DXmatch Matching Engine
Start a new business anywhere in the world by taking advantage of DXmatch – exchange software with ultra-low latency, high throughput, and ways for scalability. Devexperts technology ensures this matching engine complies with location-specific regulatory requirements.
DXmatch overview
DXmatch is a modular system built for launching exchanges and dark pools that operate in OTC (FX and crypto), commodities, and regulated equities and derivatives markets.
More than just a matching engine
DXmatch is a complete exchange infrastructure: it includes everything from the matching algorithm encompassing market data delivery and storage to risk management, FIX and REST APIs for market access, and administrative UI.
Best-known matching algorithm
At the core of DXmatch, a matching engine ensures optimal order matching at an exchange. The matching algorithm utilizes price/time priority model: orders are prioritized first by price and then by “order received” time.
DXmatch use cases
This matching engine is the foundation for different types of exchanges and trading venues.
Public exchange: stocks, futures, options, digital assets, NFTs
Alternative trading system
guarantees efficient execution at an independent trading system
Internal matching engine
reduces market impact and uses internal liquidity for the best prices
Dark pool
lets participants stay anonymous but transparent to the regulators
Algo testing facility
tests automated trading strategies before launching them on live markets
Swap execution facility
brings together buyers and sellers of swap contracts to trade with one another
Electronic communication network
utilizes algorithms to automatically match buy and sell orders for securities in the market
Why DXmatch?
DXmatch is the most flexible and modern system you can choose for your exchange. Unlike other solutions, it ensures growth without costly additional development.
Ultra-low latency
The advanced bare metal system setup provides sub-100 microsecond, 99th percentile, wall-to-wall latency for order processing via high-performance FIX API.
Asset agnostic
DXmatch fits all industry instruments: to launch a crypto exchange or a regulated stock, futures, options, or commodities exchange. It also suits non-standard industries, like bets, real estate, and predictions.
Resilient
REST and FIX APIs for trading and exchange management are stateless, and you can set up multiple instances to work in parallel. In addition, the RAFT protocol ensures automatic failover for the leader-matching engine.
Deploy anywhere
Deploy the system to commodity bare metal servers for the best and most stable processing latency – or into a cloud for flexibility.
Scalable
DXmatch grows with your business. Start with stocks and add derivatives when you’re ready. Accomodate a greater number of traders and double the order throughput by adding a second matching segment to handle over 100,000 orders.
Enterprise-grade APIs
The system utilizes standard APIs for placing orders, sourcing quotes, and managing the market. This includes direct market access, market data processing, and custom ultra-low latency APIs.
DXmatch applications
DXmatch provides a full cycle of exchange operations, tools, and modules for running a 24/7 crypto or a traditional stock exchange.
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Admin interface
An admin panel of the trading and matching system allows operational officers to monitor the system and manually make corrections when needed.
Risk management
DXmatch has a safety net to protect customers from accidents using the following risk controls available immediately. Additional risk controls are available in DXmatch upon request.
Fat finger protection
DXmatch ensures traders won’t enter an erroneous order with a price that’s too far from the instrument’s market price.
Price slippage limit
The DXmatch algorithm sets a limit price for Market and Stop orders to prevent order execution too far from the best market price.
Self-trade prevention
The system prohibits matching buy and sell orders from the same market participant, ensuring appropriate order placement.
Mass cancel
Exchange operators can cancel all working orders regarding a market participant, symbol, and instrument type at once.
Min/max order quantity
Market participants are protected from entering an order with invalid
quantities.
Kill switch
All working orders pertaining to a market participant can be canceled at once while preventing new ones.
Cancel on disconnect
Automatically cancel all orders in the event of a FIX API disconnect.
Message throttling
Limits the number of messages received per second from a market participant.
Low latency
The advanced bare metal system setup provides sub-100 microsecond, 99th percentile, and wall-to-wall latency for order processing via high-performance FIX API.
Trading APIs
DXmatch offers a guaranteed formula for direct market access, namely two of the most widely used APIs.
APIs for direct market access
- FIX 5.0 with standard order management instructions
- REST Trading API with formal Open API specification for easy integration
APIs for market data processing
- WebSocket API with trades, summary, and market by order
- Formal AsyncAPI specification for easy, language-neutral integration
- dxFeed API (our market data subsidiary) with order- and price-based market aggregation
Custom ultra-low latency API
- You can request this API as a binary TCP or UDP multicast with Simple Binary Encoding for exchange-specific cases
Solution delivery and deployment options
DXmatch is delivered as RPM-packaged applications for installation to any RPM-based Linux operating system (RedHat, Oracle, CentOS, OpenSUSE, Rocky Linux)
Bare metal
for most stable progressing latency
In-cloud deployment options
for maximum flexibility: Google Cloud (GCP), Amazon Web Services (AWS) Microsoft Azure
Recommended setups
- Development and testing: 1x Server or VM 64 GB RAM
- Minimum production: 6x Servers, 32 GB RAM each
- Highly available 2 segment production setup: 16x Servers + VMs 32 GB RAM each