FOREX TECHNOLOGY
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monitoring (BAM), Database solutions, and CEP trading solutions.
Niche to mainstream
According to Stuart Grant, business development manager, Financial Services (EMEA), at system vendor Sybase, CEP is going from the niche to the mainstream. “Technology always has a way of settling into its most obvious uses. Areas such as market data analytics and algorithms were ones that CEP naturally fell into but now it is naturally expanding into other areas of the business such as real-time or near-time risk management and position keeping. Organisations have also got their heads around what this capability can offer and witnessed the benefits of being able to use a ‘standards-based’ piece of software across multiple areas of the firm.”
Grant notes that the FX and the equity environments are the two areas where the vendor is seeing the “most pick-up” for CEP - across trading and risk management areas. “Te CEP engine is not only good at aggregating market data, it’s also good at aggregating position information. As such, new areas where this technology is being utilised span real-time positioning keeping as well as real-time risk analytics aggregation from front office trading systems.”
While use cases by the institutional and retail side do differ and there is “no single standout reason” for adoption, the Sybase executive notes that with such drivers at play they are starting to see “pull through” into the retail space. Tis is as many organisations try to “blend their retail and institutional flow on the FX side” in order to try and gain market share.
He adds: “Tere are also a number of organisations trying to gain sort of ‘flow monster’ status in the FX market and they’re aggregating as much as possible. On the other side we’re starting to see institutions in the retail space provide more sophisticated tools to their end customer (e.g. day traders, etc.). As these latter participants are becoming more sophisticated Grant says they are starting to see some of the institutional tools like such as algos being “migrated into that retail environment.”
Furthermore, by using CEP across multiple areas, banks feel they are able to recoup many of their costs due to the increase in operational support that the technology provides. Australia & New Zealand Bank (ANZ) is
112 | october 2011 e-FOREX
Stuart Grant
“…market data analytics and algorithms were ones that CEP naturally fell into but now it is naturally expanding into other areas of the business such as real-time or near-time risk management and position keeping.”
using a customised and enhanced version of the Progress Apama FX Aggregation Accelerator for its foreign exchange operations to create and deploy advanced FX algorithms, across multiple sources of liquidity, offer innovative services to clients and dramatically improve the ability to handle increased trade volume.
Te bank stated in October 2010 that it expects that the “improved visibility of liquidity and the ability to support a significant increase in trade volume” will lead to a full return on its investment in just one year, while giving ANZ the FX eCommerce infrastructure necessary to scale globally and maintain a high levels of competitiveness in the FX marketplace.
Core premise of CEP
Louis Lovas, Director of Solutions at OneMarketData, a provider of tick data management and analytics, says: “Increased use of CEP technology is and will be stimulated by the core premise of CEP. Tis is namely that it has the ability to deliver higher performing,
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