We are continually enhancing the functionality and performance that EP3 offers Exchange Operators. In response to customer feedback, EP3 now supports the following:
FIX Order Gateway and Market Data Gateway Enhancements
Thanks to our friends at Connamara, the creators and maintainers of QuickFIX/go, the EP3 FIX Order Gateway can be configured to reset the sequence numbers of a session without disconnecting the session. This is important for exchanges that engage in 24/7×365 trading.
Exchange Operators can set up the FIX order gateways in a highly available configuration by deploying identical FIX sessions on two separate physical gateways. This allows exchanges to run totally redundant FIX end points for order submission.
Additional logging option: The EP3 FIX gateways can be configured to publish log statements directly onto the EP3 messaging infrastructure rather than to a log file. The addition of this option improves the performance of the FIX gateways while retaining the valuable information contained in the FIX logs. Using this option allows additional downstream services to be set up to monitor, alert, and analyze FIX gateways in real time.
For Exchange Operators whose customers may require it, EP3 FIX Order Gateways can be configured to return an ExecutionReport with a status of PENDING_NEW. A PENDING_NEW status indicates that the corresponding order was received by the Exchange (at the FIX gateway) but has not been processed by the matching engine. Customers may desire this behavior if their order management systems expect this status as part of their workflow.
Performance Updates
Improvements to matching engine performance were made by reducing the size of critical path messages.
Exchange Operators can now tune EP3 Pre-Trade Risk workflows to only check the orders from specific customers. This can significantly improve the overall performance of EP3.
Banking Service Enhancements
The Banking Service manages deposit and withdrawal workflows between EP3 and commercial banks. Several functional enhancements were made including making it easier for Exchange Operators to verify cash held in a commercial bank account versus the value recorded in EP3.
Trading API Update
A new API endpoint, GetOpenOrders, was added to the Trading API. This new endpoint allows exchange customers to monitor their open orders. GetOpenOrders eliminates load on the database during trading and thus improves the overall performance of EP3.
More granular filtering was added to the Trading API endpoint CreateOrderSubscription. Exchange Operators can now filter the subscription by a combination of instrument symbols and/or accounts. This granularity allows Exchange Operators to establish more targeted subscriptions for downstream order monitoring and reporting.
Additionally, the CreateOrderSubscription can be queried to return only a snapshot of the orders in an EP3 book.