CapizarATS is an electronic marketplace solution that carters to the needs of stock exchanges, commodity exchanges and new generation marketplaces like ECNs and ATS. It can easily scale up to handle as many as hundred thousands (100.000) trades per hour, and can be configured to meet any type of operator requirement, such as order driven, quote driven and hybrid markets, operating in continuous, call auction or negotiation mode.

Nothing is more essential in the high stakes world of financial options trading than system reliability; the direct and indirect costs of downtime are enormous.

CapizarATS is parallel and distributed system by its design for high availability. Server components can be distributed on multiple machines and each component can take the full advantage of multiprocessor machines. communication among all components is carried out using the high speed TCP communications that is wold wide proven for real time stock trading, queuing.

Main Components of the CapizarATS are as follows:

• Trading Engine receives orders from the trading terminals and processes them accordingly such as executing, changing deleting and queuing.
• Inquiry Server responds to different inquiries and reports from the trading terminal.
• Market Server holds best market and best price levels for all symbols and responds to trading terminals on request.
• Statistics Server Computers and holds different statistics for symbol and exchange and provides the trading terminal on request as well as on real-time basis.
• Login Server performs user authentication and initialize the trading terminals.
• Dumper dumps the orders and trades into the database in real time for settlement and dissemination system.

Real-time trading application is provided to the end user over the Internet first time in South asia region. Full-blown application with all trading tools is extended up to the invester through a technology that is optimized for real time applications over the internet considering the low bandwidth issues.

There are three levels of login authentication in the CapizarATS, password, IP address and MAC Address. Moreover multiple logins are restricted for additional security. All critical messages are encrypted using digital certificates and Public Key Infrastructure.

System can be configured to generate alerts and freezes for individual symbols in a particular market at price levels. Symbol can also be temporarily exempted from freeze tests in the event that exceptional trading activity in anticipated.

CapizarATS has unique feature of surveillance and risk management built within trading system. This system computes both pre and post trade exposures and losses for each trade. An interface for monitoring real time exposure and loss is provided to the surveillance staff.

Information in the message transaction journal can be used to reconstruct the market to an exact point in time. The control officer can accelerate through the transaction journal to a point in time, step through each transaction and examine its effect on the market. All market and order status inquiries are available in the "replay" enviroment. The market reconstruction facility can be used for dispute resolution and investigation of irregular market activity.

Following Features are provided to the designed staff of the exchange through Ultra Trade:

• A trade can be "frozen" if it falls outside of price change - no further orders will be accepted for that instrument until the trade freeze is resolved.
• Symbol states can be changed on the fly.
• Global cancellation of all orders for a symbol or all symbols placed by a trader.
• Message Broadcasts for immediate attention & carporate announcements.
• Trade cancellation and late trade entry.
• Market summary inquiry to highlight trading activity.
• Scheduling/change of market states.
• Real-time exposure/loss of all members can be viewed or monitored.
• An alert can be generated to individual member firm before exposure/loss limits hit.