Trading: Nasdaq's Matching Technology

Used by over 70 markets, from Bermuda, to Bangladesh to Germany, and many places in between, Nasdaq’s matching technology provides execution venues of all sizes with reliable, comprehensive, multi-asset capabilities to keep pace with ever-changing market requirements. The functionally-rich platforms support trading in any asset, anytime, anywhere and are both scalable and flexible to adapt as your firm expands into new asset classes or looks to offer additional services. Additionally, Nasdaq solutions offer the ability to trade multiple asset classes within a single solution, reducing the cost and technological complexity of your trading operation.

Aside from industry-leading technology, Nasdaq offers delivery and advisory services to ensure that our systems not only meet, but exceed your requirements and that systems are delivered on time and on budget.


The Nasdaq Financial Framework for Marketplaces

The Nasdaq Financial Framework is Nasdaq’s evolutionary harmonized approach to delivering robust business functionality across the trade lifecycle to financial infrastructure providers in an open, agile environment. Standardized, unified operations, messaging and data infrastructure coupled with unparalleled flexibility ensure that marketplaces can go-to-market more quickly, and cost-effectively, helping to boost their competitive proposition in a rapidly evolving marketplace. Due to the Nasdaq Financial Framework’s open nature, marketplaces can also integrate their own business functionality, such as fee calculations or statistics, as well as other third-party offerings, helping to meet their own unique needs.


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Nasdaq Core Business Applications: Trading

Nasdaq offers a number of matching engines to meet the unique needs of your marketplace:

Nasdaq Matching Engine: The most widely-used matching engine in the world that combines extraordinary performance with extensive functionality to meet current and future business and performance requirements, and is still cost-effective to help smaller to mid-tier exchanges meet their ambitions.

Nasdaq Multi-Matching Engine: Appropriate for exchanges trading multiple asset classes and/or financial instruments and also have performance challenges requiring multiple partitions. Supports high volume markets across asset classes, but has specialized functionality around derivatives trading.

Nasdaq Hybrid Matching Engine: Dedicated matching engine that supports OTC style trading and specializes in RFQ, negotiations and discretionary trading functions.

Nasdaq Fixed Income Matching Engine: A specialized matching engine for fixed income markets. Nasdaq supports several fixed income markets and here we have bundled the special functions used in fixed income trading.

Nasdaq Algo Engine: A business application that enables exchanges to offer their members a suite of execution algorithms as a new order type, thus further diversifying their offering and adding more value to the relationships they’ve created with their members.

Different matching engines can be run side-by-side to support multiple business ambitions. This opens up the business opportunity for many exchanges to add additional markets, for example the Hybrid Matching Engine which can open up the exchange for more OTC style trading.

All of these business applications are also seamlessly integrated with Nasdaq Pre-trade Risk Management, Nasdaq Market Surveillance, Nasdaq Index Calculator and the Nasdaq Business Applications that power vast Market Intelligence specifically designed to meet exchange needs.

Key Features
Supports matching across numerous asset classes in a single solution
Able to consistently sustain an order rate of over 100,000 orders per second at sub-40 microsecond average latency
Unique pre-trade risk management with real time margin updates built within the matching engine
Integration with Nasdaq Pre-Trade Risk Management, which adds robust sub-microsecond risk checks and portfolio offsetting risk checks above and beyond what is in the matching engine
Developed from over 20+ years of experience building trading technology for 70+ execution venues in 50 countries, across all asset classes
Easy member onboarding, leveraging industry standard protocols and interfaces
Integrates with other technology, either via third-party or proprietary solutions, across the trade lifecycle to preserve current, custom infrastructure requirements and help to future proof system configuration
Reduced operational complexity with lower total cost of enhancements and changes to the system
Dynamic infrastructure with the industry-leading throughput and performance to keep exchange successful and operational
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