Sterling Trading Tech is an industry leader for direct market access platforms and risk technology
Sterling Aggregator allows clients to manage pre-trade risk at both the aggregate unit and the individual account level for equities, single leg options and multi-leg options.
Sterling Aggregator allows clients to view all orders, manage trading risk and enforce all 15c3 compliance controls in real-time and can be integrated with any third party platform or FIX API.
Orders that would violate risk or compliance checks are rejected while those that pass are routed to the appropriate execution venue.
Sterling Aggregator allows clients to set account limits and manage trading parameters.
|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)|
|Aggregate Unit Control||Individual Account Control||Equities||Options|
|Order Side Marking|
|Margin Based on Price||NO|
|Margin Based on Symbol|
|Average Daily Volume (ADV) Filter|
|Duplicate Order Check|
|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|
Sterling Aggregator 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).
Direct connections route from the Sterling Aggregator to the following connections.
|Biltmore (via Sungard)||x|
|Celadon (via Sungard)||x|
|LAMPOST – via Trafix||x||x|
|Lynx Capital Markets||x|
|MAXIM (via Fidessa)||x||x|
|OTC Link LLC||x|
|OTC Markets ECN||x|
|Wall Street Access||x|
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.
STT can send or receive drop copy execution messages to third-party systems.