Financial Services Technology: Back Office System for Nationwide Options Exchange

A new web-based app accelerates trades and reduces staff.

Chariot was brought in to help build the 10th nationwide options exchange. Our role was to design and develop back office systems.

The first app, Security Master, was designed for the client’s listings team. The listings team is responsible for managing and processing option products to be traded on the options exchange. Options are received from a feed from the OCC (Options Clearing Corporation) in the form of a file (XML). These options are processed through an algorithm that determines whether or not to list the option products for the current trading day. Chariot helped build a web-based application that allows the listings team to see the results of the nightly processing, and take manual action on the listing status of the products. The listings department can operate with 1 to 2 people because of the success of the application. Competing options exchanges have listings departments requiring 5-7 employees.

Chariot also worked with the client on a “Corrections Tool” used by the client’s NOCC (Network Operations Command Center, i.e. “trading floor”) for adding, correcting or canceling trades. The application has a Dashboard component that provides a view of the number of trades that occurred during the day as well as the products being traded. This is the only tool that allows NOCC users to manage trades.

The Chariot team had the unique opportunity to set the direction and technology for all back office systems. No systems existed before Chariot was engaged.

Technologies Used

  • Security Master
  • Grails
  • Groovy
  • Spring Security
  • MySQL
  • MCT
  • Google Protocol Buffers
  • WebSphereMQ

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