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's technology revolves around using a micro services delivery surrounding a multicast middleware layer with certified in-memory caching of messages in a low latency scalable platform. Hosted in financial data centres globally, Quod Financial offers a multi-region, multi-desk, and multi-asset solution. Their use of artificial intelligence (AI) and machine learning (ML) agents enables real-time joins on streams of data and leverage these real-time calculations to drive automated trading decisions, based on the volatility and behaviour of markets.
The technology is available for all listed instruments (equities, futures, fixed income, and derivatives) as well as OTC markets including FX (spot, forwards, swaps, and NDFs).
The suite of products and services that Quod offers automates core trading provides insight into executions, and reuses data to create intelligence. This includes Quod's:
Smart Order Router (SOR)
An adaptive smart order router for fast, data-driven decisions in every market with over 470 configurable parameters
Order Management System (OMS)
A complete order management and middle-office trading platform
Execution Management System (EMS)
An end to end fully integrated, intelligent, and highly configurable system that allows rapid automation
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.
Market Making (MM)
An end to end solution for dynamically managing fragmented FX liquidity
Automated Trading
Complex multi-system based decisions using real-time market information
Transaction Cost Analysis (TCA) / Reporting
A demand driven, real-time analytics and TCA solution
Connectivity
The technology is set up to handle upstream and downstream data systems through native gateways using an API or through FIX connectivity and proprietary gateways. The Market Data FeedHandler provides native exchange and other venue FeedHandlers, as well as some of the leading market data providers.

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