The Smart Market for Institutional Investors
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.
A fair, intelligent, and customizable ATS.
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.
Proven results
Smart Markets have been increasingly adopted in sectors such as manufacturing, logistics, telecom, and advertising given their demonstrated ability to:
- Identify mutually beneficial outcomes for buyers and sellers
- Address agency issues and reduce incentives for gaming
- Directly handle substitutes and complements, unlocking transactions that wouldn't be possible otherwise
- Mitigate information leakage and asymmetry
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.
Many Needs, One Solution
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:
- Market impact modulation
- Single-security indifference curves
- Synthetic creation and redemption of ETFs
- Pairs and spread trading
- Multi-security portfolio execution and hedging
Examples, details, and production availability status can be found in our Expressive Bidding Guide.
Standard workflow, game changing paradigm
- 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
- 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