Exchanges Made Easy^®

Matching. Clearing. Surveillance.

EP3 is a modular exchange and clearing platform built around three principal systems: a market-proven matching engine, market surveillance tools, and modern clearing technology.

Battle-tested and award-winning, EP3 powers the most innovative exchanges and clearing houses around the world.

Each system (matching, clearing, and surveillance) can operate independently or together, giving exchange operators the flexibility to launch faster, scale safely, and evolve their market structure over time.

EP3 Exchange

EP3 Exchange is our award-winning matching engine and exchange platform. It is designed to support the 24x7x365 continuous trading that modern exchanges expect.

EP3 Exchange Supports:

Primary and secondary trading
Multiple market mechanisms
- Central Limit Order Book (CLOB) with multiple matching algorithms
- Request for Quote (RFQ)
- Auction workflows

High Performance

Sustains up to 120,000 orders per second with sub-8 microsecond average matching latency.

Asset Agnostic

Flexible market mechanisms and architecture allow traditional and non-traditional asset classes to leverage proven market structures and modern trading technology.

Self-Healing

Automatically redistributes order flow across matching engine instances to maintain performance and avoid downtime.

Extensible APIs

APIs extend the end-user trading experience and enable integration with upstream and downstream applications.

Scalable

Responds quickly to spikes in market activity using a modern technology stack, including Kubernetes, Kafka, and MongoDB.

Flexible Deployment

Deployable to major cloud providers, on-premises environments, or hybrid configurations.

EP3 Clearing

EP3 Clearing provides the core systems required to manage funds, positions, risk, and settlement. All this functionality without the cost, rigidity, or timelines of working with incumbent providers or building from scratch.

Robust Clearing & Settlement Engine

A deterministic clearing engine that tracks positions from execution through final settlement for fully collateralized markets.

Flexible Account Structures

Flexible account hierarchies for participants, clearing, revenue, advances, incentives, and other account types.

Full Funds & Ledger Management

Manage funds with EP3’s internal ledger, integrated with outside funding sources like banks, blockchain, or other external ledgers.

Risk & Buying Power Controls

Clearing-enforced financial controls that operate independently from the exchange can sync in real-time, encumber funds, and provide four-eyed clearing checks.

Transparent Reporting

Audit trails are built-in from day one, enabling cash verification, reconciliation, and reporting to funding or banking sources.

Ecosystem Connectivity

Real-time, bi-directional connectivity between exchanges, funding, banking, surveillance and clearing. Clean integrations with your clearing universe.

Operational Security Controls

Alerts will be raised when an Exchange Administrator performs actions such as creating a new Administrator or updating participant cash balances or account positions.

EP3 Market Surveillance

EP3 Market Surveillance gives exchange operators tools to monitor customer trading activity on the platform. Compliance personnel are alerted to suspicious trading via configurable alerts that operate in real-time and at the end of the day.

Front Running

An alert is generated when a price move resulting in significant gains or avoided losses is detected.

Unusual Order Size

Exchange operators are alerted when an order for a given account significantly exceeds typical order or position parameters.

Unusual Order Frequency

Alerts are raised when an account’s order submission or update frequency exceeds its typical rate within a given timeframe.

Wash Trades

EP3 alerts operators to trades between two accounts with the same beneficial owner.

Unusual Price & Volume Activity

EP3’s daily market surveillance identifies unusual trading volume or price volatility and the responsible accounts.

Insider Trading

An alert is generated when a price move resulting in significant gains or avoided losses is detected.

Cross Trading

EP3 issues daily alerts on accounts that repeatedly trade with one another.

Beneficial Ownership Data

At the next trading day’s open, EP3 alerts operators to trades missing beneficial ownership data.

Spoofing

Daily checks are performed on all account order placement and trading activity for signs of spoofing.

Integrations

Pre-built EP3 integrations with leading third-party solutions allow exchange operators to quickly extend their pre- and post-trade workflows to meet the unique needs of their exchange.

EP3’s pre-built integrations include:

Order Entry
Pre-trade Risk
Clearing & Settlement
Trade Surveillance
Trade Reporting
Market Data
Banking
Backoffice

Seamless Integration with Your Existing Workflow

EP3 exposes a set of developer-friendly APIs, allowing exchange operators to build applications and integrate with third-party services for Market Access, Exchange Administration, and Post Trade processes.

Market Access APIs

EP3 offers FIX, Binary, and RESTful APIs, giving exchange operators multiple options for seamless customer integration with EP3 for order routing and market data.

Settlement Price API

The Settlement Price API allows exchange operators to implement a bespoke settlement price calculation strategy – tailored to their asset classes and the market they serve.

Back Office API

The EP3 Back Office API gives exchange operators the ability to integrate with third-party accounting systems and create bespoke applications and workflows to meet the specific needs of their exchange accounting teams.

Exchange Admin API

Create applications to automate workflows, perform more complicated actions like instrument creation, or integrate EP3 with existing tools or back-office platforms.

Clearing Firm Admin API

Allow exchange operators to expose functionality to clearing firms to maintain and update information specific to the customers of the clearing firm.

Contribution API

Publish a proprietary index for cash settled derivative instruments with EP3’s Contribution API.

FIX Dropcopy API

Allow interested parties to receive real-time order status events occurring within the EP3 trade matching engine.

Market Surveillance API

This collection of APIs allows exchange integration with third-party market surveillance vendors or proprietary market surveillance systems.

Trade Clearing API

The EP3 Trade Clearing API empowers Exchange Operators to create necessary workflows and interactions to utilize the services of third-party trade clearing providers.