Secure order matching
A significant share of all financial trading of securities are done directly between buyers and sellers outside of the financial exchanges. For some of this off-exchange trading, buyers and sellers are matched through highly specialized matching services i.e. off-exchange matching. These so-called Alternative Trading Systems (ATS) is used world-wide and regulated by national or regional regulation.
The ATS receives a lot of private information about buyers’ willingness to pay and sellers’ willingness to accept in order to find the most optimal matches. Confidential handling of this private information as well as information about the actual outcomes of the matching (prior to public announcement), is one of the most important tasks of any ATS. The operators of the ATSs are single points of trust and vulnerable to security attacks and data breaches.
ATS with no single point of trust
In collaboration with Tora, Partisia has developed a new MPC protocol that will be the foundation for a new generation of ATSs with no single point of trust. The new MPC protocol is called MACE (Multiparty Agile Computation Engine) which meets the very high security, efficiency and flexibility requirements needed.
Tora is the provider of the industry’s most advanced cloud-based order and execution platform (OEMS) and operator of Crosspoint, a Hong Kong licensed ATS. Every day over three billion dollars of institutional volume is traded through the Tora platform.