MLA Product Features

Consolidated Order Books and Full Market Depth

Consolidates order books from multiple exchanges and alternative trading venues to produce a single “virtual order book” that reflects the full visible, accessible depth of the market.

  • Select venues to include/exclude – dynamically. Based on operator control and/or business rules
  • Combine multiple formats (market-by-order, market-by-price, top-of-book) into a single consolidated book
  • Input can be sourced from a mix of consolidated and direct feeds
  • Full depth or fixed depth

Consolidated Last Trade and Best Bid/Offer

Consolidate quotes and trade reports across multiple venues to produce a single price record with for the market, containing last trade and best bid and offer.

  • Unlike consolidated quotes from market vendors, you control which venues to include/exclude on a per instrument basis
  • Quickly and easily add/remove venues
  • Essential feature for EU deployments where there is no equivalent to the “National BBO” (NBBO) in the U.S. market
  • Incorporate custom rules for handling auctions and other market phases

Low-Latency Streaming Output

  • Continuously publish a live, low-latency stream of updates to the consolidated records/books
  • Publish onto a market data platform, message bus, or directly into trading applications
  • Server-based consolidation provides efficiency in multi-user environments
  • Interactive (on demand) or continuous publishing
  • On-demand access to snapshots or current values followed by updates

Extensible with Custom Analytics

  • Custom value-added fields, market summary records and other computations.
  • Alerts or trade signals based on market conditions.
  • Smart Order Routing rules based on current market conditions

Other Features

  • Multi-currency: consolidate prices quoted in different currencies; publish consolidated data in multiple currencies
  • configurable FX rate source; conversions based on bid/ask/mid with optional offsets
  • configurable sensitivity
  • Dynamic venue filtering: include/excludes based on rules
  • Venue price offsets: optionally add/subtract venue-specific price offsets such that quoted price represents true price
  • Scalable throughput: scales across multi-core, multi-server architectures to provide virtually unlimited throughput
  • Low latency: high performance CEP technology ensures consistently minimal end-to-end latency