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Platform Engineering
Real-Time Trade Validation for Jefferies.
ASX and Chi-X trade assurance via FIX protocol. Real-time mismatch detection at scale.
01/ the brief
Missing trade fills. No real-time detection. Elevated compliance and market risk.
Jefferies is a global investment bank with active trading operations across the ASX and Chi-X. Their trading platforms periodically failed to receive fill messages from backend exchanges — meaning executed trades weren't reflected in downstream systems. The resulting mismatches were creating real compliance and operational risk, with no automated way to detect them.
- Trade fill messages periodically missing from ASX and Chi-X — leaving platforms with an inaccurate view of executed trades
- Mismatches between trading gateways and downstream systems created elevated compliance and market risk
- No automated controls to detect, alert, and respond to discrepancies in real time
02/ the solution
Real-time trade validation across ASX and Chi-X — with automated alerting and high-volume scalability.
Crystal Delta designed and built a real-time trade data validation platform — integrated with ASX and Chi-X via the FIX protocol — providing accurate, event-driven trade assurance at scale.
What's under the hood
- Real-time validation engine receiving feeds from multiple exchange sources and comparing data to detect and alert on any mismatch
- Custom web-based UI providing real-time visualisation and alert notifications for operational teams
- FIX protocol integration with ASX and Chi-X ensuring consistent and accurate trade data ingestion
- Event-driven architecture using queues and streaming to handle high transaction volumes and manage backpressure
- Trade data consolidated into a single trusted source for business intelligence, reporting, and operational insight
03/
The Impact
Trade Validation
Real-time assurance
Every trade fill received, reconciled, and verified across all exchange-connected systems.
Reduced risk
Automated detection and alerting significantly reduced the risk of undetected trade mismatches.
Scalable at volume
Event-driven architecture reliably handles peak transactional demand without performance degradation.