Enterprise: Matching Engines
Matching engine infrastructure.
Production-grade, microsecond-latency matching engines for new venue launches, APA consolidation, and in-house trading utilities. A single engine core, deployable in your environment.
CLOB, RFQ, streaming, auction,
asset-class agnostic.
A modern, production-hardened matching core engineered and load-tested for institutional-scale throughput. Every protocol on one shared codebase; asset class is configuration.
Central limit order book
Price-time priority matching with full depth of book. Standard and variant priority models across markets and instrument types.
PRICE-TIME · DEPTH
Request for quote
Dealer and venue-side RFQ. Negotiated execution with configurable response windows, counterparty routing, and quote comparison.
DEALER · VENUE
Streaming quote
Executable streaming prices for bilateral and lit markets. Continuous price streaming with auto-execution and size-adaptive rejection.
BILATERAL · EXECUTABLE
Periodic auction
Call auction, opening and closing auction, and periodic uncrossing. Configurable price formation and allocation logic.
CALL · PERIODIC · UNCROSS
Four axes, one engine.
Every decision a venue operator cares about, protocol, asset class, deployment, certification, is a configuration.
CLOB, RFQ, streaming, auction
All four major institutional protocols on a shared core. Mix-and-match per book; add new protocols as configuration.
CLOB · RFQ · AUCTION
Flexible instrument model
Asset-class-agnostic instrument and event model. Equities, fixed income, and derivatives are all supported, asset-class differences are handled through configuration on a shared core.
CROSS-ASSET
BYOC, managed, hybrid
Deploy in your cloud (BYOC), in our managed environment, or a hybrid where data stays with you and operations stay with us. Same engine, different operating model.
BYOC · MANAGED · HYBRID
Surveillance + audit
MAR surveillance hooks, full audit trails, and standard certification harnesses for FIX and proprietary protocols. Venue launches ship with compliance evidence.
MAR · FIX CERT
Three paths to a venue
In-house, legacy licence, or modern engine.
A new venue launch commits an operator to a technology platform for a decade or more. The conventional paths carry well-understood constraints. Ediphy is the third option.
| Ediphy engine | In-house build | Legacy licence | |
|---|---|---|---|
| Time to first venue go-live | 12–18 months | 3–5 years | ~18 months |
| CLOB + RFQ + auction on one core | Per protocol | – | |
| BYOC deployment | – | ||
| MAR surveillance hooks built in | – | Per change order | |
| FIX certification harness shipped | – | Partial | |
| Engineering team you must staff | Operate-only | ~20 FTE build + run | Run + integrate |
Path to go-live
A structured path to go-live.
Venue launches fail when the surveillance posture, the certification evidence, or the regulator dialogue is treated as a parallel workstream rather than a first-class deliverable from day one. The path below is the one we follow: surveillance and audit are wired in from day one, not bolted on at the end.
- 01 ConfigurationProtocols, asset coverage, fee schedule, reporting destinations.
- 02 Conformance harnessFIX certification suite, member onboarding, latency baseline.
- 03 Surveillance wired inMAR rules, alert thresholds, escalation routing.
- 04 Audit trail validatedFull evidence retention, exportable, queryable.
- 05 Member UATParallel-run with member systems, signed conformance.
- 06 Go-live + canaryRestricted launch, scaled member admission, full operations.