A message hub that meets the demands of European T2S for all ISO messages types.
The world’s best Central Securities Depository & registry solution.
The world’s most advanced registry system.
A trading system that supports multiple trading venues.
REVENUE is Percival’s stock exchange trading platform, designed for operating and managing modern trading venues and exchange infrastructure. The platform went live in September 2021 on the Barbados Stock Exchange.
Built for flexibility and scalability, REVENUE supports multi-exchange and multi-venue trading environments, with each venue capable of hosting multiple trading boards and market structures.
Built for flexibility and scalability, REVENUE supports multi-exchange and multi-venue trading environments, with each venue capable of hosting multiple trading boards and market structures.
Multi-Market & Multi-Currency Trading
REVENUE is designed to support complex market environments, including:
- Multiple exchanges or trading venues within a single platform
- Multiple trading boards per exchange
- Multi-currency trading capabilities
- Integration with multiple central securities depositories (CSDs) for listed instruments
This enables seamless operation across fragmented or developing capital markets.
Target Market
The platform is designed primarily for emerging and mid-sized exchanges and trading venues, typically handling up to approximately 25,000 trades per day, where scalability, configurability, and cost efficiency are key requirements.
Regional Market Integration
REVENUE supports the gradual consolidation of regional capital markets, enabling individual national exchanges to operate independently while progressing toward a unified regional exchange infrastructure over time.
This approach allows regulators and exchange operators to modernise market structure in controlled, incremental phases.
This approach allows regulators and exchange operators to modernise market structure in controlled, incremental phases.
Key Functionality
Flexible Market Configuration
Independently configurable market rules for each trading board
Support for anonymous and transparent trading models
Automatic order expiry management
Aggressor and passive pricing support
Fully configurable ticket formats
Support for order-driven, quote-driven, and hybrid markets
Opening and closing auction capabilities
Advanced priority configuration including price, time, source, terms, and cross priority
Support for anonymous and transparent trading models
Automatic order expiry management
Aggressor and passive pricing support
Fully configurable ticket formats
Support for order-driven, quote-driven, and hybrid markets
Opening and closing auction capabilities
Advanced priority configuration including price, time, source, terms, and cross priority
Multi-Exchange & Trading Session Support
Exchange-independent member firm management, enabling firms to operate across multiple exchanges
Unlimited trading sessions per day
Configurable market states including pre-open, open, pre-close, confirm, and close
Automatic or manual market state transitions
Unlimited trading sessions per day
Configurable market states including pre-open, open, pre-close, confirm, and close
Automatic or manual market state transitions
Advanced Order & Pricing Controls
Unlimited configurable order types per board
Built-in price stabilization tools including hard caps and circuit breakers
Multiple price type support per symbol, including:
Built-in price stabilization tools including hard caps and circuit breakers
Multiple price type support per symbol, including:
- Unit price
- Percentage
- Discount
- Premium
- Fixed amount
- Yield-based pricing
Matching support across differing price types
Instrument & Currency Flexibility
Instruments can be listed across multiple markets
Multi-currency trading support for the same instrument within a market
Multi-currency trading support for the same instrument within a market
Index Management
Unlimited index creation and automated index levelling
Dynamic component weighting adjustments
Cross-exchange index support
Free-float and issued-share methodologies supported
Price-weighted index support
Automatic index generation using MSCI / GICS classifications
Dynamic component weighting adjustments
Cross-exchange index support
Free-float and issued-share methodologies supported
Price-weighted index support
Automatic index generation using MSCI / GICS classifications
Security, Monitoring & Administration
Granular rights and permissions based on organisation type and user workgroups
Comprehensive daily statistics and reporting
Integrated surveillance and market monitoring tools
Unified browser-based interface for traders and administrators
Comprehensive daily statistics and reporting
Integrated surveillance and market monitoring tools
Unified browser-based interface for traders and administrators
Market Data & Distribution
Multiple configurable market data feeds with adjustable delay settings
RSS publication support for market news, data, and ticker updates
RSS publication support for market news, data, and ticker updates
Powerful. Integrated. Scalable.
REVENUE is the latest addition to Percival’s product suite, designed to support the complete trading and post-trade lifecycle for small and medium-sized markets operating without a Central Counterparty (CCP).
Fully integrated with our DEPEND CSD solution, REVENUE delivers seamless processing from order entry to final settlement, including automatic updates to the beneficial owner register — providing a secure, efficient, and fully connected market infrastructure.
Built for Modern Exchanges
REVENUE has been specifically developed for markets seeking to operate multiple exchanges through a single unified platform. By consolidating trading operations into one infrastructure, organisations benefit from:
- Reduced operational costs
- Simplified administration
- Consistent market operations
- Scalable exchange management/li>
- Ideal for Regional Markets
REVENUE is equally suited to regional exchange initiatives, enabling multiple national exchanges to operate within a shared infrastructure while gradually evolving toward a fully integrated regional marketplace.
Its modular approach allows markets to expand in manageable phases, reducing complexity while supporting long-term growth and integration.
End-to-End Confidence
With REVENUE and DEPEND working together, customers gain a fully integrated ecosystem capable of managing the entire transaction lifecycle with reliability, flexibility, and transparency.
Elen Käsk
Capital Markets expert
