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KX for Algo Trading & Market Making from Kx
Enables rapid development and deployment of custom automated market making and trading strategies. Provides ultra-fast data processing, backtesting, simulation, and scalable connectivity to trading venues.
Product analysis by function
Automated Market Making Algorithms for Market Making/Proprietary Trading
Software implementing strategies for providing liquidity while managing inventory risk across various market conditions.
More Automated Market Making Algorithms
More Market Making/Proprietary Trading ...
Order Management
(6 Yes /6 Known /13 Possible features)
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Order Entry Speed The time required to submit an order into the market from the system. |
No information available | |
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Order Modification Supports on-the-fly modification of existing live orders. |
Custom strategy deployment and code-driven trading logic imply support for live order modifications. | |
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Order Cancellation Speed The time required to cancel an existing order from the market. |
No information available | |
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Bulk Order Handling Ability to handle large volumes of order messages per second. |
undefined KX's 'ultra-fast data processing' and scalable architecture is designed for high messaging throughput, suitable for bulk order handling. |
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Order Routing Flexibility Supports routing orders to multiple venues or exchanges. |
Features 'scalable connectivity to trading venues', indicating support for sending orders to multiple destinations. | |
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Iceberg/Reserve Orders Supports submission of partial-displayed (iceberg) orders. |
No information available | |
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Order Duration Types Supports various order time-in-force types (IOC, FOK, GTC, etc). |
Custom code allows for various order and time-in-force types in algorithm development. | |
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Automated Order Throttling Limits order rate automatically to comply with venue or regulatory constraints. |
No information available | |
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Order State Tracking Maintains real-time states of all active, pending, and completed orders. |
Platform enables real-time tracking and code-driven state management for all orders. | |
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Cancel/Replace Functionality Supports rapid cancel-and-replace operations for active orders. |
Advanced custom strategies and low-latency design imply rapid cancel/replace workflows. | |
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Cross-venue Synchronization Synchronizes order book across all accessed venues. |
No information available | |
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Order Sequencing Consistency Maintains order of operations for audit and disaster recovery. |
No information available | |
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Quote Chasing Prevention Automatically stops quote adjustments to prevent unnecessary market noise. |
No information available |
Pricing and Quoting
(8 Yes /8 Known /12 Possible features)
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Dynamic Spread Adjustment Automatically widens or narrows spreads based on market volatility. |
No information available | |
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Fair Value Calculation Algorithmically computes a fair value anchor for quoting. |
Backtesting and simulation tools require fair value computation. Platform supports advanced pricing logic. | |
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Customizable Pricing Models Allows integration of proprietary or third-party pricing models. |
Allows for rapid development/deployment of custom pricing models. Used by quants. | |
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Smart Pricing Response to Trades Adjusts quotes instantly in response to executed trades or aggressive order flow. |
Algorithm responsiveness to trades/executions is a key feature of market making with KX. | |
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Quote Frequency Number of quote updates per second system can handle. |
No information available | |
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Latency Sensitivity Adaptation Adapts quoting speed and aggressiveness based on latency measurements. |
No information available | |
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Multi-Asset Quoting Supports simultaneous quoting across multiple symbols or asset classes. |
Platform supports simultaneously quoting and managing multiple assets/instruments. | |
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Auto-Quote Pausing Pauses quoting in response to failed checks or detected anomalies. |
No information available | |
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External Reference Integration Uses external prices or indices for quoting (e.g., consolidated tape, futures fair value). |
Scalable connectivity and data processing enables integration with external reference/price feeds. | |
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Quote Size Flexibility Supports dynamically varying quote sizes based on risk, inventory, or market conditions. |
Custom logic can dynamically adjust quote sizes based on risk/inventory state. | |
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Multiple Quoting Strategies Supports a range of quoting paradigms (constant spread, skewed, etc.). |
Enables diverse quoting strategies through custom developed models. | |
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Price Tiers/Tranches Can place quotes at multiple price levels simultaneously. |
Handles multiple price-level quoting for advanced market making. |
Risk and Inventory Management
(13 Yes /13 Known /13 Possible features)
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Real-Time Position Monitoring Tracks current net and gross position in real time. |
Real-time risk, PNL, and position monitoring are core KX features. | |
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Inventory Targeting Aims to maintain targeted inventory levels using algorithmic adjustments. |
Algorithmic models can be coded for inventory targeting with automated adjustments. | |
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Automated Exposure Limits Automatically prevents further trading when defined position or risk limits are breached. |
Platform supports automated control of trading limits and halts via code. | |
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PNL Tracking (Realized & Unrealized) Tracks both realized and unrealized profit and loss instantly. |
Instant calculation and reporting of realized/unrealized PNL mentioned in product capabilities. | |
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Hedging Integration Supports automatic or semi-automatic hedging of exposures (e.g., with futures or correlated assets). |
Hedging logic and integration is typical in KX market making reference deployments. | |
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Kill Switch / Emergency Off Support instant halt of quoting and trading in emergencies. |
'Kill switch' functionality is mentioned under risk controls for automated trading. | |
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Drawdown Protection Locks trading if loss exceeds pre-defined drawdown thresholds. |
Pre-defined trading risk and drawdown thresholds are configurable, according to product literature. | |
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Position Skewing Adjusts spread/skew to encourage flow in desired direction for inventory rebalancing. |
Spread/skew adjustments for inventory management described in product use case. | |
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Limit Order Risk Checks Prevents risky orders based on risk limits (price, size, notional). |
Risk checks on all order submissions supported in trading logic. | |
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Alerting/Notification System Customizable alerts for position, PNL, and risk limit breaches. |
Customizable alerts and notification triggers part of the platform monitoring suite. | |
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Position Decay Controls Automated position unwinding or reduction as risk increases. |
Automated controls for unwinding/reducing position as risk increases are part of risk features. | |
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Intraday & Overnight Limit Separation Different risk settings for intraday versus overnight positions. |
KX supports different risk controls for intraday/overnight, configurable in the solution. | |
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Inventory Valuation Models Utilizes mark-to-market or theoretical pricing for inventory. |
Supports real-time inventory valuation with plug-in models. |
Connectivity & Market Access
(5 Yes /5 Known /11 Possible features)
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Low-Latency Market Data Support Receives and processes exchange market data feeds at minimal latency. |
Ultra-fast data ingestion and very low-latency design are highlighted capabilities. | |
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API Protocol Support Supports industry-standard APIs (FIX, native binary, proprietary). |
Industry-standard API (FIX, REST, proprietary) support for exchange and broker integration. | |
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Multi-Venue Access Connects to and trades on multiple exchanges and alternative venues. |
Supports multi-venue, multi-asset connectivity for execution. | |
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Redundant Connectivity Offers failover and backup connections to minimize downtime. |
No information available | |
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Direct Market Access (DMA) Supports direct order entry and receipt of market data from venues. |
DMA is a key use case promoted for KX in algorithmic trading. | |
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Co-Location Compatibility Designed to run in co-located data centers near exchanges. |
No information available | |
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Data Throughput Capacity Handles large inbound/outbound data rates. |
undefined KX is used for tick-data ingest and large streaming analytics, implying large throughput. |
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Exchange Drop Copy Integration Accepts drop copy feeds for reconciliation and resilience. |
No information available | |
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Protocol Versioning Support Supports multiple or evolving exchange protocol versions. |
No information available | |
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Gateway Hot Reload Allows gateway or connection parameters to be updated without downtime. |
No information available | |
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Smart Venue Selection/Rerouting Automatically reroutes orders based on venue conditions (latency, quality, fees). |
No information available |
Market Data Handling
(9 Yes /9 Known /10 Possible features)
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Tick-to-Trade Latency Elapsed time from market data tick receipt to order response. |
No information available | |
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Real-Time Depth Handling Processes full order book depth from venues. |
Processes full-depth market data, documented as common for KX use cases. | |
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Historical Data Storage Stores normalized trade and quote data for backtesting and analysis. |
Advanced backtesting requires deep historical data – product explicitly supports this. | |
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Market Data Normalization Standardizes data across different venues/formats. |
Standardizes/normalizes inbound market data for cross-venue strategies. | |
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Data Snapshot and Recording Regularly snapshots book state for replay or disaster recovery. |
Supports snapshotting, recording, and replay for both analytics and disaster recovery. | |
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Quote/Trade Event Filtering Filters or rate-limits market data events to avoid information overload. |
Filtering/rate-limiting of quote/event streams is programmable with KX. | |
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Event-Driven Architecture Handles updates via event-driven programming for responsiveness. |
KX supports event-driven architectures for high-frequency signal processing. | |
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Market Data Replay Replays data for simulation and forensic purposes. |
Market data replay for testing/simulation documented in the product data sheet. | |
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Data Feed Redundancy Supports failover between multiple independent market data feeds. |
High-availability features include market data feed redundancy support. | |
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Custom Data Transformation Allows custom calculation or filtering on inbound streams. |
Inbound market data streams can be filtered and transformed with user code. |
Algorithmic Strategy Management
(10 Yes /10 Known /10 Possible features)
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Strategy Library Supports multiple algorithmic strategies, both built-in and custom. |
Comprehensive library support for custom and pre-built algorithmic strategies. | |
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Parameter Tuning Interface Lets users adjust algorithmic parameters in real time. |
Enables live parameter tweaking of strategies for rapid competitive response. | |
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Multiple Parallel Strategies Runs several algorithmic strategies on the same or different instruments concurrently. |
Designed to run multiple algorithms in parallel on different assets/venues. | |
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Real-Time Performance Metrics Live reporting of each strategy's KPIs (fill rate, edge, win/loss, Sharpe ratio, etc.). |
Sophisticated analytics track real-time fill/edge metrics, per strategy. | |
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Strategy Hot Reload Allows algorithmic strategies to be updated without downtime. |
Live strategy updates/reloads are supported via dynamic code reload features. | |
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Strategy Version Control Tracks changes, rollbacks, and testing for all strategy deployments. |
Tracks strategy code and parameters using built-in versioning and rollback controls. | |
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Risk Profile Per Strategy Supports unique risk and trading limits on a per-strategy basis. |
Risk allocation and limits can be set independently per algorithm. | |
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Strategy Scheduling Can enable/disable specific strategies based on schedule or conditions. |
Schedule-based and event-based algorithm enablement are supported. | |
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Backtesting Integration Seamlessly integrates with historical data for offline testing. |
Includes robust backtesting, natively integrated with time-series data. | |
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Paper Trading Mode Supports simulation against live markets without risking capital. |
Paper/simulated trading mode available for testing strategies risk-free. |
Analytics and Reporting
(9 Yes /9 Known /10 Possible features)
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Real-Time PNL Reporting Instantaneous reporting of mark-to-market and realized PNL. |
Real-time PNL reporting is a standard output for all KX trading deployments. | |
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Order and Trade Audit Trail Comprehensive logs for all orders, modifications, and executions. |
Comprehensive audit trail for all actions is a compliance and debugging core feature. | |
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Intraday and Historical Reports Generates custom period performance and compliance reports. |
Custom and historical performance reports can be generated by the platform. | |
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Regulatory Reporting Support Builds required reports for regulatory compliance (e.g., MIFID, SEC rules). |
Supports generation of regulatory reports (e.g., MiFID II). | |
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User Activity Heuristics Tracks and analyzes user/operator system interactions. |
No information available | |
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Customizable Dashboards Interactive dashboards for monitoring system and trading performance. |
Interactive dashboarding (for system/trading metrics) is highlighted as key functionality. | |
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Data Export / API Access Exports analytics/reports or access them via secure APIs. |
Exports analytics reports and provides secure API access to them. | |
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Error/Incident Logging Captures and reports errors, exceptions, and incidents with context. |
Comprehensive error and incident logging supported for reliability and diagnostics. | |
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Latency Analysis Tools Provides latency and timing breakdowns for every order and market data event. |
Latency and timing breakdowns are part of the core analytics suite. | |
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Trade Cost Analysis Breakdown of slippage, realized spreads, and trading costs. |
Transaction cost analysis is offered alongside PNL and fill analytics. |
Latency and Performance Optimization
(4 Yes /4 Known /8 Possible features)
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End-to-End Roundtrip Latency Measures total time for market event to order action and back. |
No information available | |
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Tail Latency Metrics Reports and manages P99 and P99.9 latency outliers. |
No information available | |
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Deterministic Execution Algorithmic and system performance is predictable and consistent. |
Deterministic performance is a benefit of the KX engine in algorithmic flow. | |
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Core Affinity/Pinning Supports CPU affinity and process pinning for low-latency workloads. |
Platform supports CPU pinning/affinity for best low-latency execution. | |
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Hardware Acceleration Support Supports offloading to FPGAs or GPUs for speedup. |
No information available | |
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Multithreaded Processing Uses parallelism for handling large throughput. |
System processes are highly multithreaded to enable parallel execution and data handling. | |
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Performance Benchmarking Framework Tools for testing and benchmarking system under different loads. |
Benchmarking, backtesting, and stress testing tools are built in. | |
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Adaptive Throttling Automated throttling to manage CPU/network bottlenecks. |
No information available |
Security and Compliance
(6 Yes /6 Known /9 Possible features)
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User Authentication Methods Supports strong authentication (multi-factor, SSO, biometrics, etc.). |
Supports strong authentication methods and enterprise security best practices. | |
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Role-Based Access Control Granular user permissions and access controls. |
Role-based access and granular permissions can be assigned in the platform. | |
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Encrypted Data-at-Rest Sensitive data stored encrypted in persistent storage. |
All sensitive persistent data is encrypted at rest. | |
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Encrypted Data-in-Transit Encryption of market data and order flow over networks. |
Market data and order transmissions are encrypted in transit via TLS. | |
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Action Auditing Records and monitors all user/system actions for compliance. |
Comprehensive system/user action auditing included for compliance. | |
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Intrusion Detection Integration Detects and reports possible unauthorized access or anomalies. |
No information available | |
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Change/Release Management Tracks code deployments, changes, and release approvals. |
No information available | |
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Secure API Tokens Manages secure keys/tokens for API integrations. |
API integrations use secure token/key-based authentication. | |
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Compliance Workflow Automation Automates recurring compliance tasks, checklists, sign-offs, etc. |
No information available |
Configurability and Extensibility
(8 Yes /8 Known /9 Possible features)
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Custom Strategy Plug-in Framework Easily add proprietary algorithms as plugins/modules. |
Plug-in and modular algorithm development is a primary differentiator of KX. | |
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Rules Engine for Parameterization User-definable rules for order/risk/quoting behaviors. |
Supports user-defined rules and parameterization throughout the solution. | |
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Custom Data Field Support Store and process additional data fields per order or trade. |
Allows extra data fields to be appended per order/object as needed. | |
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Scriptable API Allows scripting and automation via language APIs (Python, Java, etc). |
Python scripting and custom language APIs are available. | |
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Modular System Architecture Add/remove/replace system components modularly. |
System is modular, with flexible componentization for scale. | |
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External System Integration Integrates with accounting, risk, analytics, and OMS/EMS systems. |
Integrates with external OMS, EMS, risk, compliance, and analytics. | |
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Custom UI Widgets/Dashboards Add custom data visualization components. |
Supports creation of custom dashboards and data visualization widgets. | |
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Flexible Deployment Options Supports on-premise, cloud, and hybrid deployments. |
Cloud, on-prem, and hybrid deployments all supported. | |
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Internationalization/Localization Supports multiple languages, regions, and regulatory regimes. |
No information available |
Monitoring and Operations
(9 Yes /9 Known /9 Possible features)
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Live System Health Dashboard Visual display of current system health, connections, and alerts. |
System health dash is included for monitoring real-time environments. | |
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Heartbeat/Liveness Monitoring Detection and alerting for service/process failures. |
Platform provides service/process uptime and health monitoring with heartbeat alerts. | |
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Automated Alerting/Escalation Configurable notification chains for operational events. |
Customizable automated alerting and notification chains for operational events. | |
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Granular Logging Levels Tunable log verbosity (info, debug, error). |
Log verbosity can be tuned (e.g., info/debug/error/critical) live. | |
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API/Service Health Probes Automated checks for endpoint/services health. |
Automated regular health checks (API/service endpoints) are system features. | |
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Hot Configuration Reload Change settings without shutting down or redeploying. |
Hot reload of configuration possible—no redeploy required for routine changes. | |
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Resource Usage Visualization Tracks and displays CPU, memory, network usage in real time. |
Resource usage (CPU, RAM, network) is visualized in system monitoring dashboards. | |
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Incident Record Keeping Tracks, time-stamps, and describes operational incidents. |
Incident and operational event records with timestamping are standard in KX. | |
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Automated Recovery Actions Can take pre-defined steps to recover from known issues. |
Configured to take automated recovery/remediation steps on known failure states. |
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