Conversion of derivative contract lot sizes to smaller and larger tradeable amounts
With this release, you can split derivative contracts and reform contract specifications with underlying digital assets to change the contract lot size and lot price.
This is a major development, since it enables quoting and trading fractional and, inversely, consolidated crypto derivative contracts. For example, if an instrument is traded at a liquidity provider venue in lots of 1000, such derivatives can now be traded in lots of one to a million on a taker side, with the contract quotes readily adjusted to the new contract sizes. When the orders are placed for executions on liquidity provider venues, they are adjusted to meet the lot size requirements of each venue.
The order book state may be preserved indefinitely
The adapter used to connect to liquidity providers has been further improved by adding the option to hold the last value of a quote indefinitely.
A good case for this is dealing with acquisition of quotes when the asset price changes only intermittently even though the connection to the liquidity provider is alive.
The current state of Level 2 quotes is now reset upon disconnection
This improvement is related to the previous one: it has been ensured that even when the asset price is configured to handle infrequent refreshing of quotes, once connection to a liquidity provider goes down, the state of Level 2 quotes is reset until connection to the source of quotes is renewed.
Fixed an issue due to which, when asset volume is denominated with high decimal precision, small order amounts could be truncated to zero and error messages may be sent by liquidity providers.
It is now ensured that hedging is handled properly, and in cases when orders are so small that they would be rejected by liquidity provider venues, they are not sent there for execution.
Fixed an issue which caused race conditions. This has resulted in improved stability and performance of a hedging agent along with an adapter used to fetch asset quotes from a liquidity provider venue.
Fixed an issue related to recording of time values. It has been ensured that timing is now properly recorded and corrected for ongoing order execution requests.
Fixed an issue concerning a service responsible for handling the FIX protocol.
The service is now capable of resuming the price feed after connection to the liquidity taker was reinstated.
Fixed an issue due to which upon entering a long numerical value on a Web UI form, its last digit was switched to zero.
A new section has been added to the MarksMan documentation providing a user interface overview and illustrating how to accomplish the most common tasks. Refer to the Product guide to learn about the hedging functionality provided by MarksMan.
With this release, various changes have been introduced to MarksMan user interface, which include the following improvements:
A fixed table header
A table header in the Hedging Configuration section has become fixed, making it easier to see the field captions when scrolling down the page.
All buttons have been provided with tooltips describing their functionality.
Support for minimum screen resolution
The minimum screen resolution (960px) is now supported on all product pages.
Full support for Huobi Futures
Huobi Futures, a top-rated derivative exchange platform, has been fully supported.
As a result, robust supply of level 2 quotes has been ensured across the entire range of trading instruments, including but not limited to futures, swaps and perpetual swaps available on the newly supported platform.
This new level of liquidity has been provided following a major update of a recently released Huobi spot adapter, which was greatly extended to allow MarksMan clients to explore all the advantages offered by Huobi-powered trading venues.
The trading API is also supported, which opens new opportunities for best price execution and radically expands the range of options available to MarksMan Liquidity Hub clients in the realm of market risk mitigation while allowing them to offer their end users the tightest spreads and deepest order books across today’s markets.
Among other features, pre-execution model is fully supported and immediately available to client venues utilizing the FIX protocol and relying upon the MarksMan’s signature FIX API.
Increased consistency of synthetic quotes
The engine responsible for engineering synthetic cross pairs and fractional trading instruments has received yet another boost in functionality to increase the consistency of synthetic quotes by eliminating any outlying values when calculating spreads.
Extra validation ensuring decimal precision of asset prices
Arguably, when it comes to cryptocurrencies and other types of digital assets, the issue of decimal precision may be challenging for some legacy trading platforms and liquidity aggregators that primarily deal with fiat instruments and traditional securities.
In contrast, MarksMan ensures that liquidity is always ingested, handled and distributed with superb efficiency, regardless of decimal precision and numerical value range of asset prices.
With an additional layer of validation added to its liquidity engine, MarksMan makes sure that decimal precision values are always handled in strict accordance with the client specification, throughout the entire liquidity processing pipeline.
Fixed an issue due to which supported platforms could sometimes fail to subscribe to level 2 quotes provided by MarksMan.
Fixed an issue due to which the final status of an order execution could be recorded incorrectly in certain scenarios involving one of the supported hedging platforms.
Hedging Reports — New section in Web UI
On a newly introduced Hedging Reports page, you can find the history of hedging orders, view comprehensive order data and drill down to the minute details of each execution. The data on order placement requests and hedging platform responses is readily available, along with the information related to timing of each step along the order processing pipeline. You can filter the reports by various criteria, including different types of order and counterparty IDs, order placement and execution data, as well as various time intervals. The table layout is configurable, making it possible to reorder the columns and display or hide any column according to your preferences.
Fixed various usability issues to improve the user experience.
Fixed an issue which prevented access to inputs due to an overlapping menu.
A tenfold increase in Level 2 quotes update speed
The rate of Level 2 quote updates has been increased ten times compared to the previous release, enabling liquidity feeds to be refreshed with an interval of 100 ms. This feature allows MarksMan Liquidity Hub clients to initiate and maintain the most up-to-date order books that enhance user experience for traders on the supported exchange and broker platforms, as well as make risk management aspects of trading venue operations more predictable.
API rate limits implementation
The MarksMan Liquidity Hub hedging engine’s reliability has been given yet another boost with the implementation of support for request rate limits. This ensures optimal uptime for API connections employed for the purposes of trade executions and reporting.
Heartbeats and graceful connection termination
Health checks and connection handling safeguards have been added to ensure a seamless connection to liquidity provider data. As a result, unmatched reliability in managing Level 2 quote feeds has been achieved.
Fixed timeout issues that could affect reliability of full-duplex communication channels-while connecting to certain liquidity providers via API.
Fixed an issue with the mechanism responsible for restoring an API connection upon its interruptions in certain corner cases.
Fixed an issue due to which the Filled Amount field in hedging order execution reports could contain incorrect values.
Markups as a function of order book depth
MarksMan Liquidity Hub clients can now apply multiple markups based on the price level defined for Level 2 quotes. Together with variable volume modifiers introduced earlier this year, this feature empowers the trading venue operators to manage the liquidity of their order books to a highest precision, thus improving the user experience while mitigating market risks.
Improved logics for applying markups
The algorithms used for applying both constant and multi-tiered markups have been revised. This has resulted in improved quality of liquidity distribution after applying markups.
More granular analytics with new data included in hedging order execution reports
More data about orders is now recorded by the MarksMan reporting engine. A new field has been added to store the order status information provided by hedging platforms. Furthermore, a new status has been included to distinguish expired orders from those canceled for other reasons.
Fixed an issue that caused a leak of resources during disconnections occurring as a result of intermittent network failures.
Fixed several issues that occurred in rare scenarios. Reliability and high availability of services responsible for liquidity supply in various market conditions has been ensured as a result.
Yet more liquidity from Huobi Global
The MarksMan Liquidity Hub is celebrating a new major update: we worked hard to introduce a fully-featured adapter for the top-rated crypto exchange Huobi Global. Both the Level 2 quote and hedging adapters have become available to all MarksMan Ecosystem participants. This highly anticipated component has boosted both the breadth and depth of the crypto spot liquidity offering, carrying a great advantage for supported digital asset exchanges, including B2Trader. For the liquidity hub as a platform, this also ensures increased availability and improved failover capability. The influx of liquidity from the new source will also benefit the client venues integrated with MarksMan via FIX API.
Optimized market data delivery
The parser of market data coming from one of the world’s largest crypto exchanges has been optimized, which resulted in a significant improvement in the adapter performance. Latency has been reduced by an order of magnitude, and the quality of market data and overall reliability have been considerably improved.
More flexible hedging with enhanced time-in-force settings
A hedging adapter for one of the major crypto-asset exchanges has been revamped, extending our offering to encompass the full range of trading parameters available for orders placed in the context of market risk hedging. With the newly introduced time-in-force options, our clients are free to devise more flexible and ultimately more efficient hedging strategies.
Fixed an issue which didn’t allow the hedging agent to record certain fields when trades were rejected by a hedging platform.
Fixed an issue which affected processing of incoming and outgoing messages used by one of the supported protocols, when some messages could be blocking other ones at a high load. A considerable potential bottleneck has been prevented as a result.
Fixed an issue that could affect order book consistency for one of the supported exchanges.
Fixed an issue that could have impact on the stability of some of the MarksMan services if reports were received in an incorrect format.
Fixed an issue that could result in a failure to cancel a previously placed order while executing a hedging strategy on one of the supported hedging platforms.
Comprehensive integration with Bittrex Global
A new adapter has been introduced to enable price discovery and market risk hedging on Bittrex Global. Connection to this global crypto exchange drastically extends the range of trading instruments and hedging options provided by MarksMan.
Hedging on Coinbase
A new adapter has been introduced to enable spot asset hedging on the Coinbase crypto exchange. For MarksMan Liquidity Hub clients who already came to appreciate the advantages of seamless Coinbase connection, this improvement signals complete integration with this major crypto trading platform, opening the opportunity for superior spot asset hedging.
Extended price feed options
The price feed can now be streamed in the form of order book snapshots. Adding up to incremental feed updates, this further ensures even and reliable streaming of prices.
New performance benchmark reached
Over 200% increase in MarksMan performance has been secured thanks to optimization of the data interchange mechanism, which resulted in a major reduction of latency and more judicious use of computing resources. Smart use of cloud resources and bandwidth directly translates into the amount of trading instruments which a MarksMan instance can handle efficiently. This also implies increased market depth and higher frequency of symbol quote updates, along with a much better quality of order execution and improved bottom line.
Fixed an issue impairing the reliability of streaming order book data in rare scenarios.
Fixed an issue which occasionally caused a resource leak in cases when specific configuration parameters were missing. The stability of the hedging services has improved as a result.
Fixed an issue causing occasional inversion of sides when hedging trades were placed on certain platforms.
Streamlined order book consolidation
With this release, MarksMan supports consolidation of Level 2 quotes with unlimited market depth into any order book, according to flexible configuration rules. As a result, MarksMan clients can stream a price feed with a specified liquidity distribution to fill an order book with fewer levels while preserving the overall market depth. This way the MarksMan platform, with its support for virtually unlimited market depth, becomes even easier to integrate with trading venues whose market depth is limited to just a dozen or a hundred order book levels. At present, this functionality is available only for services accessible via FIX API.
Improved SimpleFIX Go documentation
The official documentation for the SimpleFIX Go library has been updated. This state-of-the-art library makes for a major contribution to open source on behalf of B2Broker, providing an up-to-date FIX engine implementation out of the box while featuring high performance and employing a highly sought-after Go technology stack. The library is available at https://github.com/b2broker/simplefix-go offering the global developer community a quick and easy approach to integrate FIX messaging pipelines into modern trading solutions powered by Go as well as ensure a closer integration with well-proven products from the B2Broker family.
Support for liquidity with virtually unlimited order book depth
As a result of this improvement, nearly unlimited number of Level 2 quotes is now supported when it comes to the actual number of price levels in the order book, which includes (but is not limited to) order books featuring 1000+ levels that are currently supported.
Extended configuration of Level 2 quotes
The set of configuration parameters required for consolidation of Level 2 quotes into a custom price feed has been extended to include the options that define the number of price levels being consolidated into a target order book, volume distribution settings and the rules for discovering prices at specific order book levels.
Revamped a service responsible for switching the source of Level 2 quotes in the case when the counterparty starts supplying incorrect order book data. Continuous operation of price discovery services has been ensured as a result.
Fixed an issue that caused inversion of hedging trade sides in certain scenarios.
Pre-trade execution control
MarksMan now supports pre-trade execution control that enables the trading venues integrated via the FIX API to connect to the MarksMan Liquidity Hub as takers. When connected as a taker, a venue receives Level 2 quotes, it can place orders and receive confirmations when a maker executes the orders.
FIX API documentation
Basic FIX API specification has become available to help independent trading venues and liquidity providers integrate MarksMan Liquidity Hub into their solutions via the FIX API.
Pricing Service streams prices with markups already applied
A specialized MarksMan service providing top-of-the-book prices (that is, Level 1 quotes) is now streaming quotes with configurable markups already applied, as opposed to the earlier implementation, with only the raw quotes provided so that markups had to be applied explicitly upon receiving the markup values via separate REST APIs. The newly introduced approach is much easier and less time-consuming.
Fixed an issue that resulted in the lot size not being taken into account when placing hedging orders on certain hedging platforms.
Fixed issues that affected the stability and performance of the MarksMan hedging engine.
Full support for Kraken spot liquidity
Trading venues participating in the MarksMan Ecosystem can now take advantage of ready access to spot liquidity on one of the top-ranked cryptocurrency exchanges — yet another milestone for MarksMan continuing on its mission of diversifying access to liquidity, be it crypto spot markets, crypto derivatives or other popular trading instruments.
Improved support for Poloniex API
The Poloniex connection adapter has been updated following the changes to the API of this leading digital assets exchange, which resulted in enhanced performance and improved connection stability.
Extended integration with B2Trader
With this release, MarksMan features even deeper integration with B2Trader, a flagship matching engine and crypto assets exchange platform. As a result, more efficient delivery of trading reports and faster execution of hedging orders have become possible.
Fixed an issue related to the Poloniex adapter and causing inconsistencies in Level 2 quotes under certain circumstances.
Fixed a reporting-related issue to ensure that the fees and commissions data is properly received and reflected in hedging reports.
Fixed issues causing occasional quote feed inconsistencies arising immediately after updating the configuration of some of the MarksMan services.
Volume modifiers variable by price level
MarksMan Liquidity Hub clients can now configure a volume modifier (otherwise known as multiplier) as a function of market depth. Risk management precision can be ensured by fine-tuning liquidity distribution data in the order book.
Execution of hedging orders on Binance Futures
A new adapter has been introduced for execution of hedging orders on Binance Futures, a major platform specializing in crypto derivatives. Combined with instruments for perpetual futures trading, this new service creates truly exciting opportunities for MarksMan Liquidity Hub clients.
Hedging of spot assets with Binance perpetual futures
Spot asset trades can be hedged with perpetual futures. MarksMan clients can reduce costs and improve the cash flow by applying more attractive strategies.
A new adapter has been introduced for connection to Gemini, another major cryptocurrency exchange providing spot liquidity for MarksMan clients.
A new adapter has been introduced for execution of hedging orders on the Poloniex crypto exchange.
Fixed an issue that could result in omission of some trade parameters in the hedging orders trade history.
Fixed an issue that could cause an order timeout error despite normal execution of actual trades.
Hedging configuration in the MarksMan admin panel
Introducing a new admin panel with a convenient user interface featuring useful hedging configuration options, allowing you:
to specify the minimum and maximum amount at which to execute hedging orders, and define different hedge ratios for each order side
to map some of the hedging order symbols to other symbols, meaning that you can hedge using any symbols apart from those present in a particular instrument
These options can find a variety of applications. For example, you can hedge by forcibly splitting large orders and executing each portion separately.
Hedging Status — New Web UI section
On a new Hedging Status page, you can manage and monitor trading venues and hedging platforms to solve any of the following tasks:
run or stop the hedging process
connect hedging platforms to client exchanges or disconnect them according to your risk transfer preferences
manage API keys provided by the connected hedging platforms
FIX integration — Another major liquidity distribution platform supported
A new adapter has been introduced for connection to another major platform specializing in margin trading. This is a welcome addition to a rich set of connectivity options available to MarksMan Liquidity Hub clients.
Simultaneous connection to a number of ecosystem makers
Any venue participating in the MarksMan Ecosystem (or ecosystem taker) can now establish a live connection with multiple ecosystem partners, enjoying simultaneous access to multiple liquidity streams and gaining a competitive edge on the turbulent hedging market
The identifier assigned to executions by an exchange is now being tracked throughout the entire succession of hedging operations. This greatly improves the quality of end-to-end analytics available to risk managers employed at venues participating in the MarksMan Ecosystem.
The hedging order placement process has been streamlined, resulting in improvements to the prioritization engine, which ensures the fastest possible routing of orders resulting in timely and efficient risk transfer coming handy to any risk management strategy.
In anticipation of possible connection failures or other issues compromising continuous liquidity flow from ecosystem makers, both the price feed and hedging can be configured to prescribe automatic switching to another ecosystem partner or external liquidity provider, followed by switching back to use them again as soon as the connection is restored.
Fixed an issue that could compromise reliability of order routing services in some scenarios. Fault tolerance is now ensured in potentially disruptive cases, such as when trading symbols are found to be misconfigured or missing from a hedging configuration.
The VWAP and total volume included in reports
Hedging orders exceeding a certain amount (configurable) can be executed in multiple portions. The total hedging volume and Volume Weighted Average Price are included into a corresponding report.
100 price levels — Market depth milestone passed
Liquidity can now be provided with a market depth of more than 100 order book levels, which in practice implies virtually infinite order book. The previous milestone, with a maximum of 100 levels in the order book, has been reached and passed — the actual market depth now depends solely on the available computing resources.
Flexible user roles and granular access permissions
It is now possible to configure and assign custom user roles, dynamically if required. This approach to maintaining access permissions ensures proper access control granularity, promising an easier way to manage a multitude of permissions across various system modules.
Data exchange between various product services via the internal messaging system has been optimized, resulting in sturdier interoperability and reduced consumption of cloud resources.
Currency pairs can now be inverted, which adds up to the range of hedging parameters available for synthetic instruments. They can be modeled on any of the symbols in a pair, regardless of whether they are notionally considered base or quoted.
Fixed an issue that imposed an unreasonable limit upon the order book depth.
Synthetic Engine integration
The Synthetics Engine has become an integral part of the MarksMan Liquidity Hub ecosystem.
Notional values as hedging order limits
The set of hedging configuration parameters has been extended, making for a much more flexible risk management: when configuring limit settings of your hedging orders, you can list both a base asset and a notional symbol which may be quoted in any asset, including fiat currencies.
More order types, hedging with time-in-force settings
The set of available time-in-force options has been extended. Apart from a variety of market orders, you can place limit orders and configure their slippage settings.
Precise timing is now an important aspect of analytics available to MarksMan Liquidity Hub clients. The time of order execution at a hedging platform is now being tracked, opening doors for new insights inspired by accurate execution data.
It is now possible to specify the minimum and maximum amount for hedging orders. The amount limits are adjusted to the hedge ratio.
Fixed an issue compromising the stability of an internal service monitoring the status of sources supplying Level 2 quotes to MarksMan. Continuous streaming of liquidity feeds is now ensured.
RESTful API with Swagger documentation
RESTful API has been provided to lay the ground for a graphical user interface and further integration between MarksMan and other B2Broker products featuring a UI.
External liquidity providers as venues for price risk hedging
Trades executed on B2Trader can now be hedged automatically, by forwarding price risks to an external liquidity provider, such as Binance.
Direct hedging upon external liquidity providers for B2BX clients
Direct hedging of price risks via external liquidity providers has become possible. You can execute hedging orders on Binance or any other platform connected to a client exchange participating in the MarksMan ecosystem and receiving liquidity from B2BX.
Currency conversion for values displayed in reports
A new service has been introduced, tracking conversion rates and allowing you to convert the reported order size and trade total values into any currency.
Extended hedging parameters
The set of hedging parameters has been extended, enabling MarksMan clients to:
configure hedge parameters based on trader account identifiers
define a hedge ratio based on the trade side (buy or sell)
map a hedging instrument to another spot market symbol (for instance, you can hedge BTC/USDT trades with BTC/USDC orders)
Improved trade placement and execution analytics
More data about each trade is now provided by B2Trader, improving end-to-end analytics derived from hedging requests and responses.
Synthetics engine supports inversion
When designing synthetic instruments, components of synthetic cross pairs can now be inverted.
Fixed an issue causing the hedging agent to drop connection in case of empty credentials having been specified for any API member in the configuration.
Fixed an issue preventing operation of some of the markets available to a pricing service.
Fixed an issue related to a price discovery gateway and resulting in improper application of market depth constraints to some of the trading instruments.
Internal hedging on B2Trader
Introducing a new hedging agent, named Hedgehog, for redirecting trading orders placed on one platform to another venue.
Authorization based on JSON Web Token
A new JWT-based service has been implemented, enabling authorization of clients connecting to MarksMan. Among other things, this makes it possible to identify transactions made on different B2Trader platforms with a view of subsequent hedging.
Tracking of hedging orders
A new service has been implemented for gathering statistics and analytics necessary to properly monitor execution of hedging orders.
Timeout customization for individual instruments
Custom timeouts can now be configured separately for each instrument. Using this option, you can reset the instrument’s order book and switch to another price source, ensuring price quotation reliability for low-liquidity instruments.
Improved price feed
The price feed reliability has been ensured, while the overall performance has improved.
New metrics for performance monitoring
New metrics have been added for tracking the status and performance of MarksMan services to identify and prevent any possible failures.
Fixed an issue preventing constructed quote (market) updates for some instruments by checking that a corresponding symbol is mapped.