Trade matching engine

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A trade matching engine is the core software and hardware component of an electronic exchange. It matches up bids and offers to complete trades. Matching engines use one or several algorithms to allocate trades among competing bids and offers at the same price.[1][2]

The most commonly used algorithm is time price priority, meaning those bids and offers entered into the match engine first have priority over similar bids or offers that were subsequently entered into the system.

Matching engines support different order types, such as a limit order or market order. Matching engines may have unique APIs, or use standard ones such as FIX APIs.

The three largest futures match engines by contract volume are the CME Group's Globex platform, NYSE Euronext's Liffe Connect and Eurex's 10.0 system release. The Patsystems Trade Matching Engine is currently used by the Tokyo Grain Exchange, Chubu Commodity Exchange, Kansai Commodities Exchange, Kanmon Commodity Exchange, the Agricultural Futures Exchange of Thailand (AFET), and National Commodity Exchange Limited (NCEL) in Pakistan.

Vendors

Nasdaq

Nasdaq is a major player in exchange matching engines globally.[9]

Nasdaq's matching engine products include:

  • Nasdaq Matching Engine:
  • Nasdaq Multi-Matching Engine
  • Nasdaq Hybrid Matching Engine:
  • Nasdaq Fixed Income Matching Engine
  • Nasdaq Algo Engine

References

  1. Patsystems Trade Matching Engine. Patsystems.
  2. Matching Engines and Exchanges. Connamara Systems.
  3. MATCHING ENGINE AND EXCHANGE SOLUTIONS. Aquis Technologies.
  4. Thomson Reuters Matching. Reuters.
  5. Global experience. Market Grid.
  6. Order Matching Engines. Diliger.com.
  7. Order Matching Engine. Kappsoft.
  8. Company Overview. {{{org}}}.
  9. TRADING. Nasdaq.