Rival Systems
Rival Systems is a Chicago-based fintech founded in 2015 that provides a multi-asset trading and enterprise risk management platform for hedge funds, proprietary trading firms, asset managers, broker-dealers, and clearing firms under a flat monthly subscription with no transaction fees.
- Company typePrivate
- Founded2015
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Rival Systems does
Rival Systems is a Chicago-based financial technology company founded in 2015 that builds a multi-asset trading and enterprise risk management platform for professional trading firms. The company's core product, Rival One, is an Order and Execution Management System (OEMS) supporting trading in futures, equities, options, and crypto across multiple exchanges and brokers, augmented by Rival Risk for real-time multi-asset risk monitoring, Rival API (Smart API) for algorithmic development via a WebSocket interface, Rival One for Excel as an Excel-based analytics add-in, and Market Data and Technology Services for data feeds and collocation. The platform is built on ultra-low latency, fully hosted cloud-based architecture, with collocation presence in four data centers (Chicago CH4, New York NY4, Ashburn DC3, Paris FR2) and supports 24/7 trading across traditional and event-contract markets.
Rival serves institutional and professional clients including hedge funds, proprietary trading firms, asset and wealth managers, broker-dealers, clearing firms, options market makers, algorithmic traders, and selected fintech platforms. Named customers include MBX Clearing, which used Rival to obtain OCC regulatory approval, and Dash Prime LLC, through which Rival One is now distributed to broker clients. Recent product expansions in 2025-2026 have added event contracts support, basket trading, post-trade allocation, and Rival One AI Skills (integrating API documentation into Cursor, Claude, and Codex coding agents), positioning the platform as a front-to-back trading ecosystem.
The company operates a recurring subscription revenue model with a single low monthly platform fee and no Exchange Access or Transaction Fees, differentiating it from incumbent OMS/EMS pricing. Distribution is primarily direct enterprise field sales with a "Request a Demo" engagement model, supplemented by broker-certified OEM channels, content marketing via the Options Knowledgebase, webinars, and a video library. The firm is privately held with no disclosed external funding rounds and operates with a headcount of 11-50 employees from its Chicago headquarters under CEO Rob D'Arco.
Rival Systems firmographics
Firmographics- Name
- Rival Systems
- Legal name
- Rival Systems LLC
- Website
- https://rivalsystems.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Rival Systems is a Chicago-based fintech founded in 2015 that provides a multi-asset trading and enterprise risk management platform for hedge funds, proprietary trading firms, asset managers, broker-dealers, and clearing firms under a flat monthly subscription with no transaction fees.
- Ownership category
- akta.pro rank
Rival Systems industry classification
Industry- Product category
- Multi-Asset Trading and Risk Management Software
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210)
- SIC
- Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Multi-Asset Electronic Trading Platforms (FSAFANAH)
- akta.pro secondary industries
- Multi-Asset Liquidity Aggregators & Matching Engines (FSAFAEAI), Cross-Venue Arbitrage & Latency Infrastructure (FSADAJAK)
Keywords
Where Rival Systems is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Rival Systems business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Subscription Platform Fee: One low monthly subscription fee for platform access with no Exchange Access or Transaction Fees. The subscription model provides access to Rival One multi-asset trading platform, risk management tools, and full ecosystem functionality.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Single subscription tier covering full platform access |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Rival Systems product offering
Product offeringCore offering
Rival Systems sells an integrated multi-asset trading and enterprise risk management ecosystem for professional traders, anchored by Rival One (a cloud-based OEMS for futures, equities, options, and crypto) and Rival Risk (real-time multi-asset risk management). The offering is delivered via a single monthly subscription covering the full platform with no Exchange Access or Transaction Fees, and is extended through supporting products including Rival API, Rival OEMS, Rival One for Excel, Market Data, and Technology Services.
Product overview
Rival Systems offers an integrated ecosystem of enterprise trading and risk management solutions built on ultra-low latency architecture. The product portfolio centers on Rival One as the core multi-asset trading platform, complemented by Rival Risk for enterprise risk management. Supporting modules include Rival One for Excel (Excel plug-in for trading analysis), Rival API/Smart API (open APIs for algorithmic development), Rival OEMS (order and execution management), and Market Data services. The ecosystem provides market data feed handlers, multi-asset trading tools, enterprise risk management, and open APIs for algorithmic development—all designed for professional traders, hedge funds, proprietary trading firms, and asset managers. The platform supports futures, equities, options, and crypto trading across global exchanges with no Exchange Access or Transaction Fees.
Differentiator
Problem solved
Functional benefit
Brands
- Rival One: Multi-asset trading platform enabling trading of futures, equities, options, and crypto across exchanges with advanced execution and order management capabilities.
- Rival One for Excel
- Rival Risk
- Rival API
- Rival OEMS
- Market Data
Products and services
- Rival One Cloud-based multi-asset Order and Execution Management System enabling professional traders to trade futures, equities, options, and crypto across multiple exchanges and brokers from a single platform, with Smart Order Routing, Basket Trading, Post-Trade Allocations, and AI Skills integration. Targeted at hedge funds, proprietary trading firms, asset managers, broker-dealers, clearing firms, options market makers, and algorithmic traders.
- Rival Risk Comprehensive multi-asset risk management system delivered on a fully hosted cloud platform for professional risk managers, providing real-time P&L, position tracking, risk metrics, and 24/7 monitoring across futures, equities, options, event contracts, and crypto.
- Rival OEMS Order and Execution Management System providing secure multi-asset trading across multiple global exchanges and brokers, designed for trading firms that require OMS/EMS functionality with no Exchange Access or Transaction Fees.
- Rival API (Smart API) Open WebSocket API for algorithmic trading and application development, providing real-time market data, order management, and trade execution access across equities, futures, and options, with AI Skills integration enabling code generation via Cursor, Claude, and Codex.
- Rival One for Excel Microsoft Excel web add-in providing real-time market data, trades, positions, option volatilities, risk metrics, and margin calculations directly within Excel spreadsheets for trading analysts and quants.
- Market Data Market data feed handlers and data services delivering real-time market data across global exchanges to support the Rival One and Rival Risk platforms.
- Technology Services Enterprise technology services including collocation hosting, global exchange connectivity, high-end hardware leasing, latency reporting, market data vendor services, automated audit trail file generation, and compliance reports, delivered through partnerships with leading providers.
Quantifiable outcome
- Simplified multi-asset execution workflows with single-click basket trading across equities, futures, and options
- +3 more outcomes
Companies that use Rival Systems
Customer profileNamed customers2 records
Segments11 records
Ideal customer profiles2 records
Rival Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability2 records
Feature6 records
Rival Systems partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Dash Prime LLCcoreRival One is certified and available for Dash Prime LLC clients, enabling trading of U.S. options and equities using Rival One's advanced execution and order management capabilities integrated with Dash Prime's brokerage and technology infrastructure.
- Leading Technology ProviderscorePartnerships with leading providers offering collocation hosting, global exchange connectivity, high-end hardware leasing, latency reporting, and market data vendor services. Data centers include DC3, CH4, NY4, and FR2 facilities.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Rival Systems competitors and assessment
Company assessmentDirect peers
- Eze Software (SS&C): Buy-side order management system (Eze EMS) and execution platform with deep penetration among hedge funds and asset managers. Eze competes directly with Rival in the buy-side OMS category where Rival has won back-to-back WatersTechnology Best Buy-Side OMS awards.
- Itiviti (Broadway Technology): Multi-asset trading, connectivity, and OMS/EMS solutions for institutional clients, with strong presence in derivatives and equities. Itiviti competes with Rival across professional trading workflows, particularly for sophisticated multi-asset execution.
- FlexTrade Systems: Multi-asset execution management system (EMS) with strong buy-side and sell-side adoption across equities, futures, options, and FX. FlexTrade is a direct competitor to Rival One, targeting similar hedge fund, asset manager, and broker-dealer customers with comparable multi-asset workflow functionality.
- Trading Technologies (TT): Professional multi-asset trading platform offering execution, OMS, and risk management for futures, options, equities, and FX. TT is among Rival's closest direct competitors in the pro-trader OEMS category, with similar low-latency architecture and buy-side/sell-side institutional customer base.
Broad incumbents
- Bloomberg EMSX: Bloomberg's execution management system integrated into the Bloomberg Terminal, serving a massive installed base of buy-side traders. EMSX is a broad incumbent competitor to Rival One, leveraging Bloomberg's data, analytics, and workflow dominance to retain OMS market share.
- Interactive Brokers (Institutional): Large multi-asset electronic broker serving institutional and professional clients with sophisticated trading platforms (TWS, IBKR Desktop) and API access. IBKR competes with Rival for institutional trading volume and increasingly offers OMS/EMS-adjacent capabilities.
- FactSet: Provider of financial data, analytics, and trading workflow solutions including portfolio management and execution tools. FactSet competes with Rival as a broad incumbent offering OMS-adjacent capabilities as part of a much wider financial data ecosystem.
- FIS (GetNext / Front Arena): Large-scale capital markets technology provider offering OMS, EMS, and post-trade solutions to institutional clients. FIS competes with Rival across multi-asset trading and risk, with substantially greater scale and broader product breadth.
Emerging players
- Tradier: Cloud-based brokerage and trading API platform offering multi-asset execution with developer-friendly APIs. Tradier is an emerging player with overlapping technology philosophy (API-first, cloud-native) but focuses more on retail/brokerage infrastructure than institutional OMS.
Others
- PARPLUS Partners: Technology partner to Rival providing front-end trading system access for options and futures markets. Included as an ecosystem/partner reference rather than a direct competitor, reflecting their collaborative rather than competitive relationship with Rival.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Rival Systems social profiles
Digital presenceRival Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rival Systems leadership team
Management profileNumber of profiles
Profiles1 record
Rival Systems funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rival Systems M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Rival Systems
What does Rival Systems do?
Rival Systems sells an integrated multi-asset trading and enterprise risk management ecosystem for professional traders, anchored by Rival One (a cloud-based OEMS for futures, equities, options, and crypto) and Rival Risk (real-time multi-asset risk management). The offering is delivered via a single monthly subscription covering the full platform with no Exchange Access or Transaction Fees, and is extended through supporting products including Rival API, Rival OEMS, Rival One for Excel, Market Data, and Technology Services.
Is Rival Systems a public or private company?
Rival Systems is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Rival Systems founded?
Rival Systems was founded in 2015. It employs 11 to 50 people.
Where is Rival Systems based?
Rival Systems is headquartered in Chicago, United States, in the North America region.
How does Rival Systems make money?
One revenue line is on record: subscription Platform Fee.
Who are Rival Systems's main competitors?
Direct peers on record are Eze Software (SS&C), Itiviti (Broadway Technology), FlexTrade Systems and Trading Technologies (TT). Broad incumbents are Bloomberg EMSX, Interactive Brokers (Institutional), FactSet and FIS (GetNext / Front Arena). Tradier is listed as an emerging player. PARPLUS Partners is listed as an others.
Does Rival Systems have an API?
Yes. Rival One includes a WebSocket API that enables users to build, extend, and interact with trading applications. The API supports real-time market data, order management, and trading execution across equities, futures, and options. Rival One AI Skills enables integration of the company's API knowledge directly into AI coding agents, with a GitHub repository providing structured context and implementation guidance. Developer documentation is at www.rivalsystems.com/products/smart-api.
What industry is Rival Systems in?
Rival Systems's product category is Multi-Asset Trading and Risk Management Software. Its primary akta.pro industry code is FSAFANAH, Multi-Asset Electronic Trading Platforms, with a secondary code of FSAFAEAI, Multi-Asset Liquidity Aggregators & Matching Engines. Its NAICS code is 5231 and its SIC code is 6221.