Capital markets on Sentin8 — a deterministic matching engine with FIX/OUCH access, peg and algorithmic order supervision, smart order routing, clearing, margin, and multi-jurisdiction regulation.
Every service this vertical ships, each owning its own data and API surface.
The market-access front end: FIX 4.2 client sessions (with an OUCH binary-codec subset and BFF-proxied REST/WebSocket shapes), session protocol, sequence integrity, resends, heartbeats, order states above the fill.
The deterministic central-limit-order-book matching core: price-time priority, self-trade prevention, and the fill events every downstream tier consumes.
Peg/iceberg supervision and conditional-order triggers: pegged orders (primary/market/midpoint, dark variant), iceberg slice plans, stop/OCO/bracket triggers — released to ME only when they fire.
The synchronous pre-trade authorization service: every submitted order is checked (buying power, limits, restricted securities) before the matching engine sees it.
The consolidated market-data publisher: consumes matching-engine order/trade/status events and publishes the public market-data tiers (BBO, trades, depth).
The smart order router: routes orders to external venues and home again — routing requests, venue state, fill consolidation, and re-posts to ME.
The event-sourced order/trade ledger: consumes lifecycle events from the venue flow and projects them into a deterministic SQL ledger of positions and trades.
External settlement integrations: novation (CCP substitution), custody and collateral for crypto and fiat rails, give-up/give-in flows.
The asynchronous derivatives-risk engine: net-position ledger per (env, account, contract) for futures, perpetuals, and options; revalues and issues margin calls.
The quote-driven trading engine for FX: clients broadcast RFQs (pair, side, qty, tenor), entitled liquidity providers respond with two-way prices inside a bounded window.
The reference-data authority: security master, markets, MIC venues, currencies, order books, tick rules, market calendars, customer/firm registration.
Multi-jurisdiction regulatory reporting: reportable order/trade/quote activity normalized into one event shape and fanned out to every configured jurisdiction.
Market surveillance: the eight regulatory detection families (spoofing, layering, wash trades, and more) run on the live stream and turn detections into reviewable cases.
External venue feeds: consolidates BBO from outside venues, maintains the index quotes the peg and SOR tiers consume.
User- and staff-facing applications, thin by design — tokens never reach the client.
Typed facades over every service API — the only supported integration surface.
Exchange8 inherits the Sentin8 security model and adds market guarantees — deterministic matching, reproducible event sourcing, and synchronous pre-trade authorization on every order.
The central-limit-order-book core is a pure function over order events — the same input stream always produces the same fills, run to run.
Every order passes Exchange8:Risk authorization before the matching engine sees it — buying power, limits, and restrictions checked on the submission path.
Clearing consumes order/trade lifecycle events and projects them into a deterministic SQL ledger — the books are rebuildable from replay.
Margin revalues positions per (env, account, contract) from the reference-data curves and mark events — an asynchronous, stateful engine, auditable end to end.
The eight regulatory detection families run on the live trade/order stream and turn detections into reviewable cases — compliance is not an afterthought.
Exchange8 contains no platform infrastructure of its own — identity, events, storage, scheduling, and supervision are consumed from the platform.