The engine
Matching, sequencing, the journal and replay, pre-trade risk, clearing and netting, market data, the operator console, and the interfaces. Licensed as a product, with release notes and a support channel.
Partners & integrators
You have the market. We have the engine.
Most markets that should exist do not, because the people who understand them locally cannot fund a matching engine, and the people who build matching engines have never met the regulator. This page is for the first group: integrators, software houses and consultancies with a market relationship and no intention of writing an order book.
- What we license
- The engine, as a product
- What you own
- The customer and the application
- First project
- Measured in weeks
A matching engine is a bad thing to build and a good thing to own the market for.
An auction market is a small idea with a long tail. The matching is a few thousand lines that have to be right every time; the sequencing, the journal, the recovery path, the risk evaluation and the clearing behind it are the years. Any competent team can build a book that matches on a Tuesday. Very few can hand a regulator a replay of last Tuesday.
Meanwhile the things that decide whether a market actually launches are almost entirely local: who the regulator trusts, which bank will hold the cash, whether the warehouse receipts are legally enforceable, and who can be in the room in the right language on the right morning. Those are not things we can acquire from Toronto, and they are things a good local firm already has.
So the split is not a concession — it is the shape of the problem. We keep the engine correct and boring. You keep the market and the application on top of it. Every page in the market library ends with a section listing exactly the work that falls on your side of that line, which is the closest thing to a partner scope document we can publish.
Where the line falls
The market
The relationship, the rulebook, the application your users see, custody and payments, KYC and onboarding, registry or warehouse integration, local reporting, and first-line support.
A product, its documentation, and the people who wrote it.
A licensed engine, not a rebuild
Matching, risk, clearing, market data, an operator console and a trading front-end, delivered as a product with release notes. You configure a market instead of writing one, and the four years of engineering underneath it are not on your critical path.
Technical enablement
The full document set — market model, configuration and management, market data, trading API and connectivity — plus a test environment your engineers can break, and direct access to the people who wrote the engine rather than to a partner portal.
The integration surface is documented
HTTP/JSON with server-streamed events, a FIX 4.4 gateway adapter, snapshot-then-stream market data and enriched trade-capture records on the post-trade interface. Everything a client-facing application needs is a published interface, not a private one.
Room to own the customer
The application on top — the retail app, the registry integration, the payment rails, the local reporting — is your product and your margin. We are interested in being the engine underneath it, and in staying there.
One ingress for every channel Pre-trade gate Matching core Your systems
02 · What a partner brings01 02 03 04
Four things, and only one of them is technical.
A market relationship we do not have
A regulator you already talk to, an exchange that already knows you, a bank that already buys from you, or a ministry running a reform programme. This is the thing that is genuinely hard to acquire, and it is the reason the partnership exists.
Delivery capability on the ground
Engineers who can integrate against a documented API, run a test programme with member firms, and support a live system in the customer's timezone and language. We are a small engineering company; we are not a body shop in forty countries.
The domain work around the engine
Custody, payment rails, KYC and onboarding, registry or warehouse integration, and local regulatory reporting. Every market page in this library ends with a list of exactly this work — it is the part of the programme a partner usually owns.
Honesty about what is not configured yet
If a market needs a matching algorithm, an order type or a settlement pattern the platform does not have, say so early and we will tell you plainly whether it is configuration, a roadmap item, or a bad fit. A partner who discovers that during user acceptance testing is a partner we have failed.
What the first fourteen weeks usually look like.
Indicative, and drawn from a small venue with a handful of instruments — the shape most first projects take. A national market with several asset classes is a longer programme, and the workshop is where that gets said out loud rather than discovered later.
| When | Stage | What happens | What exists at the end of it |
|---|---|---|---|
| Weeks 1–2 | Market model workshop | Together with your customer: instruments, sessions, tick tables, risk regime and settlement. We say plainly what is standard configuration and what is not. | A written market-model specification and a configuration plan, agreed on all three sides |
| Weeks 3–8 | Configure and integrate | We configure the venue in a test environment. You build the application layer against the trading API and market data, and stand up whatever the fourth section of the market page said you would have to. | A configured venue your engineers are integrating against daily |
| Weeks 9–14 | Member testing and dress rehearsal | A structured customer-testing programme: conformance runs against the trading and market-data interfaces, then dress rehearsals of a full trading day including the opening and closing auctions. | Conformance sign-off per member firm, and a rehearsed go-live runbook |
| Go-live | First line yours, engine ours | You hold the customer relationship and first-line support. We take engine-level incidents, and any production incident is reproducible exactly from the journal rather than from a description of it. | A live market, and a support split that does not require a meeting to interpret |
Bring a market, not a meeting request.
The fastest first conversation is one where you have already picked the market. Read the page nearest to it, look at the fourth section, and tell us which of those items your customer has already solved. That single answer tells us more about the opportunity than an hour of introductions.
Start here
Fractional gold
An app that sells sub-gram quantities of gold to retail buyers, run as a real order book instead of a dealer’s quote.
Read the page →Start hereEnergy certificates
Energy-saving certificates, RECs, guarantees of origin and carbon credits — instruments defined by paper, priced today by survey.
Read the page →Start hereWholesale metals
Silver, zinc and copper in physical lots — brokered by telephone today, at differentials nobody publishes.
Read the page →What partners ask first.
What kinds of firm make good Mehrex partners?
System integrators and software houses that already deliver into financial institutions, exchanges, regulators or commodity boards in a particular region — and consultancies running market-infrastructure reform programmes. The common factor is an existing relationship and delivery capability in-country, not size.
Can a partner resell Mehrex under its own contract?
Yes. Both shapes work: reselling the licensed platform as part of your own delivery contract, or building an application on top of it where Mehrex is the engine underneath your product. The commercial arrangement is scoped per opportunity rather than by a fixed tier programme.
Do partners get access to the source code?
No. Mehrex is licensed as a product. Partners get the full documentation set, a test environment, the published interfaces — HTTP/JSON, FIX 4.4, market data and post-trade — and direct access to the engineering team. Anything that needs to change in the engine is a roadmap conversation, not a fork.
How much of a market launch does the partner typically own?
Usually most of it. The trading system is one component; custody, payment rails, KYC, registry or warehouse integration, local regulatory reporting and the customer-facing application are commonly the larger part of the programme, and they are the part a local partner is better placed to deliver than we are.
Next step
Bring us a market you already know. We will show you the engine matching.
A first call is usually an hour: your market, the parts of it that are already solved, and a live demonstration of the book, the Control Panel, an auction uncrossing and a replay of the journal that produced it.