Recent market deregulation has caused a large decentralization of liquidity within the financial services industry. As a result, different liquidity pools must be constantly aggregated, analyzed, and compared.

Rapidly growing data volumes make it increasingly difficult to maintain full transparency in the market. Ever more stringent compliance regulations such as RegNMS require best-price execution. This can only be achieved if traders and execution venues have real-time insights into the breadth and depth of the liquidity pools at any given time, as well as a record of the liquidity situation for every timestamp.

The Skyler C3 Database can be used as an order book management system that ensures ultra low-latency data processing, high-speed querying, along with unmatched data processing flexibility. It allows the development of next-generation algorithmic trading systems for strategy testing, simulation and execution, smart order routing engines, quantitative research, and market analysis and real-time compliance engines.

Configured as a book application, the Skyler C3 Database is unique, because it provides a host of different capabilities in one fast, flexible, and easy-to-use platform. The database receives book data from multiple venues or takes in the consolidated book feeds from feed handlers.

The Skyler C3 Database provides a special entity to manage order book data to ensure maximum speed. This order book manager takes in orders and aggregates them by distinct price levels for the whole depth of the book for individual and across multiple venues.

Furthermore, the order book manager lets traders drill down into individual price levels and retrieve the individual orders aggregated at that level.

All book data can be placed in a time series store that allows the replay of the book for data at any time in the past and enables assessment of liquidity at that time - a feature crucial to ensuring compliance.

The order book configuration of the C3 Database supports request-response queries about the current status of the book, or to retrieve individual orders. It also supports active queries that combine a snapshot of the book along with any updates to it. Query results can be sent to individual query clients or distributed via standard messaging infrastructure.

Key Features:

• Handles the full depth of the book with timely granularity
• Aggregates the book for individual venues and also across all venues
• Fully configurable aggregation levels
• Drill-down functionality lets you retrieve individual orders
• Maintains a historical record of every single book message to support replay capabilities and to ensure compliance
• Supports subscriptions to the book that combine a snapshot with updates for user-defined price levels
• Supports request-response queries to retrieve the latest status of the book
• Distributes book data directly via standard messaging infrastructure

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