Asset-agnostic by design
Equities, fixed income, futures, options, rights and ETFs are served by one matching model, differentiated by configuration rather than custom code. A new instrument class is a configuration exercise, not a release.
Platform architecture
Every channel converges on one validated, sequenced path.
Mehrex is not a matching engine with accessories bolted on. It is one command path with six modules arranged along it, which is why a risk limit, an entitlement or a throttle behaves the same whether an order arrives from the bundled front-end, a member’s own OMS, a FIX session, or an operator in the Control Panel.
- Access channels
- 4
- Modules
- 6
- Ingress paths
- 1
- Commands journaled
- 100%
Nothing reaches the book unchecked.
Read the diagram top to bottom. Each band is a stage an order must clear, in the order it clears them — and the dashed path on the left is the one that makes the rest defensible.
One ingress for every channel Pre-trade gate Matching core Your systems
One path, six responsibilities.
| Layer | Responsibility | What sits here |
|---|---|---|
| Access channels | How a participant or an operator reaches the market | Client Trading Front-End · trading API · FIX 4.4 gateway · Market Control Panel |
| Ingress | One validated, sequenced path for every channel | Authentication · entitlements · message throttling · tick and price-band validation · session admission |
| Pre-trade risk | The gate an order must pass before it can affect the market | Clearing member, trading member and end-investor limits — every applicable level must pass |
| Journal | The record written before anything executes | A single gap-free sequence of every accepted command, trading and operational alike |
| Matching core | Where price discovery happens | Price–time priority, pluggable per instrument · continuous and auction sessions |
| Post-trade | What falls out of the trade stream | Clearing and netting · fees · trade capture · market data snapshots and increments |
Each module, in the detail an evaluator needs.
01 · core
Matching Engine
Price–time priority (FIFO) matching across equities, fixed income, futures, options, rights and ETFs — one model, differentiated by configuration. The matching algorithm is pluggable per instrument, so pro-rata and other schemes can be introduced for specific classes.
- Market, Limit, Iceberg and Auction order types with DAY, GTD, GTC, IOC and FOK validity
- Continuous and auction sessions, scheduled at market or instrument level with per-day overrides
Market Control Panel
The operator’s single point of control over the market, in a browser. Every operator action travels the same validated, sequenced, journaled path as an order — so the audit trail of market operation is as rigorous as the audit trail of trading.
- Instruments, tick tables, lot sizes, price bands and calendars, published as versioned bundles
- Open, close, halt and resume markets or single instruments; schedule and run auctions
Client Trading Front-End
A deliberately simple front-end so licensed traders can participate from day one — no third-party software required to launch a venue, and short onboarding for member firms.
- Inside market, depth and trade prints streamed live
- Market, Limit and Iceberg entry with all supported time-in-force options
Risk Management
Pre-order-entry and post-trade controls evaluated at clearing member, trading member and end-investor level. An order is accepted only if every applicable level passes.
- Maximum order quantity and notional, daily price range, open positions and buying power
- Named risk profiles reusable per member, client, instrument or market, with immediate effect
Clearing
A clearing component operating on the trade stream, keeping the trading core independent of any particular settlement regime.
- Each trade stamped with clearing type and matching type (regular or auction)
- Multilateral netting per participant and settlement date, configurable cycles
Connectivity & Market Data
A protocol-agnostic command API: the same validated, sequenced path serves every access channel, so risk controls, entitlements and throttles hold uniformly however a participant connects.
- Modern trading API over HTTP/JSON with server-streamed events
- FIX 4.4 gateway adapter for firms standardized on FIX
Configuration over code
New markets and instruments arrive without software changes.
Versioned reference data
Instruments, tick tables, lot sizes, price bands and calendars are published as versioned reference-data bundles with full history, and take effect without an engine restart.
Approved before it applies
Every market-affecting change passes maker–checker approval and role-based access control, and lands in the same journal as the trading it governs.
Reference
One order, end to end
The six stages an order passes through, with the actual message at each hop and the guarantee the stage gives you.
Follow an order →ReferenceSessions and price discovery
The seven session types, the order-type and validity matrix, tick tables, and how the auction equilibrium price is found.
Read the market model →ReferenceDeterminism and replay
What the journal is, why recovery and audit are the same mechanism, and what performance you should expect on commodity hardware.
Read the principles →Next step
Tell us about your market. We will show you the engine matching.
A live demonstration runs about an hour: the order book, the Control Panel, an auction uncrossing, and a replay of the journal that produced it.