Introducing Match!

The most flexible matching engine on the market, with integrated risk management

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Match! Overview

A matching engine is the core central component of an electronic exchange. It matches buy and sell orders and generates trades, typically using the traditional Central Limit Order Book (CLOB) model. Match! goes beyond this, also supporting quote-driven markets where orders match against quoting market makers or liquidity providers.

Built incrementally over more than a decade, Match! evolved through solutions for traditional exchanges, internal matching engines (dark pools) for brokers, and quote-driven markets. Our latest release supports cross-currency pricing/matching and market-maker “quote-driven” matching on top of the existing rich CLOB functionality.

Match! was built with flexibility from day one and supports multiple asset classes, order types, and trading rules. Built on our common trading framework, it also provides robust risk management and order handling integrated directly into the API layer—giving exchanges unprecedented control over their market.

Integrated Risk Management

Integrated Risk Management

A key differentiator of Match! is comprehensive risk management built directly into the API layer. Unlike engines that treat risk as a separate concern, Match! validates every order before it enters the matcher.

  • Pre-Trade Risk Checks: Position/credit limits and market constraints
  • Throttling Controls: Prevent destabilizing order floods
  • Circuit Breakers: Auto-pauses on configurable conditions
  • Kill Switch: Instantly disable participants or the whole market
  • Market Protection: Price bands, max order size, and more

This integrated approach protects market integrity while preserving the performance required for legitimate flow.

Key Features

Comprehensive Connectivity

Comprehensive Connectivity

FIX, REST, and vendor links (CQG, Bloomberg, Intertrade JP, MetaTrader, Itiviti/Broadridge)—all with integrated risk checks.

High Throughput

High Throughput for HFT Clients

Live deployments process 3–20M orders/day, enabling top HFT firms while maintaining strict controls.

Proven Reliability

Proven Reliability

Battle-hardened and auto-tested with thousands of cases per change; transparent failover and SLAs keep markets open.

Scalability

Scalability

Multiple deployment models, including containerized scale-out—rising volumes without sacrificing control.

Flexibility

Flexibility

Supports diverse pricing/matching models, asset classes, order types, account structures, roles, and schedules.

Advanced Risk Management

Advanced Risk Management

From low-latency price/size checks to account-level positions and full cash-based risk—inline or pluggable pre-matcher.

Risk Management API

Implement sophisticated, venue-specific controls without sacrificing performance.

Risk API Flow

Risk API Features

  • Order Validation Rules: Custom rules engine across multiple criteria
  • Real-Time Position Limits: Continuously updated per participant
  • Market Protection: Dynamic price bands and size limits
  • Emergency Intervention: Operator APIs for rapid response
  • Risk Reporting: Live exposure and limit-usage visibility

Aligns with regulatory requirements and your venue’s unique characteristics.

Supported Order Types

A broad spectrum of order types for varied strategies and models:

Basic

  • Market
  • Limit
  • Stop
  • Stop Limit
  • Immediate-or-Cancel (IOC)

Advanced

  • Iceberg / Reserve
  • Fill-or-Kill (FOK)
  • Good-’til-Cancelled (GTC)
  • Good-’til-Date (GTD)
  • One-Cancels-Other (OCO)

Market Maker

  • Quote Requests
  • Market-Maker Quotes
  • Last Look
  • Mass Quote Messages
  • Quote Expiration Controls

All orders are enforced by integrated risk controls—complexity never bypasses policy.

Internal Matching Capabilities

Beyond exchange deployments, brokers can deploy Match! internally:

Internal Matching

Broker Internal Matching

  • Internalize Flow: Cross compatible client orders without routing out
  • Better Pricing: Reduce fees/impact for improved outcomes
  • Cross-Market Integration: Smart routing across internal/external venues
  • Customized Rules: Segment-specific matching logic
  • Full Risk Controls: Same robust protections as the exchange setup

Successfully deployed for multiple brokers, including dark-pool and internal crossing use cases.

Supported Market Models

Configure the venue to fit the instrument and participants:

Central Limit Order Book

Displayed order book with price-time priority; supports continuous trading and auctions.

Quote-Driven Market

Market-maker quotes with RFQ workflows and optional last-look.

Dark Pool / Crossing

Non-displayed liquidity with multiple crossing mechanisms and price improvement.

Hybrid Models

Blend models—e.g., displayed book with reserves or maker privileges.

Case Study

Exchange implementation case study

Exchange Implementation

New Futures Exchange with Integrated Risk Controls

Challenge: Launch a high-volume venue with sophisticated risk to satisfy regulators and ensure stability.

Solution: Match! with inline pre-trade checks, position limits, price bands, circuit breakers, plus real-time supervision tools.

Outcome: Confident launch attracting retail and institutions (incl. HFT); orderly trading through volatility with robust controls.

Integration Capabilities

  • Post-Trade: Seamless clearing & settlement integration
  • Market Data: Real-time feeds with configurable depth/frequency
  • Surveillance: Hooks for surveillance/monitoring platforms
  • Regulatory: Export orders/trades in regulator-ready formats
  • Third-Party: OMS/vendor platform connectivity

Deploy as a standalone engine or as part of Touch-Fire’s full exchange stack (market data, clearing, participant management).

Integration Ecosystem

Ready to transform your trading platform?

Contact us to discuss how Match! can power a robust, flexible venue with integrated risk.

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