Seaboard Securities is to set up an electronic marketplace for fixed income securities using technology developed by New York-based Securities Dealing Systems.
Seaboard has entered into multi-year agreement to deploy the SDS Electronic Trading System (ETS) to power the new market, dubbed TradeMatch ATS, for dealing in US treasuries, US treasury benchmark futures and repo.
The SDS package is billed as an 'exchange in a box', offering a matching engine at the trader terminal and a set of FIX-based clearing and settlement, risk management and reporting, and market data feed APIs.
The software uses multi-threaded technology, allowing the system to handle 8000 messages and 2000 transactions per second. It is scalable to 100,000 orders and 20,000 trades per second, says the vendor. The trader terminal includes an order book, market depth, advanced alerts and order management functionality.
John Meehan, president of TradeMatch ATS, says: "The flexibility of the SDS ETS will enable to quickly expand into new markets as our business plan requires."