Exchange Technology FAQ

Exchange technology is the specialised software and infrastructure required to operate an organised market. It includes trading interfaces, matching engines, market data systems, risk engines, clearing systems, settlement systems, custody integrations, surveillance tools, regulatory reporting and administration platforms.

Exchange infrastructure is the full technology and operational environment that allows a trading venue to list products, onboard participants, match trades, manage risk, clear obligations, settle assets and monitor market activity. It is broader than exchange software because it includes the systems, workflows and integrations required to operate the market safely.

At minimum, an exchange requires a trading interface, matching engine, market data system, participant management tools, risk controls, administrative systems and settlement processes. A regulated or institutional venue will also require clearing technology, custody integrations, surveillance, audit trails, regulatory reporting, APIs and operational monitoring.

What is exchange infrastructure software is a core exchange technology concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is a regulated exchange platform is a core exchange technology concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is exchange-as-a-service is a core exchange technology concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does exchange technology support regulated markets is a core exchange technology concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What are the main components of an exchange technology stack is a core exchange technology concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How is exchange software different from a trading application is a core exchange technology concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is market infrastructure technology is a core exchange technology concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

A matching engine is the core execution system of an electronic exchange. It receives orders, maintains the order book, applies matching rules and creates trades when compatible buy and sell interests meet.

How does a matching engine work is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Price-time priority is a matching method where the best-priced order has priority, and orders at the same price are ranked by arrival time. It is widely used because it is transparent and easy for participants to understand.

What is pro-rata matching is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is an order book is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is order matching is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is matching engine latency is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What APIs connect to a matching engine is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Can one matching engine support multiple asset classes is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What controls are needed around a matching engine is a core matching engine concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is risk management technology for exchanges is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is pre-trade risk management is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is real-time margining is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Portfolio margining recognises that offsetting or correlated positions may reduce overall portfolio risk. It can improve capital efficiency when properly supported by the risk model.

What is concentration margining is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is an initial margin requirement is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Variation margin reflects gains and losses on open positions as market prices move. It helps prevent losses from accumulating unpaid over time.

What is a Dynamic Account Margining System is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How do exchanges prevent accounts from exceeding risk limits is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Why is real-time risk important for 24/7 markets is a core risk management concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Clearing technology is the post-trade infrastructure that manages obligations after trades are executed. It supports trade capture, position keeping, margining, netting, collateral management, default procedures and settlement instruction generation.

What is a CCP is a core clearing concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Clearing house software is technology used by a clearing house to manage trades, positions, margin, collateral, settlement obligations, clearing member accounts and default procedures.

What is a real-time clearing system is a core clearing concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is pre-funded clearing is a core clearing concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What happens between trade execution and clearing is a core clearing concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is novation in clearing is a core clearing concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

A default waterfall defines the sequence of financial resources used if a participant fails. It may include the defaulting participant’s margin, clearing member resources, clearing house resources, default funds and loss allocation mechanisms.

How does clearing reduce counterparty risk is a core clearing concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is Clear Chain is a core clearing concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Settlement technology is the infrastructure that completes the economic result of a trade. It ensures that cash, assets or ownership records move correctly according to the rules of the market.

What is a settlement cycle is a core settlement concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is T+0 settlement is a core settlement concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Spot settlement is the settlement of a trade where the buyer and seller exchange assets on or shortly after the trade date. It may involve fiat, crypto, FX, commodities, securities or tokenised assets.

Futures settlement is the process of managing the final obligations of a futures contract. It may involve cash settlement, physical delivery or delivery of a digital or tokenised asset.

What is digital asset settlement technology is a core settlement concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is Clear Vault is a core settlement concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does settlement technology connect to custody is a core settlement concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What controls are needed for settlement finality is a core settlement concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does real-time settlement change exchange operations is a core settlement concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is an exchange API is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is a FIX API is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Why do exchanges use JSON APIs is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is a binary exchange API is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is a market data API is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is an order entry API is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How do clearing APIs connect to exchange systems is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What API controls are required for regulated exchange infrastructure is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How should exchange APIs handle authentication is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does API throttling protect exchange infrastructure is a core apis concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is market surveillance technology is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Why do regulated exchanges need surveillance systems is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is market abuse monitoring is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is an audit trail is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does surveillance technology monitor order book activity is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does surveillance technology support compliance teams is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is trade reconstruction is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How are alerts generated in market surveillance systems is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does surveillance differ for 24/7 markets is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What surveillance controls are expected on a regulated exchange platform is a core market surveillance concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What technology is needed for a crypto exchange is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What technology is needed for a commodity exchange is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What technology is needed for carbon markets is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is a deliverable futures exchange is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What technology is needed for a futures exchange is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What technology is needed for an FX exchange is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is hash rate market technology is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is climate market technology is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What technology is needed for freight markets is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is digital asset market infrastructure is a core markets concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is Staggered Delivery is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does delivery work in deliverable futures is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

Why do commodity exchanges need settlement workflows is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does collateral support commodity market infrastructure is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does Staggered Delivery manage collateral transition is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What technology is needed for physical delivery markets is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does clearing differ between cash-settled and deliverable futures is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What controls are needed for deliverable commodity contracts is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is contract expiry processing is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does settlement technology handle delivery obligations is a core commodities and delivery concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does Clear Chain support real-time clearing is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does Clear Vault support collateral management is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does DAMS support dynamic margining is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

What is Collateral Intelligence is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does Clear Chain relate to clearing technology is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does Clear Vault relate to settlement technology is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does DAMS relate to risk management technology is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does Collateral Intelligence support programmable collateral is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How does Staggered Delivery support deliverable futures is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.

How do ADEX Technology concepts fit into exchange infrastructure is a core adex concepts concept in regulated exchange infrastructure. In ADEX Technology content, it is explained through architecture, workflow controls, risk implications, clearing or settlement dependencies, and the operational requirements needed for institutional markets.