1.2. Exchange Management System :
Exchange management is used to define the manner in which orders placed into the system are handled. It validates business rules that are set by the exchange system users. Surveillance and risk management features are built in components of the exchange management system. The risk management system aids exchange administrators in monitoring various parameters including net positions, gross exposure and net exposure at various levels in the hierarchy i.e. broker wise, trader wise, instrument wise etc. The risk management can be configured for pre-trade and post-trade validations.
Every order entered for the broker/ trader will be subject to validations for limits:
- Order Limit
- Turnover Limit
- Gross Exposure Limit
- Scrip wise Exposure Limit
- Mark to Market Limit
- Scrip trading restriction
The surveillance system facilitates monitoring of unanticipated risks during the trading hours. The surveillance module provides configurable alerts including trader wise limit violations, instrument wise limit violations, exceptional orders handling, top traders, top brokers etc. The exchange management system provides index management, session scheduling and instrument management.
1.3. Matching Engine :
The Matching engine maintains the order book and matches orders. The system supports price time priority matching and is capable of supporting other algorithms. The matching engine maintains a XML based order book, which resides in the memory. All orders that can be matched are maintained in the order book, while special orders are maintained in a special order book till they are triggered. It also generates price feeds, which are disseminated on a real time basis. The
Various order types supported are :
Price Conditions |
Time Conditions |
Quantity Conditions |
| Limit | Day Orders | Disclosed Quantity |
| Market | Good Till Days | Minimum Fills |
| Stop Loss | Good Till Cancelled | All or Non |
| Immediate or Cancelled | ||
The system will be customized to run single call auction at pre-defined intervals. Design considerations to support multiple price auctions will also be planned.
1.4. External Interface :
Multiple order entry and market analysis front ends are supported. This includes Windows based Trader Workstation. Interface with external systems (Online Position Monitoring System) can be provided.
1.5. Technical Architecture :
The solution is built of the latest Microsoft technologies and is capable of scaling to handle future growth in volumes.
For further information email us at: marketing@nseit.co.in