Advanced Matching Engine

Optio order books transact in terms other than price when advantageous. Thousands of transactions per second.

Volatility Quoted Options

Options market makers don't really think about options prices, they think about options volatilities. Optio allows market makers to transact in those terms in order to avoid the chore of continually updating options quotes as the underlying moves. This allows these institutions to create tighter, deeper markets with less fear of adverse selection.

See Volatility Based Matching Engine for details.

Yield Quoted Options

Advanced users of Optio can place orders into a "Customer Order Book" in terms of yield or price. This customer order book is a separate entity where market makers or other customers can choose to match trades.

See Customer Order Book for details.

Fill Allocation Models

Our matching engine has a variety of Fill Models to foster liquidity and fairness in our ecosystem

• FIFO - First In, First Out

• Fair Pro-rata - Resting orders receive equal fill allocation among the set of accounts present at a price level. See Fair Allocation Model for details.

Why Fair Pro-rata?

Optio invented this method of fill allocation so a deep pocketed institution could not starve out the rest of the ecosystem. We encourage market makers to make good markets that mutually benefit themselves and our customers.

Algorithmic Trading

Our matching engine contains a full featured set of algorithmic trading logic and currently exposes the following algorithms

• TWAP - Time Weighted Average Price

• VolOrder - Volatility Priced Options Order

• HedgedVolOrder - Volatility Priced Options Order with Automatic Delta Hedging