TESA

TESA (The Electronics Securities Architecture) is a product Cambridge created in 1996. TESA is a strategic product for Automated Trading Systems of Stock Exchanges ECNs & Large Brokerage houses. It is a versatile product which can handle Quotes, Orders, Market Making, Trade Negotiation, Order Routing, Auctions, Trade Reporting, Risk Management, Index calculation, Market Data dissemination, Surveillance and Market Control. TESA supports a variety of market structures. Its matching capabilities are also diverse ranging from Auto-Matching, Auction trading, Negotiation Trade matching. Cambridge has not filed for any patents or copyrighted the name with any formal IP protection body.

TESA applies the latest technologies to a broad spectrum of modern stock exchange requirements. This solution takes the emerging securities market paradigm and transforms it to a world-class electronic market and is a powerful system that surpasses both exchange and broker requirements.

In 1996, the first version of TESA went live in Madras Stock Exchange. The product was successfully implemented in Dhaka Stock Exchange, Interconnected Stock Exchange and NASDAQ Japan. A modified version of TESA was also built for Bulletin Board Exchange of NASDAQ. Recent clients signed up:

Asian CERC IT – for a service bureau to host India’s first stock exchange for SMEs

FUNCTIONALITY:

• Order Management
  • Limit Orders
  • Market Orders
  • Partial Fill support (PF)
  • Immediate or Cancel Orders (IOC)
  • Good for Auction Orders (GFA)
  • Good For Day Orders (GFD)
  • Good Till Cancel Orders (GTC)
  • Good Till Date Orders (GTD)
• Quote Management
• Market Making system
  • Market Maker State maintenance
  • Auto Quote Refresh (AQR)
• Dealer market support (Order to Quote matching)
• Auto-matching based on price/time priority (Quote to Quote and Quote to Order matching)
• Pre-Auction (Indicative opening price calculation)
• Opening Auction Matching
• Closing Auction Matching
• Negotiated Order Management
  • On-hour Orders (During Trading hours)
  • Off-hour Orders (During Off-trading hours)
  • GFO Orders (Good for Open orders)
  • GFC Orders (Good for Close orders)
• Routed Orders support (For Market Maker executions)
  • Partial Fill support
  • On-hour Orders (During Trading hours)
  • Off-hour Orders (During Off-trading hours)
  • GFO Orders (Good for Open Orders)
  • GFC Orders (Good for Close Orders)
• Trade reporting (On-hour and Off-hour)
  • On-hour Trade Reports (During Trading hours)
  • Off-hour Trade Reports (During Off-trading hours)
  • GFO Trade Reports (Good for Open)
  • GFC Trade Reports (Good for Close)
• Trade cancellation
• Market Administration and Control Functions
• On-line Surveillance feed
• Market Statistics calculation dissemination
• Index Calculation and dissemination