Quod Financial


Quod Financial is a trading technology provider which specialises in software and services such as algorithmic trading, smart order routing and internalisation of liquidity. The firm provides electronic trading platforms to liquidity venues, exchanges, retail brokers, buy side and sell side institutions.
The company is headquartered in London with offices in Paris and New York City. It has teamed up with Catena Technologies in Singapore, to take advantage of liquidity fragmentation in the Asia Pacific.

History

Quod Financial was formed in 2005 via the business acquisition of Reuters Mercury Online by NET2S, which also used to be a trading technology provider. In September 2016, Quod Financial launched FX Solution for Regional Banks and Asset Managers.

Application Modules

Quod Financial's application modules include smart order routing for buy side and sell side firms, modules for cross-asset and multi-asset trading, as well as online trading for retail and institutional brokers.

Adaptive Smart Order Router (ASOR)

ASOR is designed for the sell side firms and supports equity and derivative asset classes.

Adaptive Cross (ACross)

ACross, a MiFID II and Dodd-Frank Ready application module, which allows brokers to take care of their crossing opportunities. It can be combined with a dynamic SOR, enabling the user to work orders externally and cross internally when crossable flow is available.

Adaptive Online Trader (AOLT)

AOLT is a multi-asset web-based trading application module. AOLT is based on Microsoft's Silverlight technology that allows continuous streaming to web pages. The AOLT is designed for retail broker.

Adaptive Execution Platform (AEP)

AEP's modules include: trading-specific algorithmic engine, order and quote management, connectivity and middleware.

Algorithmic Engine (AE)

The Algorithmic Engine is an adaptive financial event processing engine that understands the relationship between parent and child orders, different order types and market events. It supports a library of the most important and common execution algorithms such as TWAP and VWAP. It also has an open C++ API that allows users to create, customise and extend the algorithms.

Order & Quote Management (OMS)

This module is designed for sell side institutions and manages the whole life cycle of an order.

Connectivity

The AEP is set up to handle upstream and downstream data systems through native gateways using an API or through FIX connectivity and proprietary gateways. Quod Financial has its own FIX engines versions 4.2 to 5.0. The Market Data FeedHandler provides native exchange and other venue FeedHandlers, as well as some of the leading market data providers.

Middleware

Application Delivery Models

There are two types of delivery models for all application modules at Quod Financial.

Enterprise Model

In the Enterprise model the application module is installed on the client's data centre and maintained by themselves.

SaaS Model

In the software-as-a-service model, a hosted model, the software is installed at one of Quod Financial's proximity data centres. In general, there are a number of advantages in using SaaS: