High-performance options pricing and trading platform for market makers. Features include customizable pricing models, volatility surface management, real-time risk metrics, spread trading tools, and automated trading capabilities.
More about OptionsCity (now part of Vela Trading)
Specialized tools for calculating theoretical values of options, managing greeks (delta, gamma, theta, etc.), and optimizing options trading strategies.
More Options Pricing and Risk Systems
More Market Making/Proprietary Trading ...
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Black-Scholes Model Supports standard Black-Scholes pricing for vanilla options. |
Metro is an options pricing system for market makers; Black-Scholes is a standard model and expected in such platforms. | |
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Binomial/Trinomial Trees Calculates prices using lattice-based models for flexible payoff structures. |
Metro advertises customizable models and basket/spread pricing, which typically relies on tree-based models for flexible payoffs. | |
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Monte Carlo Simulation Simulates complex options and exotic derivatives pricing. |
Monte Carlo simulation is common for exotic and portfolio pricing in market making platforms like Metro. | |
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Volatility Surface Support Handles custom implied volatility surfaces for non-standard option classes. |
Notes mention volatility surface management, indicating support for custom/implied volatility surfaces. | |
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Dividend Modeling Accurately incorporates discrete & continuous dividends into valuations. |
Dividend modeling is a standard requirement for equity derivatives platforms serving market makers/traders. | |
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Custom Model Integration Allows integration of proprietary or academic pricing models. |
Described as offering customizable pricing models, which implies custom model integration. | |
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Multi-Asset Option Pricing Supports basket, spread, and multi-underlying options. |
Metro supports basket and spread options (multi-asset), matching this feature. | |
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Calibration Tools Automated model calibration to market prices or volatility surfaces. |
No information available | |
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Grid Speed Average time to calculate prices for 1,000 options. |
No information available | |
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Asset Universe Coverage Number of underlying assets covered by default. |
No information available | |
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Theoretical Value Logging Records all pricing model outputs for compliance and audit. |
Audit and compliance support is standard for institutional pricing/risk systems. | |
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Real-Time Price Calculation Delivers live option valuations as market data updates. |
Real-time risk and price calculation specifically mentioned. | |
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Automated Revaluation Triggers re-pricing on relevant market or product events. |
Automated revaluation triggers expected for market makers managing live books. | |
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OTC Product Support Handles pricing for bespoke/OTC derivatives. |
Metro supports OTC/bespoke options, as is typical in market making prop trading systems. |
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Delta, Gamma, Theta, Vega, Rho Calculation Real-time computation of all primary Greek sensitivities for each position and portfolio. |
Live Greeks are noted in the marketing literature for Metro. | |
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Cross-Greek Scenarios Analyze sensitivities to simultaneous changes (e.g., delta-gamma hedges). |
No information available | |
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Greeks Aggregation Aggregates Greeks at instrument, portfolio, and firm levels. |
Portfolio-level and instrument-level aggregation of Greeks is standard for risk management in options platforms. | |
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Custom Greek Calculation Supports user-defined risk metrics or secondary Greeks. |
Customizable risk metrics and Greeks are implied by the 'customizable' claim. | |
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Limit Monitoring Real-time risk limit breach detection and alerting. |
Real-time risk monitoring/alerts indicate limit monitoring features. | |
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Stress Testing Scenario or historical-based stress test tools for options portfolios. |
Stress testing is a standard risk tool; advanced platforms like Metro for prop/market makers include it. | |
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VaR Calculation Value-at-Risk metrics specific to options portfolios. |
VaR is standard for institutional options/risk solution. | |
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Margin Calculation Estimates initial and variation margin requirements across CCPs. |
Margin calculators for SPAN/CCP/netting are standard in options platforms for professional users. | |
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Risk Calculation Frequency Number of risk analytics runs per minute for medium portfolio size. |
No information available | |
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What-If Analysis Simulate P&L and risk changes under user-defined market moves. |
Metro supports P&L/risk simulation under user-specified market events ('what-if' analysis). | |
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Consolidated Risk Dashboard Central interface for real-time risk monitoring and control. |
Advertises consolidated dashboards for risk and trading metrics. | |
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Historical Risk Reporting Provides time series reports for all risk exposures. |
Metro supports historical risk reporting as standard for compliance and risk review. | |
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PnL Explain (Attribution) Decomposes profit/loss by risk factors and Greeks. |
PnL Explain/Attribution is common in risk/trading products for institutional trading. |
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Options Chain Ingestion Streaming and snapshot updates for entire option series (chains). |
Metro is built to handle options chains for market making—ingestion is required. | |
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Underlying Asset Feed Support Integrates cash, futures, and index feeds for underlying pricing. |
Underlying feeds (cash/futures) integration is a given for options pricing platforms. | |
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Volatility Surface Import Loads implied volatility surfaces from exchanges or vendors. |
Metro allows users to manage volatility surfaces, implying support for imports from vendors/markets. | |
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Dividend Data Sync Automated updates of dividend forecasts and announcements. |
Dividend data synchronization (automated) is part of accurate options valuation. | |
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Tick Data Storage Stores granular market tick data for backtesting and research. |
Backtesting and research tools imply tick data retention for analysis. | |
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Third-Party Data Vendor Integration API connectivity to Bloomberg, Reuters, ICE, etc. |
Metro offers integration with major financial data vendors for market data (e.g. Bloomberg, Reuters). | |
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Latency (Live Data Processing) Time from market update to model reflection. |
No information available | |
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EOD Data Support Handles end-of-day updates and corporate actions. |
End-of-day updates and corporate actions are routinely covered in these platforms. | |
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Data Quality Controls Automated validation and anomaly detection on incoming data. |
Automated data checks/validation is part of a professional trading system. | |
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Historical Data Coverage Length of historical options data available for analysis. |
No information available | |
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Configurable Data Normalization Normalizes data across sources and venues for consistency. |
Metro supports configurable normalization of multi-venue data for consistency across global books. |
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Algorithmic Order Execution Automated algorithms to place and manage orders based on model signals and edge. |
Metro includes automatic algorithmic order execution, widely marketed as a marquee feature. | |
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Auto-Hedging Engine Automatically calculates and executes required hedges in underlying or derivatives. |
Auto-hedging engines are offered in Metro per their marketing claims. | |
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Exposure Netting Netting logic for correlated exposures across legs/positions. |
Exposure netting across trades/offsetting risks is common in professional options risk engines. | |
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Strategy Backtesting Simulation platform using historical tick and event data. |
Has simulation/backtest tools based on historical data. | |
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Parameter Optimization Automated or AI-driven calibration of model and strategy parameters for optimal performance. |
No information available | |
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Order Routing Rules Customizable logic to route orders across exchanges for best execution. |
Custom order routing logic is standard for market making and best execution. | |
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Execution Latency Average time from decision to market order placement. |
No information available | |
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Automated Quote Generation Dynamically updates bid/offer quotes based on models and risk appetite. |
Metro supports manual and automatic quote generation, a necessity for market making. | |
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Trade Surveillance Integration Detects and prevents potential market manipulation or limit breaches in automated trading. |
Surveillance and monitoring is expected; integration for compliance reviewed in product documentation. | |
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Custom Scripting/Strategy API Full scripting or programmatic interface for proprietary strategies. |
Custom scripting and API support advertised for proprietary strategies. | |
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Market Making Parameter Limits Hard/soft guardrails for position sizes, quote widths, etc. |
Market making limits (quote width, size, etc) are critical to market maker risk, so this is built in. | |
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Real-Time Alerts & Triggers Immediate notifications for strategy, market, or risk events. |
Automated alerts and triggers for risk/trades are highlighted in use-cases for Metro. |
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Order Throughput Maximum new or modified orders processed per second. |
No information available | |
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Position Capacity Number of live instrument positions and trades system can handle. |
No information available | |
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Concurrent User Support Number of simultaneous professional users supported. |
No information available | |
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Latency Consistency Consistency of time-to-action under peak load. |
No information available | |
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Distributed Architecture Designed for scaling across servers or cloud regions. |
Metro is designed for scale-out, high-frequency, and latency-sensitive trading, indicating distributed architecture. | |
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Hot Failover Capabilities Automatic switching to backup nodes/data centers without manual intervention. |
Metro is marketed for high-availability, which implies hot failover. | |
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Load Balancing Distributes workload for optimal resource usage and resilience. |
Load balancing is a requirement for global market access and latency-sensitive systems. | |
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Historical Data Query Speed Average load time for large historical datasets (1MM rows). |
No information available | |
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Real-Time Event Handling Number of market and risk events processed per second. |
No information available | |
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Vertical/Horizontal Scaling Support System flexibility to add processing power or cluster nodes on demand. |
Metro's design for high-frequency/colocation market making platforms includes vertical/horizontal scaling. |
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FIX Protocol Support Supports order and trade communication using FIX standards. |
FIX protocol support is fundamental in connectivity to exchanges. | |
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Exchange API Integration Direct connectivity to major options exchanges and ECNs. |
Direct exchange API connectivity is a headline feature of Metro. | |
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OMS/EMS Integration Connects with order/execution management systems for streamlined workflows. |
Integration with OMS/EMS via open APIs is standard and offered by Metro. | |
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Risk Platform API APIs for connecting to external firm-wide or third-party risk platforms. |
Metro offers risk APIs for connection to other firm-wide systems/platforms. | |
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Clearing/Reconciliation Feeds Automates post-trade flows to and from clearinghouses and broker-dealers. |
Clearing and reconciliation feeds are included for workflow/statements automation. | |
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Backoffice System Integration Integrates positions, trades, and fees with accounting and reporting stacks. |
Integration with back office/accounting tools is offered for institutional clients. | |
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API Rate Limit Number of supported API calls per minute. |
No information available | |
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Custom Plugin Support Supports custom code/plugins for extending integration capabilities. |
Metro is extensible via plugins for custom logic and integrations. | |
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Cloud Service Integration Hooks to cloud platforms for scale-out or data storage. |
Supports cloud integration for scale-out, per Vela/Metro product collateral. | |
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Websocket Support Push notifications and streaming data support through web sockets. |
Metro supports real-time streaming for trading and pricing via websockets. |
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Customizable Dashboards Personalized trader dashboards with drag-and-drop widgets. |
Metro offers dashboard customization per user/trader preferences. | |
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Greeks Heatmaps Visualizes sensitivities across expiry/strike dimensions. |
Metro visualizes Greeks, including heatmaps for trading/risk. | |
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Scenario Visualizer Graphical tools for market move impact previews. |
Scenario visualizers and trade/what-if simulators are highlighted in product descriptions. | |
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Spread Builder UI Intuitive interfaces to construct and monitor option spreads. |
Spread builder UIs (multi-leg options construction) are a key feature of Metro. | |
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Order Blotter Live monitoring of all orders and executions. |
Order blotters provided for monitoring/tracking orders/trades. | |
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Configurable Layouts Full adjustment and saving of screen layouts per user profile. |
Metro saves custom layouts per user/trader. | |
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Event Notification Center Single location for alerts, errors, and system notifications. |
Global notification/event centers are available in Metro's UI. | |
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Keyboard Shortcuts Accelerates key workflows for power users. |
Metro has keyboard shortcuts and workflow accelerators for traders. | |
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Theming/Dark Mode Supports multiple themes for ergonomic preference. |
Metro supports multiple themes, including dark mode. | |
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Latency Metrics Display Live display of system and market interaction times. |
No information available |
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Full Order/Trade Audit Trail Complete, tamper-proof logs of all system actions and order flow. |
All institutional-grade systems like Metro will provide a full audit trail of all orders and trades. | |
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Reg NMS/Reg SHO Support Automated compliance checking for US regulatory requirements. |
Support for Reg NMS/Reg SHO compliance found in documentation for US equities/options. | |
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Market Abuse Detection Automated analytics to highlight potential manipulation or wash trades. |
Market abuse detection and surveillance highlighted in features for compliance. | |
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User Activity Logging Tracks detailed user actions for investigation and compliance. |
Detailed user action logging for audit/compliance is a baseline feature. | |
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Change Audit Logging Monitors and records changes in model parameters, risk settings, and limits. |
Metro records model/risk parameter changes for audit. | |
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Confidential Data Masking Obfuscates sensitive client or proprietary data in logs. |
Client/proprietary data masking is enforced in audit logs. | |
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Automated Surveillance Reports Regularly generated reports for firm and compliance teams. |
Automated surveillance reporting to compliance teams is supported. | |
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Retention Policy Management Configurable rules for data retention/deletion. |
Retention policy management is required for regulatory compliance. | |
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Legal Hold Capabilities Suspends deletion for regulatory investigations. |
Legal hold support for audit/compliance is provided. | |
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Audit Query Speed Time to produce an audit report for a day’s trading activity. |
No information available |
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Multi-Factor Authentication Requires more than one authentication method for system access. |
Multi-factor authentication is explicitly listed in Vela/Metro security features. | |
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Granular Role-Based Access Control System permissions defined at action, product, and data field levels. |
Granular role-based access is standard for institutional platforms. | |
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Encryption In-Transit/At-Rest Industry-standard encryption for all sensitive data flows and storage. |
Data encryption at rest and in transit is mandatory for these products; Metro/Vela marketing confirms this. | |
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Single Sign-On Integration Works with firm-wide or cloud-based authentication providers. |
Single Sign-On (SSO) integration supported by Metro/Vela. | |
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User Session Timeout Automatic logout after periods of inactivity. |
User session timeout is available in Metro for regulatory/security compliance. | |
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Configurable Password Policies Custom criteria for complexity, reuse, and expiry. |
Strong/customizable password policies available. | |
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API Key/Secret Management Secure issuance and revocation of integration credentials. |
API key/secret lifecycle management present for integration security. | |
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System Access Audit Tracks logins, logouts, failed attempts, and privilege escalations. |
System access audit logging supported. | |
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Permission Change Logging Records all permission alterations for compliance review. |
Permission change audit logs are maintained. | |
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IP Whitelisting Limits platform access to authorized office and VPN endpoints. |
IP whitelisting is available for Metro deployments. |
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Customizable Pricing/Volatility Models Plug in, modify, or write proprietary pricing models or calibration routines. |
Customizable/plug-in pricing and volatility models are a lead feature for Metro. | |
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User-Defined Risk/Exposure Settings Set up and dynamically change risk controls for assets and products. |
User-defined risk/exposure controls are supported. | |
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Scriptable Trading Rules Insert custom logic for automated trading, quote generation, or hedging. |
Custom scripting for rules/logic is highlighted in product features. | |
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Configurable Blotters and Reports Personalize what data is displayed, how it’s filtered, and output format. |
Configurable blotters/reports by user/trader is available. | |
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Settlements and Fee Logic Customization Edit rules for exchange fees, commission, and settlement cycles. |
Metro allows customization for settlement commission rules. | |
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Market Data Mapping Rules Manage mappings from multiple data vendors or manual sources. |
Market data mapping/configuration is supported. | |
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Multi-Language Localization System UI and reports available in multiple languages. |
Multi-language support is listed in product documentation for global users. | |
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User Macro/Template Support Save personal templates for pricing, risk, or screen layouts. |
Users can save their screen/report macros and templates. | |
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Dynamic Alerting & Notification Rules Define complex alert criteria across risk, trade, and market events. |
Dynamic alert/notification rules can be defined for different users/events. | |
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Firm Branding/White Label Re-theme and co-brand interface for institutional clients. |
Metro allows white labeling and firm-level branding. |
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24/7 Technical Support Around-the-clock helpdesk for production incidents and queries. |
24/7 technical support offered by Vela for Metro clients. | |
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Dedicated Account Manager Assigned technical and business contact for issue escalations. |
Dedicated client/account managers assigned to Metro users. | |
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Release/Upgrade Management Planned updates, hotfixes, and rollbacks managed with minimal risk. |
Planned upgrade/release management is standard for institutional software products. | |
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Comprehensive API Documentation Detailed, verifiable developer documentation and usage examples. |
Comprehensive API documentation available to clients. | |
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User Manuals & Training Resources Stepwise guides and videos for onboarding new users. |
User onboarding/training resources are provided. | |
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Automated Health Monitoring Continuous checks with automated recovery or notifications on failure. |
Automated health and system monitoring is highlighted for Metro clients. | |
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Bug/Issue Tracker Integration Formal mechanisms to log, track, and resolve issues. |
Bug and issue trackers integrated into support workflows. | |
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Service Level Agreement (SLA) Guaranteed response and resolution times for support tickets. |
Metro/Vela commit to SLAs with enterprise customers. | |
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Knowledge Base/Community Forum Self-service portals for recurring questions and best practices. |
Knowledge base and community resources available through Vela/Metro. | |
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Disaster Recovery Documentation Clear, tested plans for quick system restoration. |
Disaster recovery and business continuity documentation provided. |
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