CHICAGO (September 29, 2021) – Rival Systems (Rival), an award-winning provider of trading and risk management software, today announced Belvedere Trading is leveraging Rival’s enterprise risk platform for real-time Portfolio Margin and Risk Based Haircuts. Rival’s fully hosted and managed solution provides a cost-effective way to monitor the firm’s capital requirements across futures, equities, and options.

“Rival is the best third-party risk system available in the market,” said John Massarelli, Head of Risk at Belvedere Trading. “Along with real-time margin, we find tremendous value in Rival’s VaR and risk slides. From an operations perspective, Rival is fully integrated with our clearing firm so new accounts are automatically added to the system and we don’t have to configure anything when we trade new products. Rival saves us time and allows our technology team to focus on other projects as it’s a great tool to give a second opinion on risk as the markets are moving.”

“We’re grateful for the opportunity to work with an industry leading firm like Belvedere Trading,” said Rob D’Arco, CEO of Rival Systems. “Rolling out real-time margin for equities and equity options is a great achievement for our team. We’re driven to deliver innovative features our clients need to manage risk, reduce costs and grow their business.”


Rival Systems offers award-winning market data feed handlers, multi-asset trading capabilities, enterprise risk management, smart API for strategy development and top-of-the-line technology services. Rival’s proven speed and innovative, constantly evolving features empower firms to compete in today’s markets and get smarter with every trade. To learn more about Rival’s comprehensive solutions for market data, multi-asset trading, algorithmic strategy development and enterprise risk management please visit