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Sterling OMS + Infrastructure

advanced technology solutions

sterling oms + infrastructure overview

Sterling offers a full order management system that provides the ability to streamline operations and increase workflow efficiency via an advanced technology solution.

  • Provides an advanced admin console with the ability to set pre-trade risk controls with the ability to manage and interact with order flow and positions in real-time
  • Clients can utilize across single or multiple clearing firms
  • Supports end-of-day compliance reporting and detailed trade reporting to seamlessly integrate into existing back office processes
  • Suite of APIs that offer the ability to manage risk and create accounts in real-time
  • Infrastructure solutions that offer global connectivity to multiple exchanges and trading networks along with on demand custom development solutions

sterling oms snapshot

Data Center Location: Secaucus NY4
Peak Message Rates Supported: Up to 15,000 messages per second
Order Latency: Less than 1 Millisecond
Hours of Operation: 2am EST to Midnight EST
Instruments Supported: US Equities, US Options (single leg, multi-leg), CAD Equities
SOD Files Supported: Buying Power, Positions, Easy To Borrow, Non-Standard Margin Symbol List, Restricted Symbol List
EOD Files Generated: Clearing Files, OATS, Daily Trade Blotters, Order Lifecycle, Custom BD Reports
Platforms Supported: All Sterling platforms; Third-party Fix APIs; Graybox; EZX; Succession; GoTrader; MarketTrader; ETNA; Valdi; Flextrade; DAS
Drop Copies Supported: Inbound and Outbound Supported via Fix 4.2 for all instruments.
Risk GUI Available: Yes. GUI available both for full risk control or in "view only" mode.
15c-3 Risk Controls Supported: All 15c-3 Risk Controls Supported
Position Management: Risk GUI allows clients full position and order management at both aggregate unit level and individual account level.
Pre-trade / Post trade Risk: Aggregator risk controls are pre-trade; Post trade risk available with integration of Sterling Risk Engine (SRE)
Reject Notifications: Orders that do not pass risk checks are rejected back to trader with easy to understand reject text notification.
Order Routing Controls: Orders can be routed based on Aggregate Unit, Individual Account, Platform, Symbol, Listing Exchange, TIF, Order Type, Time and Price.
APIs Supported: REST API (JSON); FIX API (FIX v4.2)

risk check matrix

Aggregate Unit Control Individual Account Control Equities Options
Order Side Marking
Buying Power/Margin
Margin Based on Price NO
Margin Based on Symbol
Max Loss
Average Daily Volume (ADV) Filter
Duplicate Order Check
Layering Filter
Spoofing Filter
Pattern Day Trading Controls N/A
Per Order Control - Max Quantity
Per Order Control - Max Notional
Per Order Control - Max Price Threshold
Per Order Control - Max Open Orders
Symbol Control - Symbol Blocking
Symbol Control - Minimum Price Restriction
Symbol Control - Maximum Price Restriction
Position Control - Max Long Position Value
Position Control - Max Short Position Value
Position Control - Max Open Notional Value

buying power / margin controls

Sterling OMS features buying power and margin controls for equities, single leg options and multi-leg options.

Equities BP/Margin Calculations:

Equity Margin controls can be set based on price levels and side (for example, clients can margin securities below a dollar at 100%, and securities above a dollar at 25% for Buy orders and 28% for Sell orders).

Equity Margin can be set per symbol for securities with non-standard margin (ie, symbols not margined at standard 25%).

Options Margin Calculations:

Options Margin is calculated based on the Cboe specifications. Aggregator “nets out” spread orders based on the specific margin rules outlined by Cboe (as opposed to adding up the margin for individual legs).

Individual accounts can also be permissioned for different levels of options trading (multileg, covered call writing, long options, sell naked puts, sell naked calls).

sterling network overview

execution venues

Sterling provides connectivity to exchanges and multiple trading networks across the globe.
Direct connections route from the Sterling OMS to the following connections:

Suite of APIs

Sterling’s suite of APIs offer the ability to manage risk and create accounts in real-time.

fix connectivity solutions

Sterling Trading Tech is recognized in the worldwide financial community for exceptional trading technologies & connectivity solutions

Sterling Trading Tech offers a wide range of FIX connectivity solutions to clients looking to take advantage of our global trading network or consolidate order flow into a single point where risk can be managed more effectively.

order routing

Sterling Trading Tech provides a cost-effective order routing solution for clients looking to leverage our global network, including:

  • US Equity and Options Exchanges
  • International Exchanges and Networks
  • Broker Execution Routes
  • Algorithmic Broker Connectivity
  • Financial Networks
  • ATS

drop copies

Sterling Tradeing Tech can provide real-time executions via drop copies to third party risk management systems.

Drop copies can also be taken in via third party systems in order to manage risk from those systems through Sterling.

sterling fix api

Monitor trades, positions & enforce pre-trade risk & compliance controls with one of the fastest API solutions on the market.

Sterling Trading Tech's low latency FIX API is one of the fastest API solutions on the market today, with processing speeds under 100 microseconds and the capacity to handle up to 10,000 orders per second.

Sterling’s FIX API solution is integrated with the Sterling Risk Manager GUI, so traders and risk managers can easily monitor trades, positions and enforce pre-trade risk and compliance controls.

FIX API users can connect directly to the Sterling Trading Engine via multiple channels using industry standard FIX 4.2 protocol.

Key Features

  • Processing speed under 100 microseconds
  • Send up to 10,000 orders per second
  • All US and Canadian equity symbols supported
  • US single leg options and complex options supported
  • Multi-broker, multi clearing firm support
  • Access all STT execution partners through one connection

Risk Management

  • Buying power and margin controls
  • Per order contract size and notional value controls
  • Max loss controls
  • Order Management via Risk Manager GUI
  • Position Management via Risk Manager GUI

trade reporting

Sterling provides standard and custom client reporting solutions to seamlessly integrate into existing back office processes.

trade reporting

Sterling Aggregator can accept start-of-day Easy-To-Borrow (ETB), Buying Power and Positions files and offers a full suite of end-of-day files including clearing files and OATS reporting.

drop copies

STT can send or receive drop copy execution messages to third-party systems.

Sterling Trading Tech offers a full suite of client reporting solutions to seamlessly integrate into client back office processes. Reporting solutions are available on an a la carte basis and include:

start-of-day files

STT has the ability load the following Start-of-Day files for all client accounts via automated upload.

SOD Position Uploads:
STT can load start of day positions for each client account from the clearing firm of record.

SOD Buying Power/Margin Uploads:
STT can load start of day account buying power or margin for each client account from the clearing firm of record.

Easy to Borrow (ETB) lists:
STT can load ETB lists to determine which securities are easy to borrow for shorting in client accounts.

Locate lists:
STT can load lists of securities that have been pre-located by the client for their accounts.

end-of-day trade files

STT has the ability to generate the following End-of-Day files for all client accounts via ftp or file transfer.

Daily Trade Report:
STT can generate a nightly trade blotter that includes all executed trades and associated trade details.

Daily LifeCycle Reports:
STT can gerenate Daily Lifecycle Reports that provides timestamped details of all order activity, including when orders are sent, confirmed, executed, cancelled and rejected.

End of Day Position Reporting:
STT can generate a position report to show all ending positions in each client account including account, ending position quantity and position price.

Clearing Firm Files:
STT can generate end of day Clearing files based on the specifications of each individual Clearing Firm.

compliance reporting

STT has the ability to generate the following compliance files for client regulatory reporting to FINRA and the SEC.

CAT Reporting (Consolidated Audit Trail):
STT is fully certified for Consolidated Audit Trail (CAT) reporting and can generate CAT reports and submit on behalf of clients.

OATS Reporting:
STT is fully certified for the FINRA Order Audit Trail System (OATS) and can generate OATS reports and submit on behalf of clients. (FINRA is planned to phase out OATS reporting once fully replaced by CAT reporting.)

SEC 606 Reporting:
STT supplies 606 data in standard IHS Markit format only. STT is not a 606 vendor. Custom data enhancements are available up on request.

Custom reporting solutions can be developed upon client request and an agreed upon Scope of Work.

STT Start-of-Day Recovery Service

Prevent trading disruption with Sterling’s Start-Of-Day Recovery Service.

Sterling offers a start-of-day back-up file service in the event that your clearing firm is unable to provide start-of-day position files prior to the market open.

If your clearing firm does not provide start-of-day files, STT can automatically carry over all positions from the end of the prior trading day. The Sterling back-up files load automatically to prevent trading disruption.

Please contact sales for details on pricing and implementation.

 

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