Ithaca Protocol

Ithaca employs a Frequent Batch Auction (FBA) mechanism to match orders across multiple order books featuring different products and maturities.

FBAs run every 15 seconds, preventing any type of front-running or MEV, enabling seamless handling and synchronized execution of multi-leg linked/conditional orders.

FBAs offer significant advantages over traditional Continuous Limit Order Books (CLOBs) for users:

Non-Custodial, Composable Option Protocol.

2/  Reduced Market Manipulation
FBAs defend against high-frequency trading (HFT) tactics by neutralizing the speed advantage. This levels the playing field and prevents unfair trading practices like front-running and latency arbitrage.

3/ Mitigated Operational Risk
FBAs minimize operational risks such as order collisions and imbalances. Batch execution ensures simultaneous processing, reducing vulnerabilities like front-running and enhancing market stability.

4/ Improved Liquidity
Concentrating trading activity in time-bound intervals fosters deep liquidity. FBAs create a vibrant market environment where trades are executed efficiently, minimizing market disruptions.

5/ Institutional Recognition
FBAs are increasingly recognized by market stakeholders for their positive impact on market quality, fairness, and transparency—hallmarks of a robust and future-ready trading system.

By adopting FBAs, Ithaca Protocol enhances user experience, market integrity, and operational resilience. This innovative mechanism aligns with our mission to create a fair, efficient, and transparent trading ecosystem.

1/ Enhanced Efficiency
Frequent batch auctions consolidate orders and execute them at regular intervals. This reduces order fragmentation, enhances price discovery, and provides a more efficient trading environment.