FOREX TECHNOLOGY
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its changing role from a computational tool used for high-frequency processing tasks to a development tool at the heart of a firm’s order management strategy, says Lovas. “Te basic building blocks are there in the form of analytical functions, data filters, aggregators and other means to enrich or analyse markets and manage orders. What’s required is the creativity and ingenuity to semantically assemble those functional building blocks to logically represent a strategy.”
According to Lovas the underlying CEP technology does two things in support of promoting this style of development. Firstly, it provides a means to automatically handle error conditions and thus prototyped models can be safely moved from a QA/ test environment to production. Secondly, CEP infrastructure “provides a means to quickly back test models against historical and live markets to provide proof points as strategy ideas are prototyped.”
Louis Lovas
“CEP technology has ‘cut its teeth’ in the latency charged world of equities. So, buy-side firms looking to FX for alpha as a means to hedge or trade cross-border can leverage that same technology base with the assurance of precedence.”
processes don’t need to be undertaken, consequently the build process can be much swifter, with testing and deployment substantially faster.”
“We have recently been involved in a number of CEP project deployments where sell-side organisations have a target to go down from 6-8 weeks to five days or less before going live. And, this shorter time horizon is not about circumventing or breaching the rules or processes, but rather speeding up what’s in place by having “a faster development environment and faster test capabilities. Our CEP engine comes with a front-end for developing these models. It’s almost Visio-like in terms of the way one builds these models out, which means business analysts can be building the models rather than developers. Ultimately this reduces the time taken to develop applications and significantly cuts time to market, which is another key reason for CEP adoption, “ notes Grant.
Evolution Te evolution of CEP technology is likely to centre on
118 | october 2011 e-FOREX
Te spotlight on CEP benefits in FX may well have moved its application beyond FX aggregation, pricing, smart order routing and algo trading to new areas of trade lifecycle operations such as real-time position keeping and exposure monitoring. But, says Lovas, beyond that there are still many aspects of the trade lifecycle that share common attributes tractable to CEP. “As those working orders are managed, positions, P&L, exposure, real-time Transaction Cost Analysis (TCA), trade capture and reporting all need to be accomplished in real-time. And, CEP is the quintessential real-time platform.”
Often firms will have their own ideas on how they want to calculate specific information for working orders, says Lovas. “Tis list of calculated values is endless. In the past, vendors simply coded these by hand in traditional languages. Any changes/improvements had to wait for the next release and firms had to wait. Using CEP with its rapid development modelling paradigm, it becomes a simple task to change or add new data elements and calculations.”
Retail FX providers are also able to use CEP platforms in order to improve market-making, risk-management and fine grain control over their customer relationships. Retail flow is mainly about technical analysis tools. Providing greater flexibility to such capabilities is much sought after, which means real-time and historical data on multiple assets (FX, equities, economic indicators, commodities, etc.), plus a dynamic model for constructing strategies are being demanded by retail FX providers.
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