Traditionally, customers have been able to trade on either a Request for quote (RFQ) or a Central Limit Order Book (CLOB) based methodology. Each has different characteristics and nuances, which we are now seeing can apply to a single business.
To accommodate these business, we have redesigned the backplane of Market Surveillance to allow customers to store data and run analytic from multiple methodologies in one system. In addition to RFQ and CLOB, other protocols now supported includes Automated Market Maker (AMM) Exchanges and covers Anonymous Trading and Dark Pool techniques.
By avoiding the need for multiple instances, we can now make significant savings for our user base.