AERON Aeron Equities Accelerator

Pre-Trade Risk and Controls

The Controls framework provides configurable, real-time order validation at both the client and venue layers:

1. CAM (Client Access Manager) – In-bound (parent order) pre-trade risk controls.
2. EAM (Exchange Access Manager) – Out-bound (child order) pre-trade risk controls executed before orders are routed to an exchange.

• Volume rules – Validate order size against configurable thresholds (maximum notional value, minimum and maximum quantity and lots, and uneven-lot checks) to prevent erroneous or abnormal orders.
• Price rules – Detect and reject orders priced outside acceptable limits, using configurable percentage- or tick-based deviations from a reference price.
• Short sell rules – Enforce short-selling restrictions, including market eligibility checks and uptick-rule compliance where required.
• Sanctions – Prevent trading in sanctioned instruments through dynamic validation of group membership at order-entry time: orders whose ISIN belongs to a sanctioned group are rejected, with the group’s description as the reason.
• Custom rules – Extend the controls framework with firm-specific accept/reject checks, such as proprietary risk checks and bespoke business rules, using the platform’s price, FX, tick-size and market data resolvers, without modifying the core platform.

Trading UI

• Workspace-based layout — Dockview workspaces let users split, rearrange, and pop out panels within named layouts, saved in the browser and synced across its tabs.
• AG Grid blotters — AG Grid blotters power every functional area, with built-in sorting, filtering, grouping, resizing, row counts, and export/copy tools. Order, trade, and fill blotters refresh every few seconds; other views stream live updates.
• Overview dashboard — Surfaces key order, trade, and admin alert counts, with quick actions into the relevant workspace.
• Permission-driven UI — Shows navigation, blotters, and actions based on role-mapped authorisation, without hard-coded visibility rules.
• RxJS reactive data layer — RxJS-powered WebSocket streams deliver a snapshot followed by incremental updates from the sequencer through the Read-only Gateway, while user actions go through the Admin Gateway.

Order Management

• Full order lifecycle management — Validated state transitions (pending new, live, pending amend, pending cancel, filled, cancelled, rejected), with every event recorded in the sequencer log.
• Intraday, historical, and rejected blotters — Provide real-time and archived views of active, completed, and failed orders with rejection detail.
• Order detail & audit trail — Order detail screens show a full event-by-event audit trail, timestamps, field-level changes, and inline fill history.
• Cancel, force cancel & overfill management —Permission-gated actions let operators cancel, force-cancel, and resolve overfills, with unresolved issues surfaced in overview counters.
• Kill switch — Global and per-venue kill switches can halt order flow, bulk-cancel live orders, capture reasons (mandatory for global and destination switches), show warning banners, and report cancelled and errored order counts.

Trade Management

• Trade lifecycle & state management — Trades are created automatically from partial or full fills and are either Active or Cancelled; each amendment creates a new trade version with its reason, and trades in error are flagged. Trades retain rich instrument, pricing, booking, settlement, decision-maker, and linked order/fill detail.
• Amend & cancel with predefined reasons — Operators can amend key trade fields or cancel trades with a predefined reason, while stale-version checks prevent conflicting concurrent edits.
• Reprocessing — Any trade that is not cancelled, including trades in error, can be reprocessed to fully rerun enrichment, recalculating settlement dates, broker codes, clearing methods, charges, and considerations from current reference data.
• Automated charges & considerations — Configurable Trade Charge Rules automatically calculate fees on create and reprocess, scoped by dimensions such as venue, counterparty, currency, side, and trade type, with consideration- or quantity-based calculation and rounding methods. Amendments recalculate considerations and net settlement amounts, and errors are flagged on the trade.
• Intraday & historical blotters with error surfacing — Intraday and historical blotters flag trades in error and let authorised users drill in and amend, cancel, or reprocess directly from the trade detail view.

FIX Connectivity

• FIX 4.4 session management — The FIX Gateway acts as an Artio-based acceptor, handling FIX 4.4 session lifecycle, CompID allow-list logon, sequencing, replay, gap-fill, and optional end-of-day resets.
• Inbound order messages — It supports New Order Single, Cancel Replace, and Cancel Request messages, validating instrument, order type, time-in-force, handling instruction, capacity, and book before forwarding.
• Execution report responses — The gateway returns full lifecycle responses, including acknowledgements, amendments, cancels, fills, rejects, unsolicited cancels, and business message rejects.
• Optimistic ack & order enrichment extension point — Per-client optimistic ack reduces perceived latency, while Order Enrichment Interceptor lets firms add custom payloads on create and amend, and override routing on create, without changing core gateway code.

Integration Points and Connectivity

• VenueSdk – Build exchange and venue gateway adapters that process order lifecycle events, publish execution outcomes, and apply outbound validation through the EAM rules engine.
• OmcSdk – Build Order Management Component (OMC) adapters, such as algo and smart order routing components, with support for order state management, algo, venue and SOR routing, and overfill handling.
• RefDataSdk – Build reference data feeders that publish and maintain instruments, venues, accounts, rules, calendars, and other reference data within the platform.
• AuditSdk – Build audit, surveillance, and reporting applications that consume the sequencer event stream from configurable replay points without participating in order processing.

Gateways

• Market Data Gateway – WebSocket-based ingress for external market data feeds, publishing quotes, last trade, open/close prices, market phase, instrument state, and FX rates into the sequencer. Data is maintained as in-memory projections and consumed by CAM price validation, EAM controls, trade calculations, and SDK-connected services. Instrument subscriptions are set through the Admin Gateway API.
• Admin Gateway – WebSocket-based write path between the UI and the sequencer for trading actions, reference data, and controls. It owns the user’s login session and the permissions that drive the UI.
• Read-only Gateway – WebSocket-based read path that authenticates users, checks permissions, and uses a snapshot-plus-streaming model to deliver current state and live updates to the UI.