OVERVIEW eToro was to have a market maker system. The system was designed to take orders from an exchange, adjust its prices and post to a different exchange. The system was to monitor and update orders in real-time. The goal of the system was to create liquidity on a number of exchanges while managing the associated risks in a responsible manner.

GOALS 1. Ability to create liquidity in a specific exchange/s with limited risk. 2. Overall profitability of the operations.

Specification: 1. Ability to create a merged order book using inputs from multiple chosen exchanges. 2. Allowing administrator to use config service to designate a list of exchanges to be used as order input sources. 3. Allowing administrator to use config service to designate a list of target exchanges. 4. Ability to update the merged order book (sorted by price from best to worse) by utilizing the APIs of the source exchanges. (Socket APIs are better for this purpose since they provide real time information). 5. Presence of a config service parameter defining the logic to be used for each timer event (see below). The description of the logics follows.