Month: January 2025

We are continually enhancing the functionality and performance that EP3 offers exchange operators. In response to customer feedback, EP3 now supports the following:

Maker / Taker Fees / Commissions

EP3 already has a robust, rules-based commission structure that allows customers to set trade commissions in several ways. Exchange operators can now set up a Maker/Taker Commission schedule to encourage exchange users to rest liquidity in the market, such as offering rebates (negative commissions). 

Product Level Commissions

Commissions can now be set at the Product Level, which benefits exchanges that list a large number of related instruments. This new feature improves exchange operators’ operational efficiency. 

Improved Scalability, Availability, and Fault Tolerance of the EP3 Instrument Server

The EP3 instrument server provides details on the tradeable instruments in EP3 and manages their trading schedules. Think of it as a security master. The latest enhancements allow the EP3 Instrument Server to be deployed in a multi-replica configuration, leveraging Kubernetes for scale, load balancing, and fault tolerance.

Corporate Actions Support

Customers have requested that EP3 provide support for certain corporate actions. EP3 now offers new functionality for stock splits and dividends. Via the EP3 Admin API, exchange operators can indicate that a corporate action is in progress, which will be communicated to market participants over FIX market data. Stay tuned for more updates to this functionality. 

Learn more about how EP3 can power your exchange

Connamara Technologies was founded in the winter of 2022. Three years later, we are on a trajectory we couldn’t be more proud of. As we reflect on our nascent stage, servicing the innovation goals of a sharply growing list of global clients, we’d like to take a moment to share the lessons we’ve learned along the way. 

To gain a deeper understanding, I contacted our team members and encouraged them to reflect on their experiences scaling and growing the EP3® matching engine and platform. After reviewing this feedback, I could not help but share their assessment of the last three years and our biggest takeaways. Their insights offer a collective perspective on the knowledge we have gained throughout our remarkable journey.

A Product Company Operates Differently Than a Services Company

Connamara Technologies grew out of our custom capital markets software development company, Connamara Systems, which has successfully delivered custom technology solutions for twenty-six years. Moving into the product space with EP3® required us to adopt a new way of thinking.

Building a product like EP3 demands a focus on scalability, standardization, and long-term roadmaps. We found that our historical experience in building bespoke solutions for our legacy clients was a double-edged sword when trying to build a product company. 

When building software tailored to individual customer requirements, the default behavior is to create whatever the customer wants. 

When building a product that serves a diverse market, you need to take a beat and evaluate each customer request against the product roadmap and the value of the change in terms of the product-market fit. Yet, our deep experience building custom solutions for clients gave us a unique edge—understanding how to listen to clients and respond to their diverse needs in an evolving landscape. Learning to balance these two worlds has been a challenge but ultimately a key to our success.

Innovation Comes From Customers

While we’ve recently invested in formal market research in our collaboration with Acuiti, some of our most groundbreaking ideas for our EP3 matching engine have come from simply listening to our customers. 

Our diverse customers’ feedback, insights, and challenges have been invaluable in shaping and driving our innovation strategy. This is because our customers always push the envelope when developing new exchanges and marketplaces. Whether our customers have brought us a twist on the digital asset marketplace, a plan for a new exchange in an emerging economy, or an idea that’s never been attempted before in the current marketplace, we’ve grown with our clients to meet their expectations and evolving needs.

Great Documentation is as Valuable as Great Code

Clear, thorough documentation helps customers implement and use EP3® effectively, reduces onboarding friction, and provides valuable support. This allows us to spend more time working with our customers on complex problems and solutions, rather than questions that have been answered previously. By the same token, excellent documentation allows our customers’ operational and technical teams to be more efficient, thus lowering the total cost of ownership of EP3. Documentation is an investment that continues to pay dividends long after the code is written for the vendor and the customer alike.

As we celebrate our third anniversary, we’re excited to carry these lessons into the next chapter of our journey. Thank you to our customers, board, and team members for helping make these three years so impactful. Here’s to continued innovation, collaboration, and growth in the years ahead!

James Downs,

Co-Founder and CEO

As Connamara Technologies looks back at 2024, we are grateful and humbled by a year of truly remarkable achievements and continued growth for our EP3® matching engine and platform. Connamara Technologies was founded in 2022, and we are thrilled to share that last year was our best yet. We look forward to all that 2025 will bring to our trusted clients and partners. 

 In 2024, EP3 was the technology behind the only 2 approved US futures exchanges (DCMs). And, as of December 31, 2024, 60% of DCMs currently awaiting approval rely on EP3 for their exchange technology. These include exciting new markets for commodities and events contracts.

Here’s a look at some of the key milestones and moments that shaped our journey:

A Viral Moment: EP3® and ForecastEx on Election Night

This watershed moment for our matching engine and trading platform was a crowning achievement of our year back in November 2024. Working in concert with ForecastEx’s internal teams, Connamara Technologies’ engineers monitored systems around the clock, ready to respond to surges in trade volume with precision and expertise. The team’s commitment went beyond standard duty, ensuring unparalleled service during this first-in-a-lifetime historic trading event. 

Read the full story of this viral moment here: 

EP3® Technology Powers $560 Million in U.S. Election Contracts: The Invisible Engine Behind ForecastEx’s Fast-Growing Predictions Market

Transformative Partnerships

• BEE4 became Brazil’s first regulated tokenized stock market thanks to EP3 technology: BEE4, an over-the-counter (OTC) market for small and midsize enterprises (SMEs) and Brazil’s first authorized infrastructure to trade tokenized stocks saw the upgrade and re-launch of its tokenized stock market project, powered by EP3. Watch the case study video below, or read about how we leveraged our technology to support their long-term evolution.

• Zero Hash implements its digital asset platform, powered by EP3: In October, Connamara Technologies and Zero Hash announced that Zero Hash successfully implemented its digital asset platform, powered by the proprietary EP3® matching engine. EP3’s flexibility allows Zero Hash to explore new use cases, further solidifying its position as the leading infrastructure provider for start-ups, enterprises, and Fortune 500 companies, powering a diverse range of use cases: cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets and on and off-ramps. Read the full press release here. 

Connamara Technologies Equips Zero Hash with Cutting-Edge Exchange Platform

• Google Cloud Partnership: In May, Connamara Technologies announced that it joined Google Cloud at the partner level for the Build engagement model. This gives Google Cloud customers the ability to create financial exchanges and other exchange technology solutions that are built with and run on Google Cloud. Read about key features here.

Industry Engagements

• Conferences, Panels, and Sponsorships: In 2024, Connamara Technologies was seen at dozens of conferences around the world. Top highlights included:
  • Sponsoring the Pickleball Clinic at FIA BOCA at The Boca Raton.
  • Co-Founder James Downs speaking on the “How to Leverage Technology to Enhance Environmental Markets” panel at the Environmental Markets Association Annual Meeting
  • Co-Founder James Downs speaking at Amazon Web Services HQ in NYC on the “Trading in the Cloud” panel at a semi-private event, titled, “Modernizing the Trade Lifecycle” 
  • Attending Consensus 2024 in Austin, where we got to see Mike Cagney (of Figure Markets, an EP3 customer) speak on “The Exchange of Everything.”

The Phrase on Everybody’s Lips at Consensus 2024: “Tokenization of Real-World Assets” 

Media Appearances and Webinars:

• Our founders, James and Maureen Downs, collaborated with The Association of Futures Markets (AFM) and market intelligence firm Acuiti to lead an on-demand webinar titled “Building the Future of Exchanges: How Technology Enables Growth.” Watch the full free webinar here.
• Our founders also appeared on the Exchange Invest IPO-VID Livestream to speak with Patrick L. Young on an episode titled “The Future of Exchange Matching Engines.”

• Maureen Downs also got to share a bit of exchange history on the SmarterMarkets podcast. See the video here.

Connamara Technologies Co-Founder & CFO, Maureen Downs, Interview with Smarter Markets at FIA Boca

• Award Nominations: Our EP3 matching engine was nominated for three awards this year. We were honored to attend all of these award ceremonies in-person and connect face-to-face with our fellow nominees and leaders in exchange technology.
  • Disruptor of the Year 2024 at the U.S. FinTech Awards
  • Best Matching Engine at the 2024 Benzinga FinTech Deal Day Awards
  • Best Matching Engine for Exchanges and Electronic Trading Venues at the 2024 TradingTech Insight Awards USA

New Features and Functionality for EP3

2024 was a year of significant upgrades for EP3, with enhancements focused on user experience, efficiency, and adaptability to meet the dynamic needs of the market. We made nearly a dozen upgrades to future-proof and enhance our product. Find out more details here.

Four Key Functionality Upgrades EP3 Delivered in 2024 

Thought Leadership

• Acuiti Study: Connamara Technologies sponsored market intelligence firm, Acuiti’s whitepaper report on Building Competitive Technology for Exchanges of the Future. This study was shared around the industry in trade papers like Waters and TabbForum, JLN News and more. The fascinating findings, which surveyed and interviewed 58 senior executives at derivatives exchanges from around the world, can be downloaded here.

Report: Building Competitive Technology for the Exchanges of the Future

• The Ultimate Guide: Our team self-published The Ultimate Guide to Exchange Technology, which is a quick and easy explainer on the elements of comprehensive exchange infrastructure, tips for accelerating the launch of your exchange, crucial questions to ask a potential infrastructure partner and what to expect during the exchange design and build process. Download our free e-booklet here.

The Ultimate Guide

Last year, Connamara Technologies made significant strides in improving EP3, not just in performance—enhancing reporting speeds, pre-trade risk, scalability, and transaction throughput—but also in functionality.  By analyzing the ever-evolving landscape of the exchange world, staying on top of what innovators need most, and building features through our discovery process, we made immense expansions to our matching engine product and platform’s capabilities.

Enhanced and Streamlined Exchange Operations

We focused on making exchange operations smoother and more efficient:

• Block Trade Submission Improvements: Streamlined the submission process for exchange operators.
• 24/7/365 Exchange Support: Updated Trade Date functionality and end-of-day market actions, making it easier for exchanges to operate continuously.
• Bulk Settlement Price Management: Simplified end-of-day workflows by enabling operators to bulk upload and approve settlement prices.

Advanced Risk and Compliance Management

Risk management and regulatory compliance remain at the core of EP3. This year, we delivered several impactful upgrades:

• Omnibus Account Support: Helped Futures Commission Merchants (FCMs) manage accounts more efficiently.
• Position Limits: Introduced account-level limits to enhance pre-trade risk management.
• Pre-Trade Risk for Event Instruments: We have added support for Binary and Continuous payouts, empowering customers to design creative event contracts.
• Regulatory Report Enhancements: We introduced support for spreads, improving compliance with regulatory standards.

Greater Integration and Flexibility

We expanded EP3’s adaptability to meet diverse needs:

• Multiplatform CPU Support: Enabled customers to select their preferred CPU architecture, improving cost-efficiency and performance.
• Banking Integration: Added support for J.P. Morgan Chase to complement existing BMO Harris infrastructure, providing more options for managing exchange collateral accounts.

Customizable Revenue Options and New Capabilities

We’ve made it easier for exchanges to tailor their revenue models and grow their business:

• Flat Fee Commissions: Introduced a new commission model, giving customers the flexibility to structure fees that suit their needs.
• Clearinghouse Technology Licensing: Expanded EP3’s offerings by making our clearinghouse technology available for licensing, opening new opportunities for emerging exchanges.