FTX, the complete solution to implement and manage an electronic market, including Exchanges and Regulated Markets, Alternative Trading System, Electronic Communication Networks, Multilateral Trading Facility or Systematic Internalizer, has the following features:
- internal matching engine, which can manage several market models;
- compatibility with all communication protocols (FIX, API, Web, professional client, external order routing);
- connection to other systems (exchanges, electronic brokers, other ATSs) and to settlement systems to automatically settle contracts and distribute settlement information to users;
- capabilities of trading a mix of securities issued by a particular market maker and securities traded in external markets.
FTX can be adapted to the needs of each financial institution. In particular, it is possible to:
- group securities together into markets and sections, and associate the negotiation parameters (market phases, hours, minimum quantities, etc.) with each security class;
- define system users and access profiles;
- choose a market model (auctions, order driven, quote driven, mixed);
- choose how to deal with orders that cannot be immediately executed on the ATS: they can be written on the book, or sent to other trading networks (exchanges, brokers, or other ATSs).
The high flexibility of FTX allows having different instruments, users, negotiation rules and market phases in the same platform, based on requirements of the market responsible organization.