OneChronos is a U.S. equities ATS designed bottom-up to fundamentally address the growing gap between how trading venues match orders and how traders need to execute.
OneChronos is a Smart Market – the technical term for markets that match counterparties using mathematical optimization. Smart Markets have a proven ability to outperform traditional markets on metrics such as price improvement, liquidity, trade size, and fairness.
Smart Markets enable Expressive Bidding – a tool that gives market participants the fidelity of voice trading and the advantages of an electronic venue. All market participants can benefit from the unique liquidity that Expressive Bidding generates.
Smart Markets have been increasingly adopted in sectors such as manufacturing, logistics, telecom, and advertising given their demonstrated ability to:
OneChronos is pioneering the use of Nobel prize-winning (Economic Sciences, 2020) combinatorial auction techniques and artificial intelligence in financial markets, operating a Smart Market at a speed, scale and computational complexity that was not possible until now.
OneChronos offers brokers and their clients a simple mechanism to enhance their existing algorithms — VWAP, IS, liquidity seeking, and multi-objective execution — and accomplish diverse trading goals:
Examples and details can be found in our Expressive Bidding Guide.
Point-in-time auctions every ~100ms throughout the trading day
Match priority based on aggregate notional price improvement contributed
All matches are within or at the NBBO at a single clearing price per symbol
Customizable constraints to isolate specific execution objectives based on inputs such as imbalance, spread, price dislocation, or quote fade (NBBO consensus)
Fully non-displayed. No data feeds. Firm orders only. Multilateral fills
Seamless fit in today’s algorithm & routing workflows. Standard order types supported, in addition to those unique to OneChronos. All orders via FIX 4.2
Single auction process spanning all orders & eligible NMS securities
Differentiated liquidity, customized fills, unique trading opportunities
How are OneChronos periodic auctions initiated? And at what frequency?
How are orders matched on OneChronos ATS? What is the “match priority” model?
What order types are available at OneChronos?
How is Aggregate Price Improvement defined?
What is a Smart Market?
Where within or outside the spread can orders match?
Does the ATS support Immediate-or-Cancel (IOC) Orders?
Where can I see some examples of how the auction determines match priority?
How might my order be price improved?
How are Artificial Intelligence/ Machine Learning techniques used by OneChronos?
Can orders persist for multiple OneChronos auctions? For example, those not matched or not fully executed in a OneChronos auction.
What types of participants are anticipated to use OneChronos?
How does the ATS determine which orders are eligible in an auction? What happens to orders received after the auction cutoff?
How does cancel-replace work during the auction life-cycle? Is there a lock-up period?
Who can access OneChronos directly?
Can I send DMA orders through my broker for potential execution at OneChronos ATS?
Does the OneChronos ATS use tiering or segmentation?
Does OneChronos ATS offer Conditional Indications?
Does OneChronos ATS send out Indications of Interest?
How is liquidity taking and liquidity providing defined and considered in the matching process?
Does OneChronos support Odd lots or Mixed Lots?
Does OneChronos support Min Quantity?
What happens when Residual quantity of an order falls below Min Quantity?
Does OneChronos have a self-cross prevention feature?
What securities does OneChronos ATS accommodate?
Can OneChronos accept or rank orders priced in increments smaller than $0.01 (sub-penny)?
Can OneChronos match orders at prices that are not in increments of $0.01 or allow Expressive Bidding constraints that can result in sub-penny executions?
Do you have examples demonstrating situations in which sub-penny executions can occur?
Does OneChronos pass back a liquidity indicator on executions?
Given the duration of the OneChronos auction lifecycle how can I increase my likelihood of fills on OneChronos?
Where does OneChronos ATS print its trades?
What data is disseminated through public trading reporting?
Where can I view Form ATS-N for OneChronos ATS?
What is the OneChronos ATS MPID?
What is the OneChronos ATS MIC Code?
Where is the OneChronos matching engine located?
Does OneChronos ATS route any orders externally? For example, those not matched in a OneChronos auction.
How is NBBO calculated?
Does OneChronos offer co-location?
Where does OneChronos get its Market Data? Does OneChronos ATS maintain direct market data feeds?
Does OneChronos provide any data feeds?
How can OneChronos be accessed?
Are there any special requirements for order submission via FIX?
What are the hours of operation for OneChronos ATS?
What is Expressive Bidding? How should I consider if Expressive Bidding is relevant for how I trade?
Is Expressive Bidding required to trade at OneChronos?
Can / Does my broker use Expressive Bidding to complement its trading algorithm or smart routing strategies?
Is Expressive Bidding something I would use directly, or through my broker?
Can my Limit price or Quantity ever be violated?
Is Expressive Bidding required to achieve the benefits OneChronos discusses; price improvement, mitigated impact, unique crossing opportunities?
Is there benefit to interacting with other orders which are using Expressive Bidding?
Can OneChronos help me construct Expressive Bid constraints? Are there existing templates? Tutorials?
OneChronos ® Markets LLC is a wholly-owned broker-dealer subsidiary of OCX Group Inc. We’re an independent, venture backed company using cutting edge technological paradigms to enable the next generation of electronic trading. Contact us at [email protected].
A copy of OneChronos Markets LLC’s ATS-N is available here.