clearpool.io

Fair Trading for All

The Future of Exchange Platforms

Clearpool offers world class performance combined with innovative methods to unlock liquidity. Take your platform to the next level of performance with Clearpool's unique hybrid venue offering and provide an exceptional venue for all participants.

Designed from the ground up by industry experts from the worlds top exchanges to address the key problems facing the markets today.

Fragmentation

Liquidity Fragmentation as Venues specialise to different participants

Dark Liquidity

Predatory Trading by Direct Access Traders Driving Liquidity Off-book

Regulations

Regulatory pressure catalysing market micro-structure imbalances

Setting New Standards

Why Deploy Clearpool

High Performance Scalable Architecture

Designed from the ground up to exploit highly parallel, multi-core commodity hardware, Clearpool offers an impressive performance to cost ratio ensuring the best value.

Clearpool's maximally flat, highly parallel software stack allows natural scaling across cores and servers, making exploitation of growing markets straight-forward.

Mature Venues

Our unique hybrid venue structure allows unparalleled access to liquidity.

Unmatched throughput, ultra-low latency and scalability allow it to drive the world’s top markets.

Fair access and pricing for all market participants ensures quality and depth of liquidity.

Emerging Markets

Easy access universal format brings new and emerging markets to the rest of the world.

Lean deployments and hosting options make it ideal for exchange upgrades seeking to improve performance while lowering TCO.

The turnkey ecosystem makes it ideal for new markets looking to enter the global stage.

Why Deploy Clearpool

Why Trade on Clearpool

Clearpool caters to the needs of all market participants

  • Need to move large blocks with zero leakage?
  • Need to make small trades and get a fair price?
  • Need to make an indicative market on an illiquid instrument?
  • Need to execute at ultra-low latency to support a strategy?

Clearpool provides a compelling venue for all

  • Institutional Traders
  • Retail Investors
  • Algorithmic Traders
  • High Frequency Traders

From Equities to Fixed-Income Clearpool provides a unified trading model

  • Fully lit liquidity
  • Indicative liquidity
  • Protected liquidity
  • All on a single venue with automated interactions between liquidity classes if required

Supports Making Markets and Trading for all instruments

  • Ultra-low latency highly liquid instruments
  • Slow moving, illiquid OTC instruments
Why Trade Clearpool

Innovate

Universal Access

Clearpool adopts a unique use-everywhere session protocol and format allowing ease of scaling in any direction. Used in our direct TCP and UDP protocol as well as our Websocket protocol there is only a single API needed to fully utilise the performance of the system.

Clearpool's binary format — used internally for all message passing, and available to clients who demand the best performance — has been carefully developed to be as lean as possible. Further it has been designed to allow packetisation from the ground up to support bandwidth shaping enabling massive message volumes.

We provide access to our system to all clients through:

  • Clearpool Binary Protocol
  • Clearpool Websockets
  • Clearpool REST API
  • FIX 4.4 / 5.0
Universal Access

Performance

Clearpool offers best-in-class performance. Designed from the ground up by industry experts Clearpool offers:

  • Best-in-class latency and throughput
  • Millions of messages per second as standard
  • Latency measured in nanoseconds for innovative colo options
  • A highly efficient binary protocol
  • The industry's flattest, leanest stack - all on commodity hardware
  • A maximally flat software stack ensures minimum latency and maximum consistency
  • Written in C++ by experts in the field

Performance

Algorithmic Architecture

Clearpool's technology is built on solid foundations by the best in the industry. Not only are our core personnel experienced experts at delivering exchange platforms many are also recognised experts in the development community.

One thing that sets Clearpool apart from the competition is their unique Algorithmic Architecture approach to development. Algorithmic Architecture has been developed and pioneered out of PhD research to tackle the hard problems of creating high perfomance systems.

  • Complexity and uncertainty during development is reduced
  • Discussion has greater clarity due to the shared vocabulary
  • Onboarding new developers is much easier
  • System testing is greatly simplified making testing alternative architectures straightforward

The vertical compression capable within the software stack also improves performance while enabling lean and fast deployments

Algorithmic Architecture

Ease of Deployment

Clearpool's flat stack and ability to run on commodity hardware make deployments straight-forward and extremely cost effective.

Clearpool's Stack in a Rack deployment allows a full exchange to be housed in a single rack. This minimises the deployment latencies inherent in legacy systems which have latency built in. Further it ensures that the deployments can scale horizontally with no impact on latency.

Leveraging Clearpool's sophisticated build and deployment processes Clearpool navigates the dependency hell often faced with hardware and operating system upgrades allowing upgrades to happen quickly and seamlessly. Ensuring that as advances are made with hardware deployments can capitalise on them without needing extensive re-writes.

Ease of Deployment

Web Interaction Platform

Secure, Encrypted, Direct and Real-time

Real-Time Web Interaction Platform

Clearpool have developed a robust and scalable web interaction platform capable of providing secure real-time access to order entry and market data synchronised across devices. Built on industry standard security

Furthermore this platform provides the necessary open APIs to allow third-parties to develop native applications on any target device. Adopting Clearpool opens the door for limitless connectivity.

Providing full refresh and per-instrument subscriptions the platform facilitates scalable real-time delivery of market data. Careful subscription management and caching ensures a responsive interface.

In addition to providing the APIs required for third-party vendors Clearpool's own HTML 5 Universal Web Client provides a good starting point for responsive web clients for all devices. This is also used internally for all web management portals for running, maintaining and diagnosing the system.

Hybrid Venue Structure

Clearpool offers a unique hybrid venue structure that allows seamless interation between fully lit liquidity, indicative liquidity and dark liquidity.

This hybrid venue structure is unique in the industry and directly addresses problems faced both by key asset classes and key market participants.

  • Institutional liquidty can make use of protected orders to move large blocks without leakage
  • Market Makers can make indicative markets in illiquid instruments in debt markets
  • HFTs can execute high speed strategies in highly liquid instruments and make markets as designated liquidty providers
  • Retail investors can ensure execution using special triggered orders
Hybrid Venue Structure

Order Types

Clearpool's matching technology makes use of a carefully selected set of order types to ensure a well-balanced market microstructure. Included in that list are:

  • Limit Orders
  • Market Orders
  • Peg Orders
  • Reserve Orders
  • Conditional Orders
  • Indicative Orders
  • Protected Orders
Order Types

Availability and Compliance

Clearpool is designed to assume the most restrictive availability constraints allowing them to be relaxed should the deployment allow. Expertise developed over several years in the deployment of multiple exchanges has helped us develop a robust and performant approach to high availability and fault tolerance. Tried and tested in the most demanding environments Clearpool's architecture can withstand failure scenarios while maintaining performance.

Building on industry validated persistence technology Clearpool is designed to have a full history of all messages passing through the system with all events traceable from entry to exit.

In addition Clearpool has deterministic behaviour for all order entry allowing the state of the system to be re-created at any time. Should market events cause trading anomilies these can be retrospectively re-created and investigated.

Availability and Compliance

The Team

Clearpool is a global team of Wall Street professionals

With years of hands-on experience delivering the worlds top Equities Exchanges. Exchanges like the NYSE (US), NASDAQ (US), SGX (Singapore) and SIX (Swiss). Exchanges with the highest volumes and greatest performance constraints. We are ideally equipped to deliver what the market needs. We were also impacted by the May 6 2010 Flash Crash and acted as an expert witness to the SEC and are therefore acutely aware of the impact regulations can have.

During our time working to deliver world beating venues we realised two things. Trading today is largely broken — but more importantly — we have the skills and knowledge to fix it.

For several years now we've been working on putting together the technology and business models required to take today's markets into the next phase of growth. Our vision is to create a new model for trading that is fair for all participants.

The Clearpool team includes both acclaimed business professionals and world-class engineers. Involved in international standardisation efforts both in the financial services space as well as the technology community Clearpool ensures it is at the bleeding edge of tomorrow, today. Individually well respected in the financial and technology sectors Clearpool is able to attract the very best talent from around the world. Pioneers in distributed agile and lean development methodologies Clearpool's team knows not just how to deliver, but how to deliver to the highest standards building on community developed top-class tooling.

Contact Clearpool

If you have an enquiry and would like to learn more about how Clearpool can work for you please send an email and we will start a conversation.

enquiries@clearpool.io

We maintain a presence in London, Sydney, New York and Belfast.