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Sterling Aggregator

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.

pre-trade compliance

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.

  • Accepts orders via third party trading platforms and FIX APIs to provide a single checkpoint for pre-trade risk and compliance monitoring for U.S. equities, options and Canadian listed securities
  • Performs risk checks, such as aggregate buying power and individual order controls for size, price, and notional amount
  • Applies compliance controls, such as aggregate position marking, wash trade prevention, and threshold controls
  • Supports and integrates with new third party trading platforms and FIX API solutions by request

real-time risk

Sterling Aggregator allows clients to set account limits and manage trading parameters.

  • Hours of operation: 4am EST to 8pm EST US
  • Position and order management (both aggregate unit level and individual account level)
  • Buying power or margin control (both aggregate unit level and individual account level controls)
  • Max Loss control (both aggregate unit level and individual account level controls)
  • Per-order controls for quantity, notional amount, and threshold (both aggregate unit level and individual account level controls)
  • Symbol blocking controls
  • Ability to restrict symbols based on minimum and maximum price (both aggregate unit level and individual account level controls)
  • Duplicate Order Checks
  • Ability to handle equities and options including multi leg margin and buying power calculations accurately
  • Layering, Spoofing and ADV (Average Daily Volume) Filters

Overview

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 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).

sterling aggregator network overview

execution venues

Direct connections route from the Sterling Aggregator to the following connections.

Options
Destination Equities Single Complex Algo Buletin Boards
ARCA x
ARCO x
Barclays x
BATS x
Biltmore (via Sungard) x
BNP x
BAML x x x
Celadon (via Sungard) x
Citadel x x x
Clearpool x x
CODA x
CSFB x
Cuttone x
DASH x x x
Direct Edge x
EZX x x
Fidessa x x
FIS x
Flextrade x
Instinet x x x
ITG x x
JP Morgan x
KCG x x
LAMPOST – via Trafix x x
LEK x x x
Level x
Linear Technologies x
Lime x x
Liquid Point x x
Lynx Capital Markets x
MAXIM (via Fidessa) x x
Morgan Stanley x
NASDAQ x
NYSE x
NYSE (Meridian) x
OTC Link LLC x
OTC Markets ECN x
Raptor x
RBC x
Sage x
Speedroute x x
Succession x
Sungard x
Susquehanna x
Trafix x x
Two Sigma x
Vandham x
vFinance x
Virtu x x
Volant x x
Wall Street Access x
WesternInternational Securities x
*If you need a route that is not listed, please contact us for additional information.

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.

3rd party platform integrations

  • DAS Trader
  • ETNA Trader
  • Flextrade
  • Go Trader
  • Market Trader

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