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OneChronos is bringing modern auction design to Spot FX in 2025!

A Differentiated Market Model

Auctions allow for matching configurations of inbound orders that solve for outcomes traders care about. Instead of the traditional price/time model of continuous order books, OneChronos takes a first principles approach to trading by matching buyers and sellers using a modern definition of best execution. This mechanism design leads to natural curation of benign, aggregated, robust liquidity accessible to all participants.

Optimizing for Quality

"Smart Markets" like OneChronos use mathematical optimization techniques to match orders and have a proven ability to outperform continuous trading venues on metrics such as market impact, adverse selection, and price.

A New Paradigm of Trading

In a fully non-displayed capacity, OneChronos aims to reduce the cost of execution while unlocking trading opportunities to create liquidity and expand overall market volume.

Contact

Get in touch

Reach out to fx_sales@onechronos.com to learn more about OneChronos FX today.

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Supplementary Documents

  • FX Clearing Examples

FAQ

Frequently Asked Questions

Auction Mechanics, Match Procedure & Order Types

    How are OneChronos point-in-time auctions initiated? And at what frequency?

    How are orders matched in OneChronos FX? What is the “match priority” model?

    What order types are available at OneChronos?

    What information on the book will I receive pre and post trade?

Trading at 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 able to subscribe to OneChronos FX?

    How does OneChronos determine which orders are eligible in an auction? What happens to orders received after the auction cutoff?

Data Center, Market Data & Routing

    Where is the OneChronos matching engine located?

    How is midpoint calculated for mid-pegged orders?

Connectivity

    How can OneChronos be accessed?

    Are there any special requirements for order submission via FIX?

    Does OneChronos offer STP solutions?

Clearing and Settlement

    What is the credit model for settlement on OneChronos FX

    Do unexecuted orders affect available credit?

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Documentation

Getting StartedExpressive BiddingMarket StructureFIX SpecUser Manual

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OCX Group Inc. is an independent, venture backed company that uses cutting edge technological paradigms to enable the next generation of electronic trading through its separate subsidiary entities. Contact us at info@onechronos.com.

OneChronos ® Markets LLC is a wholly-owned broker-dealer that operates a U.S. equities ATS and is a subsidiary of OCX Group Inc. Member FINRA/SIPC: www.finra.org. Check the background of OneChronos Markets LLC on FINRA’s BrokerCheck. A copy of OneChronos Markets LLC’s ATS-N is available here.

OneChronos Markets FX LLC will operate a Spot FX Platform and is a subsidiary of OCX Group Inc.

Subject to regulatory approval, OneChronos Markets UK Limited will operate a Multilateral Trading Facility to trade UK and Swiss equities, and its wholly owned subsidiary OneChronos Markets NL B.V. will operate a Multilateral Trading Facility to trade European equities.

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