XCDE is a high performance Electronic Marketplace, running multiple “market segments” across various trading models in Foreign Exchange. Its purpose is to operate a number of trading models and introduce new ones from time to time, as required by the market, to suit the FX Users community.
“XCDE” four letter code is the official ISO-10383 market identification (MIC) used in the FIX MarketID(1301) tag that identifies this Marketplace.
EMM is XCDE’s newest market segment, representing a departure from the crumbling Market Maker/Taker model. It is a fully OPEN MARKET that allows every User – Bank or non-Bank – to send Quotes and Orders (FIX message type ‘S’ and ‘D’) indifferently to provide or take Liquidity whenever the need arises. The result is a high performance matching cluster that maintains a welcoming environment for a wide range of FX market participant motivated by different interests.
Simplifying User access, providing additional, useful functionality and increasing the trading efficiency.
XCDE’s technology leverages the most advanced Open Source projects available to respond to market needs with agility and efficiency. All systems are built and supported with proven solutions, focusing on reliability and performance.
XCDE’s comprehensive STP solution is a versatile, adaptive framework that can fit virtually any format and protocol requirement.
XCDE orderbooks are live, unconditionally tradeable Exchange-type matching hosts.
Working Orders are matched against the best Bid/Offer available in real time. Users can access the Marketplace via FIX Gateway, Web Interface and a choice of the best ISV’s.
The current system supports TCP/IP connections with optional SSL security. The use of an X-Connect solution with our Data Center in Canary Wharf [Telecity London 3 – Sovereign House] is recommended for lowest latencies.
Enhanced Internet access is facilitated by links to multiple “Internet Exchange Points” [LINX, Tinet, Lipex].
For more information on this go to Network Connectivity page.