Q1 2026 Discover the highlights of what's new:
As more clients adopt extended and continuous trading models, we are evolving Horizon to operate beyond traditional day-based boundaries. Moving to 24/7 requires rethinking how the platform manages data, risk, and system state without relying on daily resets.
We are progressively replacing restart-dependent mechanisms with continuous data lifecycle management, including scheduled purging, real-time recalculation, and market-aware order expiry using precise “active-until” timestamps. This ensures that orders, executions, and positions remain accurate and consistent across time zones and trading sessions.
At the same time, we are strengthening the platform’s resilience by enabling components to operate, reconnect, and evolve independently while live. This includes handling growing data volumes, maintaining stable memory usage over time, and ensuring that all processes, from connectivity to risk, function seamlessly in a continuous environment.
These enhancements are already driven by clients operating internal markets, retail trading flows, and 24/6 venues, and are laying the foundation for fully uninterrupted trading in the near future.
Agency Trading - OMS / SOR
The SOR Configuration Panel provides a comprehensive environment to design, configure, and validate your routing strategies. It enables you to define all connected venues, set strategy parameters, and configure routing logic at both global and route levels, including policies and trader-facing strategies.
With built-in simulation capabilities, you can visualize and test the full order execution workflow in a staging environment before deployment. Configurations can then be promoted seamlessly to production, either dynamically in real time or at the next scheduled restart, ensuring flexibility while maintaining full control over your routing behavior.
The configuration framework also includes granular permissioning controls to manage access and changes across users, as well as full auditability, providing complete traceability of all modifications for compliance and governance purposes.
The SOR now incorporates enhanced support for Systematic Internalizers (SI), including LPSI workflows, with dedicated logic tailored to each liquidity pool. Different execution mechanisms such as lit pools, periodic auctions, and conditional order types are fully configurable within the SOR, allowing you to precisely control how liquidity is accessed and prioritized.
This flexible framework enables traders to define pool-specific behaviors and routing strategies, ensuring optimal interaction with SI liquidity while maintaining consistency with overall execution policies.
We’ve introduced Reveal, a new capability within the notification system designed to streamline trader workflows. Alerts are now fully interactive: with a single click, users can directly access the relevant action or context associated with the notification.
This allows traders to respond immediately without disrupting or reconfiguring the filters of their current trading environment, improving both efficiency and usability in time-sensitive situations.
DestinationWheels is a new approach to execution venue selection, designed to simplify and optimize routing decisions. Instead of manually selecting a specific venues and broker at order creation, traders can now choose a predefined Destination Wheel.
Based on configurable logic (including sharding, round-robin, dynamic ranking) and routing rules, the Destination Wheel automatically determines the most appropriate venue to execute the order. This enables more consistent execution strategies, reduces manual decision-making, and ensures orders are routed dynamically according to defined best execution criteria.
Principal Trading - Market Making
We have extended decimal quantity support within our quoting module, enabling automated strategies to handle fractional order sizes seamlessly.
While the platform already supported trading such instruments manually and through the algo framework, this enhancement allows market makers to continuously quote on fractional products with greater precision particularly relevant for digital asset markets.
Understanding how spreads are generated is key for both traders and support teams.
The new “Spread Explained” feature provides full transparency into how Horizon calculates spreads, allowing users to visualize the different components involved in the quoting process.
This functionality helps traders better understand automated quoting behavior and simplifies troubleshooting and support analysis.
The first version of Forex Exposure module has been delivered.
It provides real-time monitoring of foreign exchange risk across portfolios by aggregating exposures from derivatives, FX trades, and cash operations.With both detailed and portfolio-level views, users can easily identify the drivers of FX risk and gain a consolidated view of their exposure by currency.
Further refinements and capabilities are planned in upcoming releases.
Clients can now define custom risk indicators within Position Management.
This feature allows firms to implement their own risk metrics, providing greater flexibility to adapt monitoring and reporting to their internal risk frameworks. Horizon also provides out-of-the-box custom indicators, with an initial implementation supporting the calculation of T+1 Delta for Constant Leverage Certificates.
Enhancements to the Hedger module now include native support for Immediate-Or-Cancel (IOC) and Fill-or-Kill (FOK) order types.
These additions provide greater precision when executing hedging strategies, enabling market makers to manage risk more efficiently in fast-moving markets.
Click here to find all the principal trading features release in 2025.
Latency Improvements
A new fast pre-trade mode has been introduced to significantly reduce the latency of safety checks.
When only simple rules and validation criteria are applied, the safety engine can process orders much faster, reducing overall order validation time while maintaining control and protection mechanisms.
To improve the speed at which hedging occurs after a trade, Horizon now supports multiple Auto-Hedger instances.
These instances can be deployed across different environments, including co-location, allowing hedging logic to run closer to exchange matching engines and significantly reduce network latency.
This enhancement enables a more reactive hedging process, helping market makers respond faster to executed trades.
Connectivity – Expanded Market Coverage
We continue to enhance our connectivity to support evolving trading use cases and market structures.
On CME Group exchanges, we now support Market Making (Mass Quote) workflows, as well as the new prediction and event contract segments, enabling clients to provide liquidity on emerging instruments.
We have also added connectivity to gettex Exchange (Bayerische Börse AG), supporting both trading and market-making activities, and expanding access to retail-driven liquidity in the German market.