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Tower Trading Technology from Tower Research Capital
High-frequency trading infrastructure for market making with ultra-low latency execution, proprietary algorithms, statistical arbitrage tools, automated risk management, and multi-venue connectivity across global markets and asset classes.
More about Tower Research Capital
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
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Order Management
(8 Yes /8 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. |
Live quote adjusting and market making strategies require rapid 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. |
No information available | |
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Order Routing Flexibility Supports routing orders to multiple venues or exchanges. |
Multi-venue connectivity across global markets implies flexible routing capabilities. | |
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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). |
Support for various order durations (IOC/FOK/GTC) is typical in professional HFT stacks. | |
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Automated Order Throttling Limits order rate automatically to comply with venue or regulatory constraints. |
Automated risk management likely includes order throttling for compliance and exchange rules. | |
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Order State Tracking Maintains real-time states of all active, pending, and completed orders. |
Real-time position and order state tracking is integral to automated HFT/risk systems. | |
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Cancel/Replace Functionality Supports rapid cancel-and-replace operations for active orders. |
Cancel/replace is a basic feature for any high-frequency market making strategy. | |
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Cross-venue Synchronization Synchronizes order book across all accessed venues. |
Multi-venue connectivity requires cross-venue order book synchronization. | |
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Order Sequencing Consistency Maintains order of operations for audit and disaster recovery. |
Maintaining sequencing is vital for audit/disaster recovery in HFT stacks. | |
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Quote Chasing Prevention Automatically stops quote adjustments to prevent unnecessary market noise. |
No information available |
Pricing and Quoting
(11 Yes /11 Known /12 Possible features)
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Dynamic Spread Adjustment Automatically widens or narrows spreads based on market volatility. |
Advanced quoting strategies and market making imply dynamic spread adjustment tools. | |
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Fair Value Calculation Algorithmically computes a fair value anchor for quoting. |
Sophisticated quoting engines require robust fair value models as anchors. | |
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Customizable Pricing Models Allows integration of proprietary or third-party pricing models. |
Product supports proprietary algorithms and likely custom model injection. | |
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Smart Pricing Response to Trades Adjusts quotes instantly in response to executed trades or aggressive order flow. |
Smart quoting response to aggressive trades is a core HFT/market making requirement. | |
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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. |
Latency aware algorithms that adapt are common in HFT; expected in Tower's stack. | |
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Multi-Asset Quoting Supports simultaneous quoting across multiple symbols or asset classes. |
Simultaneous quoting across multiple asset classes and venues is explicitly advertised. | |
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Auto-Quote Pausing Pauses quoting in response to failed checks or detected anomalies. |
Automated risk controls, including pausing on anomalies, are part of Tower's system. | |
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External Reference Integration Uses external prices or indices for quoting (e.g., consolidated tape, futures fair value). |
Statistical arbitrage and fair value quoting require external price/reference data ingestion. | |
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Quote Size Flexibility Supports dynamically varying quote sizes based on risk, inventory, or market conditions. |
Quote size adjustable to inventory/risk is standard for advanced market making engines. | |
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Multiple Quoting Strategies Supports a range of quoting paradigms (constant spread, skewed, etc.). |
Supports multiple quoting paradigms (constant spread, skewed), as expected. | |
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Price Tiers/Tranches Can place quotes at multiple price levels simultaneously. |
Ability to place quotes at multiple levels is standard in market making/HFT. |
Risk and Inventory Management
(11 Yes /11 Known /13 Possible features)
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Real-Time Position Monitoring Tracks current net and gross position in real time. |
Automated risk system provides real-time net/gross monitoring. | |
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Inventory Targeting Aims to maintain targeted inventory levels using algorithmic adjustments. |
Automated inventory balancing/targeting is standard in professional market making DES. | |
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Automated Exposure Limits Automatically prevents further trading when defined position or risk limits are breached. |
Risk limits are enforced automatically to prevent over-positioning — core HFT feature. | |
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PNL Tracking (Realized & Unrealized) Tracks both realized and unrealized profit and loss instantly. |
Both realized/unrealized PNL tracking in real time is fundamental for automated trading. | |
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Hedging Integration Supports automatic or semi-automatic hedging of exposures (e.g., with futures or correlated assets). |
Hedging capabilities with correlated instruments (futures, etc.) are standard. | |
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Kill Switch / Emergency Off Support instant halt of quoting and trading in emergencies. |
Instant kill switches/emergency off required for all professional HFT/market making systems. | |
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Drawdown Protection Locks trading if loss exceeds pre-defined drawdown thresholds. |
Drawdown protection and loss limits are a best-practice risk control for HFT. | |
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Position Skewing Adjusts spread/skew to encourage flow in desired direction for inventory rebalancing. |
Spread/skew techniques for inventory management typical in Tower's domain. | |
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Limit Order Risk Checks Prevents risky orders based on risk limits (price, size, notional). |
All listed features suggest robust pre-trade risk checks, which include limit checks. | |
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Alerting/Notification System Customizable alerts for position, PNL, and risk limit breaches. |
Customizable alerting/notification for risk and PNL breaches is a modern, standard feature. | |
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Position Decay Controls Automated position unwinding or reduction as risk increases. |
No information available | |
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Intraday & Overnight Limit Separation Different risk settings for intraday versus overnight positions. |
No information available | |
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Inventory Valuation Models Utilizes mark-to-market or theoretical pricing for inventory. |
Both mark-to-market and theoretical pricing are likely available for HFT inventory analysis. |
Connectivity & Market Access
(10 Yes /10 Known /11 Possible features)
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Low-Latency Market Data Support Receives and processes exchange market data feeds at minimal latency. |
Ultra-low latency feeds are the cornerstone of Tower's execution stack. | |
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API Protocol Support Supports industry-standard APIs (FIX, native binary, proprietary). |
FIX/native/proprietary API support is required for multi-venue HFT. | |
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Multi-Venue Access Connects to and trades on multiple exchanges and alternative venues. |
Expressly marketed as multi-venue/global connectivity. | |
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Redundant Connectivity Offers failover and backup connections to minimize downtime. |
Redundant connections/failover is best practice and expected for HFT venue access. | |
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Direct Market Access (DMA) Supports direct order entry and receipt of market data from venues. |
DMA is fundamental to low latency HFT/market making. | |
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Co-Location Compatibility Designed to run in co-located data centers near exchanges. |
HFT market makers often operate in co-location centres to minimize latency. | |
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Data Throughput Capacity Handles large inbound/outbound data rates. |
No information available | |
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Exchange Drop Copy Integration Accepts drop copy feeds for reconciliation and resilience. |
Professional HFT stacks universally support drop-copy for reconciliations. | |
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Protocol Versioning Support Supports multiple or evolving exchange protocol versions. |
Multi-venue/market support necessitates handling evolving protocol versions. | |
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Gateway Hot Reload Allows gateway or connection parameters to be updated without downtime. |
HFT architectures need ability to update connection parameters without downtime. | |
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Smart Venue Selection/Rerouting Automatically reroutes orders based on venue conditions (latency, quality, fees). |
Smart venue rerouting is typically built into best-of-breed market making platforms. |
Market Data Handling
(8 Yes /8 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. |
Real-time full book depth is critical for modern HFT/market making. | |
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Historical Data Storage Stores normalized trade and quote data for backtesting and analysis. |
Historical data storage for backtesting is a standard algorithmic trading feature. | |
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Market Data Normalization Standardizes data across different venues/formats. |
Standardizing data feeds across venues/formats necessary for multi-venue HFT. | |
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Data Snapshot and Recording Regularly snapshots book state for replay or disaster recovery. |
No information available | |
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Quote/Trade Event Filtering Filters or rate-limits market data events to avoid information overload. |
Market data event filtering is a basic feature for handling global venue feeds. | |
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Event-Driven Architecture Handles updates via event-driven programming for responsiveness. |
Event-driven architectures are common in low latency, high-throughput trading systems. | |
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Market Data Replay Replays data for simulation and forensic purposes. |
Market data replay for simulation/analytics is a standard analytics and compliance feature. | |
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Data Feed Redundancy Supports failover between multiple independent market data feeds. |
Redundant market data feeds are basic for reliability in global HFT. | |
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Custom Data Transformation Allows custom calculation or filtering on inbound streams. |
Custom data transform — common in advanced proprietary HFT setups. |
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. |
Strategy libraries with custom/proprietary algorithms are explicitly referenced. | |
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Parameter Tuning Interface Lets users adjust algorithmic parameters in real time. |
Parameter tuning interfaces are part of all modern automated trading infrastructure. | |
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Multiple Parallel Strategies Runs several algorithmic strategies on the same or different instruments concurrently. |
HFT strategies are run in parallel on multiple markets/instruments — highly likely. | |
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Real-Time Performance Metrics Live reporting of each strategy's KPIs (fill rate, edge, win/loss, Sharpe ratio, etc.). |
Real-time performance metrics calculation is a key need for any proprietary trading operation. | |
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Strategy Hot Reload Allows algorithmic strategies to be updated without downtime. |
Ability to update running strategies without downtime is an advanced HFT operations feature. | |
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Strategy Version Control Tracks changes, rollbacks, and testing for all strategy deployments. |
Strategy version and rollback management is expected in large industrial HFT shops. | |
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Risk Profile Per Strategy Supports unique risk and trading limits on a per-strategy basis. |
Risk and exposure segregated per strategy is standard for multi-strategy market making. | |
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Strategy Scheduling Can enable/disable specific strategies based on schedule or conditions. |
Strategies may be scheduled, enabled, or disabled based on market/regime — supported. | |
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Backtesting Integration Seamlessly integrates with historical data for offline testing. |
Backtesting is required for developing and validating proprietary trading algorithms. | |
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Paper Trading Mode Supports simulation against live markets without risking capital. |
Paper trading and robust simulation are standard functions for risk-free testing. |
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 mark-to-market and realized PNL reporting feature is directly referenced. | |
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Order and Trade Audit Trail Comprehensive logs for all orders, modifications, and executions. |
Automated market making must keep full logs for compliance & audit. | |
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Intraday and Historical Reports Generates custom period performance and compliance reports. |
Intraday and historical reports are standard for performance tracking/analysis. | |
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Regulatory Reporting Support Builds required reports for regulatory compliance (e.g., MIFID, SEC rules). |
Regulatory reporting required for market participation. | |
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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. |
Customizable dashboards for system/trade monitoring are typical. | |
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Data Export / API Access Exports analytics/reports or access them via secure APIs. |
API/data export available in professional-grade HFT platforms. | |
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Error/Incident Logging Captures and reports errors, exceptions, and incidents with context. |
Robust error/incident logging is core to HFT systems ops. | |
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Latency Analysis Tools Provides latency and timing breakdowns for every order and market data event. |
Latency/timing analysis is key for performance tuning in HFT. | |
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Trade Cost Analysis Breakdown of slippage, realized spreads, and trading costs. |
Trade cost analysis is critical for evaluating algo performance. |
Latency and Performance Optimization
(6 Yes /6 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 execution is fundamental to HFT performance/consistency. | |
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Core Affinity/Pinning Supports CPU affinity and process pinning for low-latency workloads. |
Core affinity/pinning is a standard performance optimization in HFT systems. | |
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Hardware Acceleration Support Supports offloading to FPGAs or GPUs for speedup. |
Top HFT shops use FPGAs/GPUs for further latency reduction. | |
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Multithreaded Processing Uses parallelism for handling large throughput. |
Multithreaded/parallelized code is standard for throughput/latency management. | |
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Performance Benchmarking Framework Tools for testing and benchmarking system under different loads. |
Performance benchmarking frameworks are required for optimizing infrastructure. | |
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Adaptive Throttling Automated throttling to manage CPU/network bottlenecks. |
Adaptive throttling is required to avoid resource bottlenecks in real time. |
Security and Compliance
(8 Yes /8 Known /9 Possible features)
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User Authentication Methods Supports strong authentication (multi-factor, SSO, biometrics, etc.). |
Strong user authentication (including SSO, MFA) is ubiquitous in financial systems. | |
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Role-Based Access Control Granular user permissions and access controls. |
Role-based controls are necessary for compliance/security in regulated environments. | |
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Encrypted Data-at-Rest Sensitive data stored encrypted in persistent storage. |
Encryption of data at rest is required for sensitive trade/risk data. | |
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Encrypted Data-in-Transit Encryption of market data and order flow over networks. |
Encrypted data transport is best practice and standard in all modern algo trading infra. | |
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Action Auditing Records and monitors all user/system actions for compliance. |
Audit logging for compliance is expected in regulated/high-value transactions. | |
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Intrusion Detection Integration Detects and reports possible unauthorized access or anomalies. |
Intrusion detection and anomaly monitoring is standard for security. | |
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Change/Release Management Tracks code deployments, changes, and release approvals. |
Change and release management is required in industrial/high-performance setups. | |
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Secure API Tokens Manages secure keys/tokens for API integrations. |
Secure API key/token management is required for integration/security. | |
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Compliance Workflow Automation Automates recurring compliance tasks, checklists, sign-offs, etc. |
No information available |
Configurability and Extensibility
(9 Yes /9 Known /9 Possible features)
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Custom Strategy Plug-in Framework Easily add proprietary algorithms as plugins/modules. |
Custom strategy engines/plugins are key differentiators for proprietary HFT. | |
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Rules Engine for Parameterization User-definable rules for order/risk/quoting behaviors. |
Rules engines for parameterization/configuration are normal for rapid adaption. | |
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Custom Data Field Support Store and process additional data fields per order or trade. |
Custom data field support is typical to record proprietary info per trade/order. | |
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Scriptable API Allows scripting and automation via language APIs (Python, Java, etc). |
Scriptable APIs (Python, Java...) are standard for advanced users and integration. | |
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Modular System Architecture Add/remove/replace system components modularly. |
Modular, replaceable architectures are required for performance and maintenance. | |
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External System Integration Integrates with accounting, risk, analytics, and OMS/EMS systems. |
External integration (accounting, analytics) expected at this level. | |
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Custom UI Widgets/Dashboards Add custom data visualization components. |
Custom UI widgets/dashboards are common for internal trading operations. | |
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Flexible Deployment Options Supports on-premise, cloud, and hybrid deployments. |
Flexible deployment models (on-prem, cloud, hybrid) are broadly supported by top vendors. | |
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Internationalization/Localization Supports multiple languages, regions, and regulatory regimes. |
Internationalization/localization is required for global multi-venue operations. |
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 dashboards are standard for monitoring in mission-critical HFT stacks. | |
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Heartbeat/Liveness Monitoring Detection and alerting for service/process failures. |
Heartbeat/liveness monitoring is basic for HFT/financial infra availability. | |
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Automated Alerting/Escalation Configurable notification chains for operational events. |
Configurable automated alerting/escalation is standard for NOC/support. | |
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Granular Logging Levels Tunable log verbosity (info, debug, error). |
Granular logging control is expected in all modern infrastructure. | |
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API/Service Health Probes Automated checks for endpoint/services health. |
API/service health probes are now mainstream in fintech. | |
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Hot Configuration Reload Change settings without shutting down or redeploying. |
Hot configuration reload is typical in non-disruptive HFT deployments. | |
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Resource Usage Visualization Tracks and displays CPU, memory, network usage in real time. |
Resource usage stats are essential for HFT infrastructure optimization. | |
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Incident Record Keeping Tracks, time-stamps, and describes operational incidents. |
Incident record-keeping is crucial for regulated/high-incident environments. | |
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Automated Recovery Actions Can take pre-defined steps to recover from known issues. |
Automated recovery actions are a staple of resilient HFT systems. |
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