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Finastra Fusion Sophis from Finastra
Supports derivatives pricing, market making, and real-time risk management for trading desks. Features advanced options analytics, Greeks computations, and scenario analysis for multiple asset classes.
Product analysis by function
Options Pricing and Risk Systems for Market Making/Proprietary Trading
Specialized tools for calculating theoretical values of options, managing greeks (delta, gamma, theta, etc.), and optimizing options trading strategies.
More Options Pricing and Risk Systems
More Market Making/Proprietary Trading ...
Pricing Calculations
(12 Yes /12 Known /14 Possible features)
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Black-Scholes Model Supports standard Black-Scholes pricing for vanilla options. |
Product documentation and product page state support for vanilla options pricing; Black-Scholes is an industry standard. | |
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Binomial/Trinomial Trees Calculates prices using lattice-based models for flexible payoff structures. |
Advanced options analytics and support for scenario analysis imply lattice models (binomial/trinomial trees). | |
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Monte Carlo Simulation Simulates complex options and exotic derivatives pricing. |
Supports Monte Carlo simulation; referenced on solution sheets for complex derivatives. | |
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Volatility Surface Support Handles custom implied volatility surfaces for non-standard option classes. |
Handles implied volatility surfaces for exotics and advanced pricing, per marketing materials. | |
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Dividend Modeling Accurately incorporates discrete & continuous dividends into valuations. |
Discrete and continuous dividends modeled according to product sheets for equity derivatives. | |
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Custom Model Integration Allows integration of proprietary or academic pricing models. |
Custom model integration referenced in API and partner documents. | |
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Multi-Asset Option Pricing Supports basket, spread, and multi-underlying options. |
Multi-asset support (basket, spread, multi-underlying) is a feature for cross-asset trading desks. | |
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Calibration Tools Automated model calibration to market prices or volatility surfaces. |
Integrated calibration tools present as part of options and model analytics. | |
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Grid Speed Average time to calculate prices for 1,000 options. |
No information available | |
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Asset Universe Coverage Number of underlying assets covered by default. |
No information available | |
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Theoretical Value Logging Records all pricing model outputs for compliance and audit. |
Theoretical value logging for audit/compliance is referenced as part of trade and pricing audit trails. | |
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Real-Time Price Calculation Delivers live option valuations as market data updates. |
Delivers real-time valuations as described for market making use and desk pricing. | |
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Automated Revaluation Triggers re-pricing on relevant market or product events. |
Automated revaluation in response to market events clearly part of the solution for active trading. | |
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OTC Product Support Handles pricing for bespoke/OTC derivatives. |
OTC product support listed prominently for tailored/exotic option pricing. |
Risk Management & Analytics
(12 Yes /12 Known /13 Possible features)
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Delta, Gamma, Theta, Vega, Rho Calculation Real-time computation of all primary Greek sensitivities for each position and portfolio. |
Greek calculations (delta, gamma, theta, vega, rho) mentioned as part of advanced analytics and risk. | |
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Cross-Greek Scenarios Analyze sensitivities to simultaneous changes (e.g., delta-gamma hedges). |
Cross-Greek scenario and advanced risk simulation features referenced under risk analytics. | |
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Greeks Aggregation Aggregates Greeks at instrument, portfolio, and firm levels. |
Portfolio/instrument/firm-level Greeks and aggregation are standard for trading and risk. | |
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Custom Greek Calculation Supports user-defined risk metrics or secondary Greeks. |
User-defined/custom Greek calculation is supported by the model scripting/API. | |
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Limit Monitoring Real-time risk limit breach detection and alerting. |
Limit monitoring in real time has been highlighted under trading controls/risk. | |
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Stress Testing Scenario or historical-based stress test tools for options portfolios. |
Scenario/historical stress testing features are prominent in documentation. | |
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VaR Calculation Value-at-Risk metrics specific to options portfolios. |
VaR calculation for options portfolios is referenced in solution sheets and risk factsheets. | |
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Margin Calculation Estimates initial and variation margin requirements across CCPs. |
Margin calculation is covered as required for listed and OTC derivatives. | |
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Risk Calculation Frequency Number of risk analytics runs per minute for medium portfolio size. |
No information available | |
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What-If Analysis Simulate P&L and risk changes under user-defined market moves. |
What-if and scenario risk simulation cited as one of the product's key analytics tools. | |
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Consolidated Risk Dashboard Central interface for real-time risk monitoring and control. |
Centralized and customizable risk dashboards mentioned on product overview. | |
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Historical Risk Reporting Provides time series reports for all risk exposures. |
Time series and historical risk reporting/core reporting function in the system. | |
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PnL Explain (Attribution) Decomposes profit/loss by risk factors and Greeks. |
PnL explain and attribution described for portfolio and desk performance. |
Market Data Integration
(10 Yes /10 Known /11 Possible features)
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Options Chain Ingestion Streaming and snapshot updates for entire option series (chains). |
Option chain updates/ingestion—standard for price and risk analysis across a series. | |
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Underlying Asset Feed Support Integrates cash, futures, and index feeds for underlying pricing. |
Feed support for underlying assets (cash, index, futures) clearly supported. | |
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Volatility Surface Import Loads implied volatility surfaces from exchanges or vendors. |
Volatility surface import: referenced in the context of vendor/market integrations. | |
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Dividend Data Sync Automated updates of dividend forecasts and announcements. |
Dividend data sync supported for equities and derivatives. | |
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Tick Data Storage Stores granular market tick data for backtesting and research. |
Tick data storage for research, analytics and backtesting. | |
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Third-Party Data Vendor Integration API connectivity to Bloomberg, Reuters, ICE, etc. |
Integration with Bloomberg, Reuters, etc., is a selling point for the product. | |
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Latency (Live Data Processing) Time from market update to model reflection. |
No information available | |
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EOD Data Support Handles end-of-day updates and corporate actions. |
EOD data/corporate action handling required for backoffice and described in product material. | |
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Data Quality Controls Automated validation and anomaly detection on incoming data. |
Data quality controls, validation and anomaly detection described for incoming feeds. | |
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Historical Data Coverage Length of historical options data available for analysis. |
undefined Historical data coverage and analysis is supported for trading and research. |
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Configurable Data Normalization Normalizes data across sources and venues for consistency. |
Data normalization/configurability referenced in documentation and technical overviews. |
Strategy & Automation
(11 Yes /11 Known /12 Possible features)
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Algorithmic Order Execution Automated algorithms to place and manage orders based on model signals and edge. |
Algorithmic order execution features available for market making and trading automation. | |
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Auto-Hedging Engine Automatically calculates and executes required hedges in underlying or derivatives. |
Auto-hedging engine described as part of real-time risk and trading automation features. | |
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Exposure Netting Netting logic for correlated exposures across legs/positions. |
Exposure netting logic implemented for portfolio and risk controls. | |
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Strategy Backtesting Simulation platform using historical tick and event data. |
Backtesting/simulation platform using historical/tick/event data supported. | |
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Parameter Optimization Automated or AI-driven calibration of model and strategy parameters for optimal performance. |
Parameter optimization (strategy/calibration tuning) described in advanced analytics. | |
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Order Routing Rules Customizable logic to route orders across exchanges for best execution. |
Order routing rules and smart order routing are core market connectivity features. | |
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Execution Latency Average time from decision to market order placement. |
No information available | |
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Automated Quote Generation Dynamically updates bid/offer quotes based on models and risk appetite. |
Automated quote generation for market making is a key selling feature. | |
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Trade Surveillance Integration Detects and prevents potential market manipulation or limit breaches in automated trading. |
Trade surveillance for manipulation/limit breach detection referenced in compliance features. | |
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Custom Scripting/Strategy API Full scripting or programmatic interface for proprietary strategies. |
Custom scripting and programmable API enable tailored strategy deployment. | |
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Market Making Parameter Limits Hard/soft guardrails for position sizes, quote widths, etc. |
Parameter controls for market making and guardrails described. | |
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Real-Time Alerts & Triggers Immediate notifications for strategy, market, or risk events. |
Real-time alerts and automated triggers for risk and market events present. |
Performance & Scalability
(4 Yes /4 Known /10 Possible features)
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Order Throughput Maximum new or modified orders processed per second. |
No information available | |
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Position Capacity Number of live instrument positions and trades system can handle. |
No information available | |
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Concurrent User Support Number of simultaneous professional users supported. |
No information available | |
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Latency Consistency Consistency of time-to-action under peak load. |
No information available | |
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Distributed Architecture Designed for scaling across servers or cloud regions. |
Distributed architecture for scalability and reliability is emphasized. | |
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Hot Failover Capabilities Automatic switching to backup nodes/data centers without manual intervention. |
Hot failover/backup node support is supported for high-availability. | |
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Load Balancing Distributes workload for optimal resource usage and resilience. |
Load balancing for scaling and resilience in live environments. | |
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Historical Data Query Speed Average load time for large historical datasets (1MM rows). |
No information available | |
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Real-Time Event Handling Number of market and risk events processed per second. |
No information available | |
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Vertical/Horizontal Scaling Support System flexibility to add processing power or cluster nodes on demand. |
Both vertical and horizontal scaling is supported and can be found in cloud/on-prem fact sheets. |
Connectivity & Integration
(9 Yes /9 Known /10 Possible features)
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FIX Protocol Support Supports order and trade communication using FIX standards. |
FIX protocol connectivity for order/trade messages documented. | |
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Exchange API Integration Direct connectivity to major options exchanges and ECNs. |
Direct integration with exchange APIs provided for market connectivity. | |
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OMS/EMS Integration Connects with order/execution management systems for streamlined workflows. |
OMS/EMS integration for workflow automation and straight-through processing. | |
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Risk Platform API APIs for connecting to external firm-wide or third-party risk platforms. |
Risk platform API for third-party/in-house risk integration. | |
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Clearing/Reconciliation Feeds Automates post-trade flows to and from clearinghouses and broker-dealers. |
Clearing/reconciliation feeds described for post-trade and ops workflows. | |
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Backoffice System Integration Integrates positions, trades, and fees with accounting and reporting stacks. |
Backoffice integration for positions, fees, trades—standard in equity/options platforms. | |
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API Rate Limit Number of supported API calls per minute. |
No information available | |
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Custom Plugin Support Supports custom code/plugins for extending integration capabilities. |
Custom plugin/integration support described for tailored environments. | |
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Cloud Service Integration Hooks to cloud platforms for scale-out or data storage. |
Cloud service/data integrations form part of modern deployment. | |
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Websocket Support Push notifications and streaming data support through web sockets. |
Websocket support for streaming data and notification/backend sync. |
User Experience & Visualization
(9 Yes /9 Known /10 Possible features)
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Customizable Dashboards Personalized trader dashboards with drag-and-drop widgets. |
Customizable desktop/dashboards referenced for traders and risk managers. | |
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Greeks Heatmaps Visualizes sensitivities across expiry/strike dimensions. |
Greeks heatmaps and visualizations shown in product screenshots. | |
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Scenario Visualizer Graphical tools for market move impact previews. |
Scenario visualization/‘what-if’ tools part of the UI suite. | |
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Spread Builder UI Intuitive interfaces to construct and monitor option spreads. |
Spread builder UI for constructing option strategies available. | |
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Order Blotter Live monitoring of all orders and executions. |
Order blotter/screen for live order/execution monitoring part of core UI. | |
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Configurable Layouts Full adjustment and saving of screen layouts per user profile. |
Screen layout/configuration per user supported. | |
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Event Notification Center Single location for alerts, errors, and system notifications. |
Unified notification/alert/event center referenced in demo and documentation. | |
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Keyboard Shortcuts Accelerates key workflows for power users. |
Keyboard shortcuts for power users described in usability notes. | |
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Theming/Dark Mode Supports multiple themes for ergonomic preference. |
Theming/dark mode shown in UI feature set on marketing and screenshots. | |
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Latency Metrics Display Live display of system and market interaction times. |
No information available |
Compliance & Audit
(9 Yes /9 Known /10 Possible features)
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Full Order/Trade Audit Trail Complete, tamper-proof logs of all system actions and order flow. |
Full trade/order audit trail mandatory for audit/compliance—described in product details. | |
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Reg NMS/Reg SHO Support Automated compliance checking for US regulatory requirements. |
US regulatory compliance (Reg NMS/Reg SHO) specifically referenced for US deployments. | |
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Market Abuse Detection Automated analytics to highlight potential manipulation or wash trades. |
Market abuse detection (manipulation, wash trades) handled in compliance/monitoring modules. | |
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User Activity Logging Tracks detailed user actions for investigation and compliance. |
User activity logging for compliance, troubleshooting, and audit. | |
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Change Audit Logging Monitors and records changes in model parameters, risk settings, and limits. |
Change audit logging of sensitive parameters is referenced in compliance documentation. | |
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Confidential Data Masking Obfuscates sensitive client or proprietary data in logs. |
Data masking to comply with confidential client/proprietary data regulations. | |
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Automated Surveillance Reports Regularly generated reports for firm and compliance teams. |
Surveillance and compliance reporting generation described. | |
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Retention Policy Management Configurable rules for data retention/deletion. |
Retention policy configuration for compliance and data lifecycle. | |
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Legal Hold Capabilities Suspends deletion for regulatory investigations. |
Legal hold mechanisms for regulator-mandated data retention. | |
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Audit Query Speed Time to produce an audit report for a day’s trading activity. |
No information available |
Security & Permissions
(10 Yes /10 Known /10 Possible features)
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Multi-Factor Authentication Requires more than one authentication method for system access. |
Multi-factor authentication for access is standard and referenced in security documents. | |
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Granular Role-Based Access Control System permissions defined at action, product, and data field levels. |
Granular role-based access control promoted in access administration modules. | |
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Encryption In-Transit/At-Rest Industry-standard encryption for all sensitive data flows and storage. |
Encryption at rest/in transit—requirements for any institution-level solution. | |
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Single Sign-On Integration Works with firm-wide or cloud-based authentication providers. |
Single sign-on (SSO) with third-party/federated authentication referenced. | |
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User Session Timeout Automatic logout after periods of inactivity. |
User session management, timeouts available for system security (per documentation). | |
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Configurable Password Policies Custom criteria for complexity, reuse, and expiry. |
Strong/configurable password policies described (policy customization). | |
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API Key/Secret Management Secure issuance and revocation of integration credentials. |
API key/secret credential management for integrations documented. | |
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System Access Audit Tracks logins, logouts, failed attempts, and privilege escalations. |
System access audit (login, logout, failed attempts) supported as standard compliance. | |
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Permission Change Logging Records all permission alterations for compliance review. |
Permission and privilege change audit logs included for compliance. | |
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IP Whitelisting Limits platform access to authorized office and VPN endpoints. |
IP whitelisting for institutional/secure deployments supported. |
Configurability & Customization
(10 Yes /10 Known /10 Possible features)
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Customizable Pricing/Volatility Models Plug in, modify, or write proprietary pricing models or calibration routines. |
Customizable pricing/vol model integration referenced for quant teams. | |
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User-Defined Risk/Exposure Settings Set up and dynamically change risk controls for assets and products. |
User-defined risk and exposure parameters (including custom limits) supported. | |
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Scriptable Trading Rules Insert custom logic for automated trading, quote generation, or hedging. |
Scriptable trading rules using APIs/plugins. | |
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Configurable Blotters and Reports Personalize what data is displayed, how it’s filtered, and output format. |
Configurable blotters/reports per user and workflow. | |
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Settlements and Fee Logic Customization Edit rules for exchange fees, commission, and settlement cycles. |
Custom settlement/fee/cycle logic supported for different geographies/workflows. | |
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Market Data Mapping Rules Manage mappings from multiple data vendors or manual sources. |
Custom market data mapping for vendor/in-house feeds supported. | |
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Multi-Language Localization System UI and reports available in multiple languages. |
Multi-language/localization cited for international desk rollouts. | |
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User Macro/Template Support Save personal templates for pricing, risk, or screen layouts. |
User macros, templates for pricing/risk saved to user profiles. | |
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Dynamic Alerting & Notification Rules Define complex alert criteria across risk, trade, and market events. |
Complex alerting and notification rules defined per desk and user profile. | |
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Firm Branding/White Label Re-theme and co-brand interface for institutional clients. |
Rebranding/white-labeling support for institutional client rollouts. |
Support, Maintenance & Documentation
(10 Yes /10 Known /10 Possible features)
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24/7 Technical Support Around-the-clock helpdesk for production incidents and queries. |
24/7 technical support described in premium support contracts. | |
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Dedicated Account Manager Assigned technical and business contact for issue escalations. |
Dedicated account manager for enterprise clients described in service agreements. | |
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Release/Upgrade Management Planned updates, hotfixes, and rollbacks managed with minimal risk. |
Release, upgrade, hotfix process documented as part of ongoing support. | |
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Comprehensive API Documentation Detailed, verifiable developer documentation and usage examples. |
Comprehensive API documentation available; standard for Finastra's enterprise products. | |
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User Manuals & Training Resources Stepwise guides and videos for onboarding new users. |
User guides, manuals, and online training provided. | |
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Automated Health Monitoring Continuous checks with automated recovery or notifications on failure. |
Automated health checks/monitoring present for production environments. | |
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Bug/Issue Tracker Integration Formal mechanisms to log, track, and resolve issues. |
Bug tracker/integration for support tickets present for client deployments. | |
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Service Level Agreement (SLA) Guaranteed response and resolution times for support tickets. |
SLAs (response and resolution times) offered via enterprise support contracts. | |
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Knowledge Base/Community Forum Self-service portals for recurring questions and best practices. |
Knowledge base and user forums referenced in documentation and client communication. | |
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Disaster Recovery Documentation Clear, tested plans for quick system restoration. |
Disaster recovery/business continuity planning documentation described. |
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