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GTS Automated Trading Platform from GTS (Global Trading Systems)
Advanced market making algorithms, electronic liquidity provision systems, high-speed execution technology, AI-driven trading models, cross-asset class optimization, and designated market maker (DMM) capabilities.
More about GTS (Global Trading Systems)
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
(9 Yes /9 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. |
Advanced market making algorithms and high-speed execution imply support for 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. |
No information available | |
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Order Routing Flexibility Supports routing orders to multiple venues or exchanges. |
Cross-venue and cross-asset optimization implies order routing flexibility. | |
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Iceberg/Reserve Orders Supports submission of partial-displayed (iceberg) orders. |
Advanced algorithms support complex order types including icebergs/hidden, common in market making. | |
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Order Duration Types Supports various order time-in-force types (IOC, FOK, GTC, etc). |
Support for institutional trading implies multiple duration types (e.g. IOC, FOK, GTC). | |
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Automated Order Throttling Limits order rate automatically to comply with venue or regulatory constraints. |
Compliance with exchange rules and automated workflows suggest automated throttling. | |
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Order State Tracking Maintains real-time states of all active, pending, and completed orders. |
High-speed execution implies strict real-time order state tracking. | |
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Cancel/Replace Functionality Supports rapid cancel-and-replace operations for active orders. |
Cancel/replace is an industry staple for HFT and market making. | |
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Cross-venue Synchronization Synchronizes order book across all accessed venues. |
DMM capabilities require cross-venue/order book synchronization. | |
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Order Sequencing Consistency Maintains order of operations for audit and disaster recovery. |
Audit-grade infrastructure for compliance and disaster recovery, as implied in regulated DMM activity. | |
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Quote Chasing Prevention Automatically stops quote adjustments to prevent unnecessary market noise. |
No information available |
Pricing and Quoting
(10 Yes /10 Known /12 Possible features)
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Dynamic Spread Adjustment Automatically widens or narrows spreads based on market volatility. |
AI-driven models and response to market conditions suggest dynamic spread adjustment. | |
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Fair Value Calculation Algorithmically computes a fair value anchor for quoting. |
Fair value calculation is a key function of any market making algorithm. | |
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Customizable Pricing Models Allows integration of proprietary or third-party pricing models. |
Notes mention AI-driven and cross-asset optimization, implying plug-and-play pricing models. | |
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Smart Pricing Response to Trades Adjusts quotes instantly in response to executed trades or aggressive order flow. |
Instant adjustment to executed trades is standard in modern market making engines. | |
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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 adaptation is required for high-speed execution and AI-driven models. | |
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Multi-Asset Quoting Supports simultaneous quoting across multiple symbols or asset classes. |
Cross-asset and multi-venue quoting functionality are implied by cross-asset class platform description. | |
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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). |
Reference to index/futures fair value is common in DMM quoting. | |
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Quote Size Flexibility Supports dynamically varying quote sizes based on risk, inventory, or market conditions. |
Quote size flexibility is typically included in cross-asset market making platforms. | |
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Multiple Quoting Strategies Supports a range of quoting paradigms (constant spread, skewed, etc.). |
Multiple quoting paradigms needed for 'advanced market making algorithms'. | |
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Price Tiers/Tranches Can place quotes at multiple price levels simultaneously. |
AI-driven quoting and DMM flexibility indicate use of price tranches/tiers. |
Risk and Inventory Management
(9 Yes /9 Known /13 Possible features)
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Real-Time Position Monitoring Tracks current net and gross position in real time. |
Real-time inventory and risk management are core to these trading systems. | |
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Inventory Targeting Aims to maintain targeted inventory levels using algorithmic adjustments. |
Inventory targeting is a basic functionality for market making automation. | |
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Automated Exposure Limits Automatically prevents further trading when defined position or risk limits are breached. |
Automated risk/configurable trading limits mentioned in regulatory discussions of DMMs. | |
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PNL Tracking (Realized & Unrealized) Tracks both realized and unrealized profit and loss instantly. |
PNL tracking is industry standard for market making and HFT. | |
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Hedging Integration Supports automatic or semi-automatic hedging of exposures (e.g., with futures or correlated assets). |
Automatic and semi-automatic hedging is a key function of institutional market making. | |
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Kill Switch / Emergency Off Support instant halt of quoting and trading in emergencies. |
Kill switch is a regulatory requirement for market making systems. | |
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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. |
Sophisticated inventory management implies some form of spread/skew adjustment for rebalancing. | |
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Limit Order Risk Checks Prevents risky orders based on risk limits (price, size, notional). |
Limit check frameworks are always present in systems with institutional/regulatory-grade controls. | |
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Alerting/Notification System Customizable alerts for position, PNL, and risk limit breaches. |
Custom notifications and alerts required for real-time trading supervision. | |
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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
(8 Yes /8 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 market data is fundamental for high-speed execution technology and HFT. | |
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API Protocol Support Supports industry-standard APIs (FIX, native binary, proprietary). |
API protocol support (FIX, proprietary) is required for market participation at scale. | |
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Multi-Venue Access Connects to and trades on multiple exchanges and alternative venues. |
Multi-venue trading and cross-asset optimization require multiple venue connections. | |
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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 default in institutional proprietary trading and market making platforms. | |
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Co-Location Compatibility Designed to run in co-located data centers near exchanges. |
Co-location is fundamental for low-latency market making and HFT. | |
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Data Throughput Capacity Handles large inbound/outbound data rates. |
undefined High-speed systems require high data throughput to handle market feeds and order bursts. |
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Exchange Drop Copy Integration Accepts drop copy feeds for reconciliation and resilience. |
Drop copy feeds are standard for reconciliation and compliance. | |
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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). |
Automatic best-venue rerouting is expected in advanced algorithmic platforms. |
Market Data Handling
(7 Yes /7 Known /10 Possible features)
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Tick-to-Trade Latency Elapsed time from market data tick receipt to order response. |
undefined Tick-to-trade latency minimization is a headline performance metric in HFT/market making. |
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Real-Time Depth Handling Processes full order book depth from venues. |
Real-time depth handling is required for price formation and quoting. | |
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Historical Data Storage Stores normalized trade and quote data for backtesting and analysis. |
Backtesting and analytics require historical data retention. | |
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Market Data Normalization Standardizes data across different venues/formats. |
Platform supports normalization for cross-venue data. | |
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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 architectures are used in low-latency, high-frequency platforms. | |
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Market Data Replay Replays data for simulation and forensic purposes. |
Market data replay used in strategy development and compliance investigation. | |
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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. |
Custom calculations on inbound streams are supported by algorithmic frameworks. |
Algorithmic Strategy Management
(6 Yes /6 Known /10 Possible features)
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Strategy Library Supports multiple algorithmic strategies, both built-in and custom. |
Multiple strategies and AI indicate support for a strategy library. | |
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Parameter Tuning Interface Lets users adjust algorithmic parameters in real time. |
AI-driven and flexible algorithms require parameter tuning interfaces. | |
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Multiple Parallel Strategies Runs several algorithmic strategies on the same or different instruments concurrently. |
Parallel strategy support implied by scale and cross-asset optimization. | |
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Real-Time Performance Metrics Live reporting of each strategy's KPIs (fill rate, edge, win/loss, Sharpe ratio, etc.). |
Institutional trading infrastructure must support real-time KPIs. | |
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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 management on a per-strategy basis required in AI-driven, multi-asset platforms. | |
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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. |
Historical data storage and strategy integration imply backtesting. | |
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Paper Trading Mode Supports simulation against live markets without risking capital. |
No information available |
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 is industry standard and essential for risk/algos. | |
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Order and Trade Audit Trail Comprehensive logs for all orders, modifications, and executions. |
Comprehensive audit trail required for DMM regulatory compliance. | |
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Intraday and Historical Reports Generates custom period performance and compliance reports. |
Reporting framework for intraday/historical is expected in these systems. | |
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Regulatory Reporting Support Builds required reports for regulatory compliance (e.g., MIFID, SEC rules). |
Regulatory reporting is mandatory for registered market makers and broker-dealers. | |
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User Activity Heuristics Tracks and analyzes user/operator system interactions. |
Advanced analytics supports operator behavior heuristics. | |
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Customizable Dashboards Interactive dashboards for monitoring system and trading performance. |
Institutional users require advanced dashboarding. | |
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Data Export / API Access Exports analytics/reports or access them via secure APIs. |
Product is expected to offer analytics via APIs/data export for third-party analysis. | |
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Error/Incident Logging Captures and reports errors, exceptions, and incidents with context. |
Error logging is a foundational requirement for institutional financial infrastructure. | |
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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. |
Trade cost/slippage analytics is expected in institutional platforms. |
Latency and Performance Optimization
(3 Yes /3 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 critical for HFT and compliance. | |
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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. |
Hardware acceleration (e.g. FPGAs) is widely used among HFT and DMMs. | |
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Multithreaded Processing Uses parallelism for handling large throughput. |
Multi-threaded processing is standard for high-throughput algorithmic trading. | |
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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
(7 Yes /7 Known /9 Possible features)
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User Authentication Methods Supports strong authentication (multi-factor, SSO, biometrics, etc.). |
Strong authentication is required by trading firms for access to critical systems. | |
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Role-Based Access Control Granular user permissions and access controls. |
Role-based access control is standard in institutional applications. | |
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Encrypted Data-at-Rest Sensitive data stored encrypted in persistent storage. |
Encrypted data at rest aligns with industry standard infosec practices. | |
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Encrypted Data-in-Transit Encryption of market data and order flow over networks. |
Encrypted data in transit is required for any trading/financial product. | |
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Action Auditing Records and monitors all user/system actions for compliance. |
Comprehensive audit logs are necessary for compliance in regulated markets. | |
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Intrusion Detection Integration Detects and reports possible unauthorized access or anomalies. |
Intrusion detection is standard for large trading operations. | |
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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. |
Secure tokens for API are standard for external integration. | |
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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. |
Market making platforms typically support plugging in proprietary strategies. | |
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Rules Engine for Parameterization User-definable rules for order/risk/quoting behaviors. |
Configurable order/risk/quote rules implied by advanced algorithm support. | |
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Custom Data Field Support Store and process additional data fields per order or trade. |
System is likely to allow storing/using extra custom order/trade fields. | |
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Scriptable API Allows scripting and automation via language APIs (Python, Java, etc). |
Scriptable API is standard for automated trading infrastructure for integration with Python, etc. | |
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Modular System Architecture Add/remove/replace system components modularly. |
Modular architecture fundamental to large-scale market making systems. | |
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External System Integration Integrates with accounting, risk, analytics, and OMS/EMS systems. |
Advanced platforms integrate with other OMS/EMS, risk, and vendor tools. | |
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Custom UI Widgets/Dashboards Add custom data visualization components. |
Custom dashboards/UI widgets standard for trading desks. | |
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Flexible Deployment Options Supports on-premise, cloud, and hybrid deployments. |
Flexible deployment is expected for modern institutional scale trading products. | |
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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. |
Live system health dashboards are standard for high-availability operations. | |
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Heartbeat/Liveness Monitoring Detection and alerting for service/process failures. |
Heartbeat monitoring is a standard ops feature in mission-critical trading infrastructure. | |
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Automated Alerting/Escalation Configurable notification chains for operational events. |
Automated alerting/escalation is needed for 24/7 market ops. | |
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Granular Logging Levels Tunable log verbosity (info, debug, error). |
Granular logging is required for debugging and compliance. | |
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API/Service Health Probes Automated checks for endpoint/services health. |
Health probes are implemented in financial systems for service assurance. | |
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Hot Configuration Reload Change settings without shutting down or redeploying. |
Hot config reload is standard for trading ops (minimize downtime for parameter updates). | |
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Resource Usage Visualization Tracks and displays CPU, memory, network usage in real time. |
Resource usage dashboards are standard in modern electronic trading systems. | |
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Incident Record Keeping Tracks, time-stamps, and describes operational incidents. |
Incident record-keeping is necessary for compliance and ops analytics. | |
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Automated Recovery Actions Can take pre-defined steps to recover from known issues. |
Automated recovery steps are a feature for high-reliability systems. |
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