The Exchange has an on-line screen based order matching system which is hosted on a fully Fault Tolerant (FT) Stratus Server. This Stratus Server has “continuous processing” features, providing continuous availability. Additional features of the Stratus system include lockstep technology, failsafe software, and service architecture. Other components of MSE framework are hosted on a high-end Intel. For redundancy in Network, members can have multiple mediums of connectivity such as Lease line, VSAT, ISDN, and Internet (through SSL VPN). The robust technology infrastructure enables the exchange to operate efficiently and also facilitates fast order routing, immediate trade execution, trade reporting, market data dissemination and risk management.
MSE trading system is an order driven system. The identities of the buyers/sellers are not disclosed as it's an anonymous order matching system. Orders entered into the Trading System are subject to various validation requirements including trading parameters, turnover limits, and/or other restrictions placed, if any. Orders that do not meet the validation checks are not accepted by the Trading System.
The MSE Trader Work Station (TWS) provides normal market session. Normal market consists of two types of books wherein orders are segregated, these are Regular Lot orders and Stop Loss orders depending on their order attributes.
The MSE trading system provides flexibility for placing different types of order. Each order entered in the system is allocated a unique order number, time-stamped and processed for potential match. If no suitable match is found, then the orders are stored as pending orders in the Order Book or till such time the order has been cancelled or at End of Day.
Presently MSE has following types of books:
The stop loss condition is met under the following circumstances:
The orders are matched based on a price-time priority in the following sequence:
Trading Member can enter various types of orders depending upon his/her requirements. These conditions are broadly classified into three categories: time related conditions, price-related conditions, quantity related conditions and other conditions.