FOCUS >>>
Role of CEP technology
Given the role that CEP technology can play in
aggregation it is no surprise that there are a number of
vendors coming into the FX aggregation market from
a CEP background, such as StreamBase. “We provide
services for the capital markets in general but the
interest in the FX market is increasing,” says Tibbetts.
“So we are looking at some of the services that we
have in the equities markets and applying them to the
FX market and its unique characteristics.”
He goes on, “We are seeing interest from the sell-side
firms that are either already large players in the FX
market or looking to become large FX players. They
use the service to process large orders and protect the
banks’ interest and hedge their positions quickly and
accurately quote prices to their customers. Everybody
knows that the sell-side needs large systems that canYaacov Heidingsfeld
be customised and remain flexible. And we are also“The definition of aggregation has to be expanded to cover
seeing more interest from the buy-side and the newall of the different sources of flow in an institution.”
breed of high frequency traders. For these
organisations the quality of execution and data isquantities of internal data that were not previously
important so it is vital they can connect up tocorrelated. It is about the old adage – know your
multiple venues and maintain several brokercustomer, know your trading patterns, know your
relationships. So there is some growing adoption oftraders.”
CEP from both buy and sell-side.”
Heidingsfeld says that future development will be the “We do not see ourselves as just an FX aggregation
integration of these information engines and having product. One of the benefits of having an open
straight-through-processing so that this information platform like StreamBase is that we can deliver a
can be analysed in real-time and subjected to
algorithms to make execution strategies more
efficient. “The definition of aggregation has to be
expanded to cover all of the different sources of flow
in an institution. Put that flow into a single user
interface and then apply technology to ensure that
you are taking advantage of all that internal flow
before you go externally to the marketplace. That is
the next area of innovation.”
As yet there are very few providers that offer global,
integrated, hierarchical order book functionality, says
Heidingsfeld. “I think it is better to have a liquidity
management system with the ability to have
integrated pricing, order management aggregation,
smart price making ability and smart order routing,
rather than a variety of systems, products and
liquidity sources all pieced together. If you are going
to do aggregation, it has to be done fully. There are
various different definitions of aggregation but the Richard Tibbetts
more generic the definition of aggregation and the “It would be helpful if customers demanded standardisation
truer you stay to this definition, the better your but we haven’t really seen that pressure.”
trading results will be.”
|102 october 2009 e -FOREX
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160