Platform · Trading
Exchange solutions: run a regulated market from order entry to post-trade
A matching engine with sessions, auctions, market controls, surveillance and market data, where every fill updates positions, cash, the ledger and custody on the same path the broker side uses.
In short
ZagTrader gives exchanges and market operators a matching engine with trading sessions, auctions, market controls, surveillance and market data, and every matched trade updates positions, cash, the ledger, fees and custody through the same path the broker side uses, so there is no exchange-to-back-office interface to build or reconcile. Market infrastructure already runs on ZagTrader technology: Tabadul Hub connects exchanges and member firms across the region, and DFM, ADX and Boursa Kuwait use it for member access, brokerage, simulation and surveillance.
- Tabadul Hub
- Exchanges and member firms across the region
- Market operators
- Tabadul Hub, DFM, ADX, Boursa Kuwait
- Trading day
- Pre-open to post-close, with auctions
What market operators ask first
Who runs on it, what happens after a fill, and how the venue is controlled.
Proven in market infrastructure
Tabadul Hub runs end to end on ZagTrader technology, linking exchanges and member firms across the region through one access point.
Read the Tabadul Hub storyOne record from fill to ledger
A venue fill moves positions, cash, ledger, fees and custody in one step, with no end-of-day file between systems.
See settlement and post-tradeMatching, sessions and auctions
Price-time matching, partial fills, opening, closing and standalone auctions with indicative prices, all set per market and instrument.
See the engineControls and surveillance
Price bands, circuit breakers, halts and self-trade prevention, plus spoofing and layering detection with full order replay.
See risk and surveillanceMarket data out of the box
Market-by-order and market-by-price feeds with configurable depth, over multicast, FIX or WebSocket, with snapshot and recovery.
See market dataMembers connected from day one
Onboard participants, set permissions and DMA rules, and give members a managed OMS over ZagFN, as DFM and ADX do.
See ZagFNRelated guides
Who it's for
- Exchanges and market operators
- Regulated trading venues and MTFs
- Digital-asset and tokenised exchanges
- Market infrastructure operators
What it delivers
- Deterministic, transparent price formation
- Exchange-grade controls and supervisory oversight
- Full auditability across all market activity
- Regulatory access, review, and forensic analysis
Proven with exchanges and market operators
Market infrastructure that runs on ZagTrader technology.
Core exchange capabilities
A high-performance matching engine and everything a regulated market needs around it, from order entry and price discovery to post-trade processing and regulatory reporting.
- Centralised order matching engine
- Price–time priority matching
- Partial fills and trade aggregation
- Full order and trade lifecycle auditability
- Optimised for continuous trading and auction-based sessions
- Pre-open, open, continuous, closing, and post-close sessions
- Opening, intraday, and closing auctions
- Standalone auction sessions for structured liquidity events
- Indicative pricing during auction and pre-open phases
- Session rules configurable per market, segment, and instrument
- Market halt, resume, and instrument suspension controls
- Centralised order intake and validation
- Tick size, lot size, and trading hours enforcement
- Price bands, volatility interruptions, and circuit breakers
- Self-trade prevention at venue level
- Exchange-wide and participant-level risk controls
- Market, Limit, Stop, and Stop-Limit
- IOC, GTC, and GTD time-in-force
- Auction orders
- All order behaviour governed by configurable market rules
- Market-by-order and market-by-price feeds
- Configurable depth of book
- Real-time trade dissemination
- Official reference prices and auction results
- Multicast, FIX, and WebSocket distribution
- Snapshot and recovery support
- Trading participant onboarding and configuration
- Permissions by market, segment, and instrument
- Participant-level limits and controls
- Sponsored access and DMA governance
- Drop-copy feeds and audit visibility
- Real-time monitoring across instruments, sessions, and segments
- Order-book surveillance: depth, imbalance, and behavioural analysis
- Auction and pre-open price-formation monitoring
- Detection of spoofing, layering, and manipulation
- Full order and trade replay for supervisory review
- Configurable alerts, exception workflows, and audit trails
- Trade confirmation generation
- Interfaces for clearing and settlement systems
- Netting and allocation workflows
- Corporate-action integration points
- Compatibility with CCPs, CSDs, and custodians
- Native FIX protocol connectivity
- Trading and market-data APIs
- SWIFT messaging for post-trade and settlement
- Replay and recovery support
- Integration with surveillance, reporting, and regulatory systems
- Support for alternative and tokenised instruments
- Governed within exchange market segments and rulebooks
Also for exchanges: Dividend Reinvestment, one exchange-branded app where investors trade through member brokers and reinvest their dividends, and Market Replay, which replays real trading days into a test environment, order by order.
One trade, one record
Every step of a trade updates the same platform, so the front office, risk, operations and finance see the same numbers, at the same time.
- 1OrderFrom any app, API or desk
- 2Pre-trade riskLimits and buying power checked
- 3ExecutionOn the exchange, through a broker or on your own book
- 4AllocationSplit across client accounts
- 5SettlementDelivery versus payment with the depository
- 6CustodyPositions and cash updated
- 7Ledger & feesPosted to the general ledger
- 8ReportingStatements, regulators and management
Frequently asked questions
Which market operators run on ZagTrader technology?
Tabadul Hub's cross-border infrastructure runs end to end on ZagTrader technology, connecting exchanges and member firms across the region. DFM's iVestor brokerage and back office run on it, with a managed OMS for members over ZagFN. ADX uses it for managed member connectivity and market simulation, and Boursa Kuwait for market-making surveillance, reporting and simulation.
What happens to a trade after it matches?
It is booked through the same fill path the broker side uses. Positions, cash, the general ledger, fees, custodian attribution, client notifications and the audit trail all update from that one step. There is no separate back-office system to feed, no end-of-day file and nothing to reconcile between two books.
Which sessions, auctions and controls are supported?
Pre-open, open, continuous, closing and post-close sessions; opening, intraday, closing and standalone auctions with indicative pricing; tick, lot and trading-hours rules; price bands, volatility interruptions and circuit breakers; halts, resumes and instrument suspensions. Session rules are set per market, segment and instrument.
How does the venue connect to clearing houses and depositories?
The platform generates trade confirmations, runs netting and allocation workflows and provides interfaces to clearing and settlement systems, with SWIFT messaging for post-trade. It works alongside CCPs, CSDs and custodians, and corporate actions act directly on the positions the venue's trades created.
Launch or modernise your market
See a trading day from pre-open to post-close, with a fill booked end to end.
100+ institutions run on ZagTrader technology, with $500B+ in client assets on the platform
Institutions that run on ZagTrader technology
