CHICAGO--(BUSINESS WIRE)--Connamara Systems, a leading provider of exchange matching engine technology, today announced that it has been retained by MaterialsXchange, a startup aiming to create a digital marketplace for raw materials industries.
The first commodities MaterialsXchange will address are dimensional lumber and wood products and this exchange is expected to go live in Q4 of 2019. This market is currently highly fragmented, requiring a complex, cumbersome, and entirely manual process between a buyer and seller to complete transactions, making it ripe for digital disruption. MaterialsXchange will bring the ease of an ecommerce solution combined with the sophistication of the modern capital markets to this industry by utilizing Connamara’s Exchange Platform 3 (EP3) technology, a highly customizable exchange platform product.
“MaterialsXchange has a deep understanding of the industries involved in raw materials,” said Jim Downs, CEO of Connamara Systems. “They have an ambitious vision to develop marketplaces for these industries and our EP3 technology, alongside our prior experiences building exchanges and working with entrepreneurial leadership, makes for a great combination.”
“We recognized the need for a firm that has not only the technological expertise, but the capital markets know-how necessary to bring our vision for MaterialsXchange to reality,” added Michael Wisnefski, CEO and founder of MaterialsXchange. “Connamara’s technology expertise and experience with the unique requirements for our exchange product make them the perfect fit for this project.”
Launched by Connamara in March 2019, EP3 offers best-in-class speed and reliability to meet the needs of the most demanding of marketplaces, on-the-fly scaling to address rapid growth in order flow, and self-healing capabilities in order to automatically rebalance order flow in the event of a matching engine failure. EP3 provides enhanced performance, price transparency, and improved liquidity for small-to-midsize exchanges across a wide range of asset classes, both regulated and non-regulated, and is deployable in a private, public, or hybrid-cloud approach. To learn more about Connamara’s EP3 services, please contact Dan Curry at dcurry@connamara.com.
About MaterialsXchange
MaterialsXchange (“MX”) is an electronic marketplace for buying and selling raw materials. Headquartered in Chicago, IL, the company seeks to foster the evolution of commerce in commodity raw materials by empowering users with its digital platform, which creates efficient transactions and real-time pricing for all market participants. MX’s technology can handle any product traded in a commoditized market environment and is built so that the back-office functionality can grow in tandem. In October 2019, MX will add its first industry, wood products, to its platform. To learn more about MX, visit materialsxchange.com.
About Connamara Systems, LLC
For over 21 years, Connamara has been fulfilling the business needs of capital markets clients by combining certainty of delivery with the highest possible quality. With unparalleled responsiveness to client needs, Connamara has engineered matching engines, trading platforms, risk systems, execution and order management systems, trading user interfaces and dashboards for exchanges, brokerages, fund managers, market makers, and proprietary traders. Its clients include innovative new marketplaces as well as leading global exchanges who rely on Connamara for the breadth of its domain knowledge and engineering expertise in market structure, trading, and system design. Connamara’s latest version of its platform, EP3, was released in March 2019. Built from the ground up utilizing Connamara’s best practices for design, testing, configuration, and deployment, EP3 offers extraordinary speed, resiliency, scalability, and self-healing capabilities.
