Exchange Solutions
Built for regulated markets and controlled trading venues. ZagTrader supports the complete lifecycle of a regulated market — from order entry and price discovery, through matching and auctions, to post-trade processing, surveillance, and regulatory reporting.
Who it's for
- Exchanges & market operators
- Regulated trading venues & MTFs
- Digital-asset & tokenized 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
A High-Performance Matching Engine at the Core
At the heart of the platform is a high-performance matching engine, supported by the market controls, data dissemination, participant management, and governance infrastructure that modern exchanges and market operators require.
Price–time priority matching, configurable sessions and auctions, venue-level controls, real-time surveillance, and post-trade integration — deterministic and fully auditable.
Core Exchange Capabilities
Everything a regulated market needs, from order entry to regulatory reporting
- Centralized order matching engine
- Price–time priority matching
- Partial fills and trade aggregation
- Full order and trade lifecycle auditability
- Optimized 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
- Centralized 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 behavior 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 behavioral 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 tokenized instruments
- Governed within exchange market segments and rulebooks
Regulatory Confidence
Deterministic execution supporting transparent price formation, exchange-grade controls and supervisory oversight, full auditability across all market activity, and infrastructure designed to support regulatory access, review, and forensic analysis.
Launch or Modernize Your Market
See the matching engine, market controls, surveillance, and post-trade integration in a live demo.
Book a Demo