Exchange. Clearing.Compliance.
Cygnus.
A unified exchange and clearing platform for a CFTC-regulated DCM and DCO. Six systems run one trade lifecycle: order book, central counterparty, surveillance, regulatory reporting, operator console, and reference data. One data model, one operator surface.
Licensable end to end. Built to CFTC Core Principles.
Central limit order book.
Strict price-time priority. Limit, market, FOK, IOC, block trades, and calendar/inter-product spreads. Reachable via browser terminal or full API on equal terms. Pre-trade risk and circuit breakers at the engine.
DCM trading layer. Binary and event contracts live; full derivatives range supported.
Pre-funded central counterparty.
Every matched order novates to the DCO. Maximum loss computed and locked against collateral at order entry. Binary settlement: contracts pay a fixed amount or zero, with no mark-to-market or variation margin between entry and expiry. No default-fund waterfall. Multi-asset collateral with haircuts.
DCO clearing layer. Bilateral counterparty risk removed at execution.
Two-tier market surveillance.
Real-time evaluation inline at execution; overnight sweep against finalized data. Wash, spoofing, layering, velocity, and concentration detection. Trade reconstruction and case management built in.
Dispositions through to CFTC referral, with full audit trail.
Part 16, 17, and 39 reporting.
Part 16 trade reporting in FIXML. Daily market report. Part 17 large-trader reporting. Part 39 DCO margin and collateral reporting. Immutable audit trail. Generated at session close and on demand.
Automated output for DCM and DCO regulatory obligations.
Venue control plane.
Participant onboarding, collateral, contract management, per-account risk limits, account halts, exchange-wide kill switch, settlement, surveillance operations, and the audit cycle. Every action logged. No code deployment for routine change.
Single operator interface across all six systems.
Reference data and indexes.
Proprietary reference indexes with governed, version-controlled methodology. Full historical archive. Probability and seasonal analytics. Delivered over REST and WebSocket; JSON/CSV with tiered rate limits.
The reference data the market settles against.
Six systems. One trade lifecycle.
Cygnus runs origination, execution, clearing, surveillance, and reporting as one integrated stack. Operator console across every stage; surveillance inline and overnight; reference data feeding origination and settlement.