Exchange mode is an exchange marketplace mode used by client Service Company where clients’ transactions can be executed. Clients of such company can be divided into two categories – ordinary traders and market makers. Ordinary traders carry out their transactions using risk management module. They have access to all trading functionality provided by the trading core and they can carry out transactions with any user of the system.
Market-makers belong to a special category of users. Their purpose is to create liquidity in trading core. Transactions of these users’ by-pass risk management module. Only orders such as Limit are available for these users. This type of orders is placed directly in trading core and can be removed in batch mode. In this case all users can see the resulting spread of trading core. There is also a possibility to fine-tune orders comparison, whereby it is possible to selectively permit or prohibit comparison of orders between specific bidders. Platform includes built-in clearing between accounts with positions netting. Since the main purpose of market makers is to create market liquidity, they work on their own account category called risk accounts.