Unifin Derivatives Exchange: trading, risk and clearing. Solution architecture Diagram

Order hot path

Single writer: one thread changes the book
In-memory pre-trade limits: checks before the book
Circuit budgets: p99 from 0.08 to 0.5 ms

Risk and clearing

Portfolio margin on price and volatility scenarios
Novation: obligations to the clearing house
Margin calls and the default waterfall per the rulebook

Delivery and cash

CSD: traditional and digital assets
Cash runs via the settlement bank
Daily reconciliation and break handling

Performance and access

Journal with deterministic replay
Hot standby: node rotation in 240 ms
Auth server: single sign-on, roles, audit