What is RX?

FTEN’s RiskXposure (RX) is an easy-to-use dashboard that gives users an aggregated, real-time view of their trading activity for all trading platforms, market venues, and asset classes utilizing FTEN’s global drop copy network.

Leveraging FTEN’s patented technology platform and real-time trading feeds, RX’s risk engine runs robust pre- and post-trade risk checks across destinations triggering message-based alerts that are customizable at the firm-, client- and account-level. The RX risk engine also performs flow control by signaling market access gateways (such as FTEN VX products and other third-party platforms) when a risk condition is breached.

Who uses RX?

  • Prime brokers: Provides buy side clients with high speed direct market access to liquidity destinations while retaining comprehensive risk and compliance controls.
  • Clearing brokers: Provides broker-dealers with direct market access and dashboards to manage compliance and risk while giving the clearing firm the ability to monitor overall intraday exposure.
  • Trading entities: Gain full market and asset class coverage. Monitor overall committed capital, open order exposure and intraday risk exposure across venues.


Sample RX GUI



How Is RX integrated with other trading systems?

RX is deployed as a hosted service in FTEN data centers with access to multiple execution venues. The system integrates data from execution drop copies, market data, and orders from FTEN and third-party gateway products. Brokers can integrate RX into their trading architecture to monitor client trading activity and set pre- and post-trade risk controls enforced at the gateway level. The data aggregated by RX is also used to produce regulatory reports and custom reports for clearing, reconciliation and other back office processes.

What kind of checks does RX do?

RX conducts a broad range of pre- and post-trade risk checks, each with customizable parameters that can be set at a parent-, client- or account-level. RX includes dozens of risk checks on real-time data aggregated across systems and platforms.

Some examples include:

  • Portfolio Risk Checks
    •  Intraday market exposure including gross, long, short and net position balances
    •  Single name concentration (gross, long, short and net)
    •  Average daily value and buying power
    •  Checks for positions in liquid instruments
  • Open Exposure Checks
    •  Open gross market value
    •  Open buying power
  • Reasonableness Checks
    •  Fat finger (single order value, single order quantity, etc.)
    •  Price collar (compared to NBBO)
  • Compliance Checks
    •  Imbalance MOC / LOC checks
    •  Inter-market sweep order rejects
    •  RegSHO compliance (Easy-to-borrow locates)
    •  Restricted stock list enforcement