Chapter 5 · Technology architecture and asset security
Fiserv Exchange plans a modular architecture that separates order intake, matching, account ledgers, market data, and settlement. Unique order IDs, duplicate-request checks, and trade-status tracking reduce the risk of double processing and data inconsistency.
5.1 Trading infrastructure
The platform will combine load monitoring, capacity management, and fault isolation to support scale and peak trading. Performance metrics will be based on actual test results. Matching rules and order-processing status will be clearly shown to users.
5.2–5.3 Asset security and account protection
The wallet design plans cold/hot layering, key-permission separation, and multi-party approval to limit online funds, with withdrawal limits and exception review. Key generation, storage, use, and recovery will follow independent processes.
Client assets and firm assets will be managed separately, with ongoing checks of on-chain balances, internal ledgers, and client liabilities, plus investigation and handling of differences. Transfers, authorization changes, and material fund operations will keep auditable records.
Account-level plans include two-factor authentication, device recognition, API permission controls, and withdrawal-address allowlists.
System-level plans include communications encryption, access control, and security monitoring to identify unusual access and potential attacks.
Backup and recovery, incident drills, and security assessments will test defenses, with an incident-response process.
In a material incident, the platform may restrict operations, restore services, and notify users based on impact, then track remediation and improvements.
Chapter 6 · Liquidity and trading risk control
Fiserv Exchange plans market-maker access and quote-evaluation mechanisms, assessing liquidity quality by bid-ask spread, order-book depth, and quote continuity, and introducing diversified liquidity sources as trading demand grows. The platform will monitor large-order impact, quote interruptions, and concentration so users can understand depth and potential slippage. Market-making must follow unified trading rules. Incentives and conflicts of interest will be managed to maintain a fair trading environment.
Margin requirements, position limits, and risk alerts will be set by contract type, with ongoing monitoring of account exposure. Price references will consider data sources, anomalous quotes, and market deviation to reduce the impact of a single abnormal price on risk calculations. Liquidation triggers, execution methods, and fees will be disclosed in advance. Options risk control will distinguish buyer and seller obligations and assess the impact of price, volatility, and expiry on portfolio risk.
For extreme volatility, insufficient liquidity, or system exceptions, the platform plans a staged response: adjusting risk parameters, limiting new positions, or pausing related trading under pre-disclosed rules, with timely explanation of reasons and recovery conditions. If a risk reserve is established, its funding sources, use, trigger conditions, and balance will be disclosed. It is for contractually defined liquidation-loss handling and does not fully compensate user trading losses.
Ongoing investment
Performance metrics are based on actual tests. See Compliance for disclosure details.
Compliance & Disclosure →
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