The infrastructure is the firm.
Research, execution, and monitoring are built and operated in-house rather than assembled from vendor tools.
A systematic firm's capability is bounded by what its systems allow it to test and to run. Off-the-shelf platforms impose someone else's assumptions about how a strategy should be expressed, how a backtest should be scored, and how an order should reach a venue — and those assumptions are difficult to inspect and impossible to change.
Building the stack in-house is slower at the outset and considerably more useful afterwards. It means every assumption in the pipeline is one the firm chose, can examine, and can revise.
Data and testing
Market data is collected, cleaned, and stored so that a test can be run against what was actually knowable at each point in time. The testing environment applies transaction costs and fill assumptions by default rather than as an afterthought.
The same code path that evaluates a hypothesis is the one that later runs it, which removes an entire class of discrepancy between research and production.
Order handling
Execution logic sits between a strategy's intent and the venue, translating a target position into orders while respecting the constraints of the market it is trading.
Execution quality is treated as part of the strategy rather than as plumbing beneath it. A method that is profitable before costs and unprofitable after them has not been discovered.
Monitoring
Live systems report on themselves continuously: positions, exposures, connectivity, and the divergence between expected and observed behaviour.
Monitoring exists to make problems visible quickly, on the assumption that something will eventually fail and the useful question is how fast it is noticed.
Limits and halts
Risk controls are implemented in the systems themselves rather than left to judgment under pressure. Limits are configured in advance and enforced automatically.
This page describes how the firm's systems are organised. It does not describe the strategies that run on them.