Nasdaq was launched in 1971 as the world’s first electronic stock market. Today, Nasdaq is one of the largest global technology companies with a range of products, helping corporate clients, investment managers, banks, brokers, and exchange operators navigate and engage with the global capital markets and financial system. One of its products is the matching engine. 

Nasdaq’s matching technology supports various types of assets, including equities, derivatives, fixed income, commodities, foreign exchange, and digital assets like crypto and other tokenized assets. It offers support for multiple market types and models, including:

• Many-to-many markets
• Order-driven markets 
• Quote-driven markets 
• Auction markets 
• Negotiated and multi-parameter markets
• Trade reporting complex strategy 
• Dark and lit markets 
• Trading single dealer markets

The matching engine delivers high performance and scalability, offering one of the lowest latencies in the industry, with sub-40 microsecond execution and the fastest production implementation at 14 microseconds door-to-door. Nasdaq’s trading technology supports deployment in public and private cloud environments, enabling 24x7x365 operation, as well as on-premise or hybrid setups, ensuring constant availability and adaptability to various operational requirements.

• Dynamic and static price limits and circuit breakers
• Maximum order size and value
• Position limits per account and security
• Market data, bandwidth control, partitioning and data filtering
• Market maker protection 
• Self-match prevention
• Hold-back timer
• Order rate limits

B2TRADER (B2Broker) is a matching engine created for crypto and forex brokers to implement exchanges. It is one of the core products of B2Broker, a company established in 2014, specializing in B2B solutions as a provider of liquidity and technology solutions for the cryptocurrency and foreign exchange (FX) markets. Since its launch, B2Broker has developed numerous products and received more than 25 awards, including the most recent recognition as the “Most Trusted Liquidity Provider” at the Crypto Expo Dubai.

B2TRADER allows businesses to implement crypto spot, margin, and crypto CFD trading solutions within 1 month or create a multi-asset exchange platform.

One of the standout features of the B2Broker matching engine is its unlimited listing capability, allowing brokers to add any number of trading pairs to their exchange. This flexibility extends to customizable fee settings, which can be applied to different client types. Additionally, the platform offers the ability to easily customize widgets and trading workspaces, enabling a personalized and seamless experience for users. 

With the release of B2TRADER 2.2 in early 2025, the product introduced enhanced risk management tools, including Take Profit, Stop Loss, and Trailing Stops. The update also introduces C-Book order routing, a new feature that enhances order execution control for brokers and improves risk management alongside the existing A-Book and B-Book models.

• Dynamic margin engine 
• C-Book, that allows brokers to allocate orders between external liquidity providers and internal management
• Brokers’ ability to choose a liquidity provider
• Take profit, stop loss, and trailing stop orders

ADENASOFT is a company specializing in creating software solutions for the Forex and cryptocurrency markets, with one of their key offerings being the ability to develop turnkey crypto exchanges, including a matching engine. Founded in 2016, the company currently employs over 200 developers.

The solution enables the launch of a cryptocurrency exchange with a spot and derivatives trading system and a full set of necessary features, including wallets for deposit and withdrawal, comprehensive trading functionalities, price data integration, and a multi-functional admin panel. Its matching engine can be used to launch the following types of trading platforms:

• Cryptocurrency exchange
• Spot trading
• Derivatives trading

ADENASOFT’s matching engine stands out for its seamless operation and high speed, capable of handling up to 50,000 requests per second. limit orders, market orders, stop-limit orders, IOC, FOK, and others, along with a time-in-force function and TP/SL (Take Profit/Stop Loss). Additionally, one of the most important benefits of ADENASOFT is its rapid development time, with the ability to build a crypto exchange within three weeks.

• Fill or Kill (FOK) order
• Order management system
• Immediate or Cancel (IOC) order

Fix8 Market Tech Matching Engine (F8ME) is a matching engine designed for brokers, institutions, and exchanges to execute trades. It is developed by Fix8 Market Tech, a financial market software company founded in 2013. The company has a small but highly skilled team of developers, some of whom have experience working at Nasdaq, Deutsche Bank, National Australia Bank, and other major financial institutions.

The matching engine is flexible and high-performance, supporting different types of orders, including user-defined order types through a plugin facility (such as custom algos). The matching engine is available for the following solutions:

• Brokers: internalize (net) client orders before placing them on an exchange.
• Exchanges: use it as a core CLOB (Central Limit Order Book) matching service.
• Institutions: manage order books in dark pools.

F8ME offers a scalable and partitionable architecture, allowing it to handle multiple instances efficiently with market partitioning, load balancing, and fault tolerance. It features transaction broadcast streaming and replay, enabling secondary engines to process transactions for enhanced resiliency. The platform supports a modern instrument model, providing configurable events, sessions, and permissions. Additionally, it includes trading account and position management, ensuring seamless order handling.

• Limit, Market, Stop Loss, Stop Limit orders
• Market To Limit, Funari orders
• Iceberg, Hidden orders
• One-Cancels-the-Other (OCO) orders
• User-defined order types via plugin facility (e.g., custom algos)

DXmatch is an order matching engine that enables the seamless launch and operation of exchanges. DXmatch is developed by Devexperts, a financial technology company that has provided consulting and development services since 2002. Millions of users rely on Devexperts’ technology daily, with the global vendor earning more than 25 prestigious awards, including “Best Matching Engine” and “Best Software for Trading Cryptocurrency” at the Benzinga Global Fintech Awards 2024.

The order matching engine supports a comprehensive range of assets including equities, futures, options, FX, cryptocurrencies, NFTs, and non-standard instruments like betting markets, real estate, and prediction markets. It serves various trading venues:

• Cryptocurrency exchanges
• Derivatives exchanges
• Stock exchanges
• Alternative trading systems (ATS)
• Dark pools
• Electronic communication networks (ECN)
• Market places

DXmatch delivers ultra-low latency performance with sub-100 microsecond execution times and can process up to 100,000 orders per second. Its horizontally scalable architecture enables deployment across both bare metal servers and major cloud platforms like AWS and Google Cloud.

The platform incorporates comprehensive risk management features:

• Price slippage limit
• Built-in fat finger protection
• Kill switch functionality
• Self-match prevention
• Message throttling
• Cancel on Disconnect
• Mass Cancel
• Min/max order quantity and price validation
• Custom order validation