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99 CAPITAL

02 // Products

A modular trading stack, available component by component.

The same systems that run our own trading, offered individually. Adopt one product or compose several — each stands alone and each speaks the same binary schema.

Market DataP.01

Parallax

One normalized view of fragmented markets.

Problem
Every venue publishes its own wire format, sequencing rules and recovery semantics. Consumers should not have to care.
Value
Feed handlers decode native protocols, rebuild order books and publish a single normalized binary schema to every consumer on the host or across the network, with full capture for later replay.

Capabilities

  • Native feed decoding for equities, futures and options
  • Full-depth and top-of-book construction with gap detection
  • Zero-copy shared-memory distribution with lock-free readers
  • Multicast and bus fan-out from a single publisher
  • Live and bulk-historical vendor adapters behind one interface
  • Packet-loss telemetry and loss alerting on the feed path
Venue feedsVendor dataOrder booksCapture logNormalize
Execution QualityP.02

Meridian

Execution measured against its own replay.

Problem
Execution quality is impossible to improve if the same inputs do not produce the same decisions twice.
Value
Schedule-based execution and an internal crossing engine built for reproducibility: a session replayed from capture produces byte-identical output, so every change is measured, not guessed.
Parent ordersChild ordersAnalyticsSchedule

Capabilities

  • Schedule-based execution trajectories
  • Smart order routing across destinations
  • Internal crossing before external routing
  • Byte-identical deterministic replay of a session
  • Per-order execution analytics
MessagingP.03

Lyra

Durable real-time messaging with deterministic recovery.

Problem
Distributed trading systems need a bus that never silently drops a message and can rebuild any subscriber after a restart.
Value
A sharded publish/subscribe fabric with sequenced streams, on-disk durability and gap recovery, so late joiners and restarted services converge on exactly the same state.
PublishersSubscribersDurable logSequence

Capabilities

  • Sequenced, per-stream ordering guarantees
  • Write-behind durability on a dedicated flush path
  • Cold and warm recovery for late or restarted subscribers
  • Capture and replay of any stream window
  • Graceful drain and broker-mediated failover
ConnectivityP.04

Apogee

Order entry with a complete audit trail.

Problem
Order flow has to reach many destinations over many protocols without losing determinism or the record of what was sent.
Value
An order-entry hub on a binary ring connects internal clients to external destinations over FIX in both directions, journaling every request and response for reconciliation and review.
ClientsDestinationsJournalRoute

Capabilities

  • Binary ring between clients and session gateways
  • FIX initiator and acceptor session management
  • Drop-copy monitoring and end-of-day reconciliation
  • Sequence-number guarding across session rollovers
  • Every request and response journaled in order
Risk InfrastructureP.05

Heliopause

Pre-trade risk on the critical path, not beside it.

Problem
Risk controls that sit off the order path are reports, not controls. Controls on the path must be fast and predictable.
Value
Deterministic pre-trade checks gate every order in line, backed by real-time position, exposure and P&L aggregation across strategies, regions and the firm as a whole.

Capabilities

  • In-line pre-trade checks with predictable cost per order
  • Position and exposure aggregation at strategy, region and firm level
  • Instrument- and strategy-scoped trading limits
  • Locate and restricted-list enforcement
  • Intraday P&L and post-trade reconciliation
  • Operator kill-switch and circuit-breaker controls
OrdersFillsAccept / rejectExposureCheck
SimulationP.06

Equinox

A venue you can rewind.

Problem
Production behaviour cannot be validated against live markets. It has to be reproduced first.
Value
A protocol-faithful venue simulator and multi-feed capture replay, driven by a discrete simulation clock, let complete trading sessions run offline exactly as they ran live.
CapturesSim venueResultsReplay

Capabilities

  • Protocol-faithful venue simulation
  • Multi-feed packet-capture replay
  • Discrete, controllable simulation clock
  • Same inputs, same outputs, every run
EntitlementsP.07

Polaris

Who can see and do what, decided in one place.

Problem
Permissions scattered across services drift, and revocation that depends on every service noticing is not revocation.
Value
A central policy store with a full audit log issues scoped tokens and pushes changes to an entitlement-aware gateway, so access is granted, checked and revoked consistently everywhere.
IdentitiesScoped tokensAudit logAuthorize

Capabilities

  • Central policy store with an append-only audit log
  • Scoped tokens for people and machine identities
  • Entitlement-aware streaming gateway for user interfaces
  • Pushed revocation, no polling
  • Isolated secrets store for service credentials
Engineering SDKP.08

Core

The primitives everything else is built on.

Problem
Low-latency systems are only as predictable as the queues, clocks and I/O loops underneath them.
Value
A modern C++ foundation of lock-free data structures, shared-memory transport, an asynchronous I/O reactor and schema-driven code generation for C++ and Python, shared by every product above.

Capabilities

  • Lock-free queues, sequence locks and shared-memory segments
  • Asynchronous I/O reactor, kernel-bypass capable
  • Schema-driven binary message codegen for C++ and Python
  • CPU affinity, rate limiting and latency histograms
  • Uniform application framework and configuration
SchemasC++ typesPython bindingsGenerate
OrchestrationP.09

Kepler

The trading day as a dependency graph.

Problem
A trading day is hundreds of processes with start times, dependencies and resource needs. Cron is not a control plane.
Value
Templates expand into dated job graphs that are admitted, placed and isolated across hosts, with crash recovery and a live view of every process from start of day to close.
TemplatesJobsJob historySchedule

Capabilities

  • Templated, dated jobs with dependency ordering
  • Admission control and multi-host placement
  • CPU pinning and control-group resource quotas
  • Per-host agents with crash recovery
  • Live job state streamed to operators
ObservabilityP.10

Sextant

Signal, not noise, for the people on shift.

Problem
Operators drown in raw alerts and log lines while the one thing that matters scrolls past.
Value
A telemetry API, an operator console spanning risk, orders, jobs and sessions, and an alert pipeline that collapses repeats into signatures so every page an engineer receives is actionable.
TelemetryAlertsConsolePagesReduce

Capabilities

  • Control and telemetry API for every service
  • Operator console: risk, orders, jobs, session analysis
  • Alert deduplication into signatures
  • Host and feed-path health collection

Products are offered under institutional agreements. Detailed technical documentation is shared under NDA.

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