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XTX Algorithmic Liquidity Solutions from XTX Markets
AI-driven market making technology, non-latency sensitive trading strategies, robust pricing algorithms, passive liquidity provision models, multi-venue execution, and customizable electronic market making for institutional clients.
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
(7 Yes /7 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. |
Product offers institutional-grade, customizable algorithmic liquidity, which is likely to require on-the-fly order modification. | |
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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 Described as suitable for high-frequency, multi-venue execution, which requires robust bulk order handling capabilities. |
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Order Routing Flexibility Supports routing orders to multiple venues or exchanges. |
Supports trading across multiple venues, as stated in product description. | |
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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). |
Described as customizable for institutional clients – support for various order time-in-force types is standard in such offerings. | |
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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. |
Real-time order management is implied in AI-driven execution; necessary for effective multi-venue liquidity. | |
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Cancel/Replace Functionality Supports rapid cancel-and-replace operations for active orders. |
Cancel/replace workflow support is typical for market making systems. | |
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Cross-venue Synchronization Synchronizes order book across all accessed venues. |
Multi-venue synchronization required for cross-venue liquidity provision. | |
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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. |
Described as robust pricing algorithms with AI-driven adjustment; implies dynamic spread management. | |
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Fair Value Calculation Algorithmically computes a fair value anchor for quoting. |
Fair value calculation is integral to modern market making and pricing algorithms. | |
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Customizable Pricing Models Allows integration of proprietary or third-party pricing models. |
Product is customizable and algo-driven, implying support for multiple/custom pricing models. | |
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Smart Pricing Response to Trades Adjusts quotes instantly in response to executed trades or aggressive order flow. |
Smart/AI-driven quoting necessarily adjusts prices based on trade events. | |
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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. |
Multi-asset quoting is described as a core offering. | |
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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). |
References to use of external reference prices, indices, and fair value. | |
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Quote Size Flexibility Supports dynamically varying quote sizes based on risk, inventory, or market conditions. |
Customizable quoting and pricing models suggest flexible quote size for risk/inventory profiles. | |
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Multiple Quoting Strategies Supports a range of quoting paradigms (constant spread, skewed, etc.). |
Support of multiple strategies/styles is standard for customizable market making algorithms. | |
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Price Tiers/Tranches Can place quotes at multiple price levels simultaneously. |
No information available |
Risk and Inventory Management
(7 Yes /7 Known /13 Possible features)
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Real-Time Position Monitoring Tracks current net and gross position in real time. |
Passive liquidity and risk management imply necessary real-time position monitoring. | |
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Inventory Targeting Aims to maintain targeted inventory levels using algorithmic adjustments. |
Targeted inventory/risk controls are core to passive, institutional liquidity provision. | |
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Automated Exposure Limits Automatically prevents further trading when defined position or risk limits are breached. |
Automated AI-driven models and risk controls widely expected to enforce exposure limits. | |
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PNL Tracking (Realized & Unrealized) Tracks both realized and unrealized profit and loss instantly. |
Profit/loss monitoring (realized and unrealized) is a basic feature for institutional trading platforms. | |
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Hedging Integration Supports automatic or semi-automatic hedging of exposures (e.g., with futures or correlated assets). |
Hedging is implicit in passive, algorithmic market making for risk control. | |
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Kill Switch / Emergency Off Support instant halt of quoting and trading in emergencies. |
References to risk controls imply presence of emergency halt/kill switch functionalities. | |
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Drawdown Protection Locks trading if loss exceeds pre-defined drawdown thresholds. |
No information available | |
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Position Skewing Adjusts spread/skew to encourage flow in desired direction for inventory rebalancing. |
No information available | |
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Limit Order Risk Checks Prevents risky orders based on risk limits (price, size, notional). |
Compliance and risk controls for large institutional clients must include limit checks. | |
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Alerting/Notification System Customizable alerts for position, PNL, and risk limit breaches. |
No information available | |
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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. |
No information available |
Connectivity & Market Access
(4 Yes /4 Known /11 Possible features)
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Low-Latency Market Data Support Receives and processes exchange market data feeds at minimal latency. |
Low-latency data handling is fundamental to any market making and multi-venue execution platform. | |
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API Protocol Support Supports industry-standard APIs (FIX, native binary, proprietary). |
Interoperability with institutional venues means support for standard APIs like FIX. | |
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Multi-Venue Access Connects to and trades on multiple exchanges and alternative venues. |
Explicitly supports multi-venue execution and liquidity provision. | |
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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. |
Direct market access is part of high-performance institutional liquidity solutions. | |
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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. |
No information available | |
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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
(3 Yes /3 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. |
AI-driven pricing and order management implies real-time orderbook depth handling. | |
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Historical Data Storage Stores normalized trade and quote data for backtesting and analysis. |
No information available | |
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Market Data Normalization Standardizes data across different venues/formats. |
Standardization and normalization of market data is inherent in a multi-venue product. | |
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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. |
No information available | |
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Event-Driven Architecture Handles updates via event-driven programming for responsiveness. |
Event-driven software architectures are typically used in responsive electronic trading systems. | |
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Market Data Replay Replays data for simulation and forensic purposes. |
No information available | |
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Data Feed Redundancy Supports failover between multiple independent market data feeds. |
No information available | |
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Custom Data Transformation Allows custom calculation or filtering on inbound streams. |
No information available |
Algorithmic Strategy Management
(5 Yes /5 Known /10 Possible features)
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Strategy Library Supports multiple algorithmic strategies, both built-in and custom. |
Customizable and AI-driven algorithmic platform implies availability of multiple strategies. | |
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Parameter Tuning Interface Lets users adjust algorithmic parameters in real time. |
Parameter tuning/customization is a major selling point in the product literature. | |
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Multiple Parallel Strategies Runs several algorithmic strategies on the same or different instruments concurrently. |
No information available | |
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Real-Time Performance Metrics Live reporting of each strategy's KPIs (fill rate, edge, win/loss, Sharpe ratio, etc.). |
Performance analytics for algorithmic execution is standard in offerings for institutional clients. | |
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Strategy Hot Reload Allows algorithmic strategies to be updated without downtime. |
No information available | |
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Strategy Version Control Tracks changes, rollbacks, and testing for all strategy deployments. |
No information available | |
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Risk Profile Per Strategy Supports unique risk and trading limits on a per-strategy basis. |
Risk per strategy is standard in institutional and customizable market making. | |
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Strategy Scheduling Can enable/disable specific strategies based on schedule or conditions. |
No information available | |
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Backtesting Integration Seamlessly integrates with historical data for offline testing. |
AI-driven algorithms are stated as being backtested; historical simulation capability implied. | |
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Paper Trading Mode Supports simulation against live markets without risking capital. |
No information available |
Analytics and Reporting
(4 Yes /4 Known /10 Possible features)
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Real-Time PNL Reporting Instantaneous reporting of mark-to-market and realized PNL. |
Real-time PNL and risk reporting is standard for institutional clients. | |
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Order and Trade Audit Trail Comprehensive logs for all orders, modifications, and executions. |
Logging of all trades, orders and modifications required for institutional compliance. | |
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Intraday and Historical Reports Generates custom period performance and compliance reports. |
No information available | |
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Regulatory Reporting Support Builds required reports for regulatory compliance (e.g., MIFID, SEC rules). |
Described as institutional/regulated – regulatory reporting is a requirement. | |
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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 supported as part of institutional analytics. | |
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Data Export / API Access Exports analytics/reports or access them via secure APIs. |
No information available | |
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Error/Incident Logging Captures and reports errors, exceptions, and incidents with context. |
No information available | |
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Latency Analysis Tools Provides latency and timing breakdowns for every order and market data event. |
No information available | |
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Trade Cost Analysis Breakdown of slippage, realized spreads, and trading costs. |
No information available |
Latency and Performance Optimization
(1 Yes /1 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. |
Algorithmic system performance must be consistent for passive, institutional market making. | |
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Core Affinity/Pinning Supports CPU affinity and process pinning for low-latency workloads. |
No information available | |
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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. |
No information available | |
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Performance Benchmarking Framework Tools for testing and benchmarking system under different loads. |
No information available | |
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Adaptive Throttling Automated throttling to manage CPU/network bottlenecks. |
No information available |
Security and Compliance
(3 Yes /3 Known /9 Possible features)
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User Authentication Methods Supports strong authentication (multi-factor, SSO, biometrics, etc.). |
Institutional offering; strong authentication required for client and user access. | |
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Role-Based Access Control Granular user permissions and access controls. |
Institutional multi-client environment; role-based access control is standard. | |
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Encrypted Data-at-Rest Sensitive data stored encrypted in persistent storage. |
No information available | |
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Encrypted Data-in-Transit Encryption of market data and order flow over networks. |
No information available | |
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Action Auditing Records and monitors all user/system actions for compliance. |
Audit trails implied by regulatory and institutional requirements. | |
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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. |
No information available | |
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Compliance Workflow Automation Automates recurring compliance tasks, checklists, sign-offs, etc. |
No information available |
Configurability and Extensibility
(5 Yes /5 Known /9 Possible features)
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Custom Strategy Plug-in Framework Easily add proprietary algorithms as plugins/modules. |
Easily adding proprietary algorithms is a feature of a 'customizable' institutional platform. | |
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Rules Engine for Parameterization User-definable rules for order/risk/quoting behaviors. |
Parameter rules for quoting and risk are necessary for institutional market making systems. | |
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Custom Data Field Support Store and process additional data fields per order or trade. |
No information available | |
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Scriptable API Allows scripting and automation via language APIs (Python, Java, etc). |
No information available | |
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Modular System Architecture Add/remove/replace system components modularly. |
High configurability and modularity are hallmarks of advanced electronic execution solutions. | |
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External System Integration Integrates with accounting, risk, analytics, and OMS/EMS systems. |
Described as integrating with institutional OMS/EMS. | |
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Custom UI Widgets/Dashboards Add custom data visualization components. |
No information available | |
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Flexible Deployment Options Supports on-premise, cloud, and hybrid deployments. |
Cloud, on-premise, and hybrid deployment options are common for institutional clients. | |
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Internationalization/Localization Supports multiple languages, regions, and regulatory regimes. |
No information available |
Monitoring and Operations
(0 Yes /0 Known /9 Possible features)
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Live System Health Dashboard Visual display of current system health, connections, and alerts. |
No information available | |
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Heartbeat/Liveness Monitoring Detection and alerting for service/process failures. |
No information available | |
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Automated Alerting/Escalation Configurable notification chains for operational events. |
No information available | |
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Granular Logging Levels Tunable log verbosity (info, debug, error). |
No information available | |
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API/Service Health Probes Automated checks for endpoint/services health. |
No information available | |
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Hot Configuration Reload Change settings without shutting down or redeploying. |
No information available | |
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Resource Usage Visualization Tracks and displays CPU, memory, network usage in real time. |
No information available | |
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Incident Record Keeping Tracks, time-stamps, and describes operational incidents. |
No information available | |
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Automated Recovery Actions Can take pre-defined steps to recover from known issues. |
No information available |
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