trading platform engineered from the ground up to address market requirements, expressWays design and investment has centered on providing the extremely high-speed performance, reliability, flexibility and scalability demanded by todays traders.

Performance
To achieve performance objectives, we employed state-of-the-art hardware and network equipment, a software pipeline architecture executed exclusively in C++, classic software engineering methodologies utilizing alphabetic slicing and in-memory caching, and applied multithreading techniques on multi-core machines.

Reliability
System reliability is achieved by executing a design centered on software, hardware and network redundancies. The system supports a multi-pod architecture in an active/active mode. Using proactive monitoring and reporting facilities, we can detect problems immediately and act on them before they become critical.

Flexibility
The system provides significant flexibility and is designed to be highly configurable to readily add new routing venues, order types and data sources. The adoption of FIX as our transaction protocol readily facilitates integration between systems.

Scalability
System scalability follows a horizontal scaling model. By using multicast distribution and content routing the system is unlimited in terms of both the number of users and pods.

NSDQ

NYSE

OPRA

BATS EDGE

BATS EDGE

NSDQ

NYSE

X Network

FIX

FIX

FIX

FIX

Security Master Database

Feed Analytics Manager

FAM

Data Analytics Distributor

DAD

expressWay Analytics Server

EAS

Security Master Loader

SML

Slave Order Manager NYSE

SOM

OM Database

Cong Database

expressWay Control Bus expressWay Order Bus expressWay Multicast Market Data Bus

Permission Entitlement Control

PEC

Application Config Server

ACS

Security Master Server

SMS

Master Order Manager

MOM

Risk Operation Control

ROC

Trade Operation Control

TOC

expressWay MD Distribution Bus

FX Engine

FIX

expressWay Order Distribution Bus

DMZ

Market Data API

FIX

Trade Operation Monitor

TOM

TCP or Unicast expressWay GEMs expressWay GEMs

Multicast

Client Order Flow

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P r od u ct Market Data Ticker Plant

expressWays Market Data Ticker Plant consists of the following components: FAM (Field Analytics Manager) is responsible for decoding and normalizing the market data feeds in accordance with Mantaras standardized binary format to enable efficient distribution. A five-fold packet expansion is leveraged to improve the capability of handling market data floods. FAM then broadcasts the data to the network in multicast format by alphabetical ranges. DAD (Data Analytics Distributor) constructs an aggregated, in-memory cache of all market data, linking in related derivatives and history. DAD publishes security master, market data and indicators to expressWay subscribers on our proprietary high-speed expressWay multicast network. DAD has further responsibilities for processing primary and backup feed data to ensure redundancy. Potentially subject to the greatest performance pressure, DAD was designed with capacity to manage data flows exceeding ten-fold current message volumes. EAS (expressWay Analytics Server) is responsible for the value-added calculation for expressWays users. Key indicators are calculated as the market day progresses enabling a rich set of triggers for use in execution strategies. The EAS is responsible for updating algorithmic formulas with real-time trading statistics to access liquidity in the marketplace. SMS and SML (Security Master Server and Security Master Loader) are responsible for maintaining our Global Security Master Database which contains worldwide information on tradable securities. The expressWay Market Data Ticker Plant is highly scalable, using alphabetic multicasting distribution to 10- Gig networks. Clients are provided an extremely high-speed Market Data API to support client applications including broadcast transport for collocated solutions, and Unicast/TCP for remote-site access. This API is implemented in C++ and supported on both Windows and Linux platforms. In anticipation of substantial growth in market data volumes, this ticker plant was designed to provide ultra-low latency, extremely high reliability and substantial scalabilitypositioning expressWay as a market leader for years to come.

Brief

Smart Router: MOM handles all orders entered by traders in expressWays front-end and those entering the system via FIX engines (whether black boxes or order management systems). MOM is utilized for orders that require cross-asset venue routing and multi-leg processing, whether manually directed or driven by user-defined algorithms. MOM leverages the speed of Mantaras Market Data Ticker Plant for optimal routing decisions to venues. Strategy Engine: automation of trading strategies may be driven by expressWays user-defined strategy templates. Strategy templates enable construction of complex orders for routing to multiple venues. A complex strategy can be a multi-country, multi-broker, multi-leg cross-asset trade. These templates can be used in conjunction with other components like market data/ analytics, routing tables, etc., enabling firms to customize the system to business functions.

SOM (Slave Order Manager) enables the deployment of exchange-specific logic. The SOM is responsible for forwarding orders to the exchange via a parent-child relationship, synthesizing orders when the market center does not support special order types such as market or timed. ROC (Risk Operation Control) is supported by its own server. It manages the entire position exposure for a given broker by aggregating all orders attributable to a broker across multiple order managers within expressWay. The ROC enables the monitoring and display of risk values and alerts the sponsor (broker/dealer) when a clients trading limits are reached.

Application Support:
Several additional system components provide important service functions. The PEC (Permission Entitlement Control) is responsible for user access control and auditing and permission enforcement. Control over user application data management is provided by the ACS (Application Configuration Server). And internal monitoring of operations is provided by TOC (Trade Operation Control), expressWays proprietary monitoring system that collates and aggregates all operations data to permit effective support and monitoring of system activity. Addressing the complexity of a trading environment driven by regulatory change, evolution in financial instruments and fundamental shifts in trading styles, expressWay is built on a rigorous technical foundation designed to readily adapt to future requirements whether regulatory, immense growth in market data volumes or new instrument types and trading venues.

Order Management
expressWays order management functionality is comprised of the following components: MOM (Master Order Manager) implements the function of a multi-asset, multi-broker smart router combined with a strategy engine.

Transforming Securities Trading Worldwide

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Copyright 2008 by Mantara, Inc. All Rights Reserved. Mantara, expressWay, xWAY and their associated logos, are trademarks or registered trademarks in the United States.