Summary

This concludes our discussion of the details and design of the major components in our electronic trading ecosystem. Let us summarize the concepts, components, and interactions we discussed, as well as the design of the components that build the electronic trading ecosystem we will build.

We started off by presenting the topology of the electronic trading ecosystem. This consists of the electronic trading exchange and many market participants that want to trade on that exchange. The electronic trading exchange infrastructure itself consists of three major components at a high level – the matching engine, the market data publisher, and the order gateway server infrastructure. From a market participant’s perspective, the major components are the market data subscriber and consumer, the trading strategy framework with all its subcomponents, and the order gateway client infrastructure.

Next, we performed a deep dive into the exchange matching engine details...