Cex
Architecture
ATS system architecture
Components
| Component | Description |
|---|---|
| Gateway | Multi-protocol API (REST, FIX, WebSocket, ZAP) |
| Matching Engine | Price-time priority CLOB |
| Risk Engine | Pre-trade risk checks |
| Compliance | Sanctions, PEP, jurisdiction gating |
| Surveillance | Post-trade market abuse detection |
| Reporting | FINRA OATS, ATS-N, CAT, MiFID II |
| Circuit Breakers | Automated market halts |
Order Flow
- Client submits order via Gateway
- Pre-trade compliance checks (sanctions, jurisdiction, offering type)
- Pre-trade risk checks (position limits, concentration, rate limits)
- Order enters matching engine
- Matched trades go to settlement
- Post-trade surveillance analyzes execution
- Regulatory reports generated automatically