Built and maintained a client and market side booking service, off order book trade reporting engine and trade manager/repository.
A market side booking service is a type of financial service that allows market participants to place orders directly with market makers. This is in contrast to traditional order routing, where orders are routed through a broker or exchange.
Market side booking services offer a number of advantages over traditional order routing, including:
- Direct access to market makers: Market side booking services allow market participants to place orders directly with market makers, which can lead to faster execution and better pricing.
- Reduced latency: Market side booking services can reduce latency, which is the time it takes for an order to be executed. This is because orders are routed directly to market makers, rather than through a broker or exchange.
- More control: Market side booking services give market participants more control over their orders. This is because they can place orders directly with market makers, rather than relying on a broker or exchange to execute their orders.
However, market side booking services also have some disadvantages, including:
- Higher fees: Market side booking services typically charge higher fees than traditional order routing.
- More complex: Market side booking services can be more complex to use than traditional order routing.
- Not available to all market participants: Market side booking services are not available to all market participants. They are typically only available to large institutional investors.
Here are some of the most popular market side booking services:
- Liquidnet: Liquidnet is a global market maker that provides market side booking services to institutional investors.
- Virtu Financial: Virtu Financial is a global market maker that provides market side booking services to institutional investors.
- Susquehanna International Group: Susquehanna International Group is a global market maker that provides market side booking services to institutional investors.
Like most banks, this one suffered from the not invented here syndrome. Therefore they had decided to pretty much reimplement the core libaries to optimze for Zero Garbage Collection, low latency and high throughput.
The libaries were very impressive when they worked. However, they were not optimized for large development teams and maintainability.
I helped the team debug issues and introduce new functionality using a tech stack that consisted of Java, Groovy, Spring, FIX, JUnit, MSSQL and JRebel.