OneChronos operates a U.S. equities alternative trading system (ATS) that utilizes mathematical optimization and Nobel Prize-winning combinatorial auction techniques to enhance order matching and execution efficiency. By enabling Expressive Bidding, the platform allows institutional investors to achieve superior price improvement and liquidity while addressing the limitations of traditional trading venues.
Funding
$81.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
BPOFounders
Product
Problem
Institutional investors face challenges in achieving optimal order execution due to limitations in traditional trading venues' order matching and execution efficiency. Existing systems often fail to fully address the diverse trading goals of these investors, leading to suboptimal price improvement and liquidity.
Solution
OneChronos operates a U.S. equities Alternative Trading System (ATS) that employs mathematical optimization and combinatorial auction techniques to improve order matching and execution. The platform enables Expressive Bidding, allowing institutional investors to specify complex execution instructions tailored to their unique trading objectives. By using point-in-time auctions occurring approximately every 100ms, OneChronos prioritizes matches based on aggregate notional price improvement contributed by each order. The system's design aims to identify mutually beneficial outcomes for buyers and sellers, mitigate information leakage, and handle substitutes and complements to unlock transactions that might not otherwise occur.
Target Audience
The primary users are institutional investors and broker-dealers seeking enhanced order execution, price improvement, and liquidity in U.S. equities trading.
Features
- Periodic auctions initiated by the venue at randomized start times, averaging 10 auctions per second.
- Match priority based on aggregate notional price improvement contributed across all orders and symbols.
- All matches occur 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.
- Expressive Bidding allows participants to introduce business-specific execution instructions using Reason ML or OCaml.
- Supports Limit Orders, Peg Orders (Midpoint, Primary, and Market), and Expressive Orders.
- Fully non-displayed with no data feeds; firm orders only with multilateral fills.
- Seamless integration with existing algorithms and routing workflows via FIX 4.2.