[nhoughto]

An exchange like that by definition is quite focused on tight non functionals with slim functionals, aka it does a small number of things very well. Vs Uber which does a very wide set of things at a high level of consumer polish.

In my mental model of the two problems to solve, Uber is directly consumer facing to Millions of humans and that alone creates so much work in engineering that doesn’t exist when you can craft an api with sub 50 ms latency consumed by thousands of other machines.. the humans create the complexity. Solving for their problems is why you need way more people.

[dogma1138]

Order matching, order execution, credit and limit controls, reporting, multiple APIs and interfaces for order entry, market data and many other things supporting everything from legacy FIX clients coming over leased lines to modern restful web APIs and SBE over websockets, identity management with highly complicated RBAC model for traders and firms (who can trade what on behalf of whom under which conditions), highly complex and robust logging especially for regulatory requirements, maintaining alignment with regulations across the globe...

And if you think normal end users are picky you haven’t met traders that still want to use a 25 year old keyboard with non-standard ASCII codes that’s barely recognized as an HID device on your new electron based trading frontend and if you can’t accommodate for that they will leave.

So you have millions of clients all of which are adversarial and you have to maintain market fairness and integrity to ensure no manipulation is possible with trillions of dollars on the line that can be wiped off in a heartbeat and that is before you start thinking about nation state actors who would love to be able to cause major economic damage to the US, Europe and other major western economies.

[nhoughto]

Yeah the complexity is insane, millions of users is surprising tho I thought it would more be an aggregation of larger agents. I guess unicorns optimize for delivery capacity not cost