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some point the data generated from multiple venues becomes so large that trading firms have difficulty in trying to consume it.”
So dealing with all these issues, clearly requires additional capacity in terms of bandwidth and scaling applications.
Messaging systems
If recent messaging rates are anything to go by, firms are likely to be bracing themselves for more of the same. Paul Brant, CEO, My-Channels, a leading middleware messaging vendor through its flagship Nirvana solution, commenting on the importance of messaging and messaging delivery systems in the grand scheme to improve real-time response rates for FX trading opportunities, says: “It’s absolutely paramount that messaging be recognised as a core component in the technology stack, responsible for the delivery of real-time data to clients.”
He adds: “Obviously every organisation implements their technology stack in a slightly different way. Each one layering their own business logic on top of a messaging foundation that underpins their systems. It is this messaging foundation that opens up different delivery channels while supporting the dynamic routing and filtering of data based on bespoke business logic.”
While the messaging system feeds areas including Complex Event Processing (CEP) environments, ultimately what is critical is the “unified messaging piece” according to Brant. “Regardless of whether that is to an existing internal enterprise client, to a web page running a Rich Internet Application (RIA) or to an iPhone/iPad, it doesn’t matter. A messaging foundation should be capable of supporting as many platforms and delivery channels as possible.” he says.
In delivering a common set of functionality across all delivery channels and platforms unified messaging frees clients to focus on their own know-how and knowledge and “not to worry about the plumbing”.
Delivering data
Today there are certainly more and more users trading through FX dealing platforms than there used to be, who increasingly are being offered customised prices from the leading platforms.
Eddie McDaid, Director - Business Development, My-Channels, says: “Te FX landscape has changed dramatically in recent years and while the key performance challenge for FX remains the ability to deliver data as quickly as possible, the obstacles banks face in order to achieve this have changed over time.”
“Whereas in the past banks may have partitioned prices into a low number of high level classifications - gold, silver and bronze for example - some are now delivering hundreds of incarnations of the same price spread across literally thousands of users,” says McDaid. “As such this requires an underlying real- time delivery system or messaging solution capable of filtering and routing data on the fly.”
Tis challenge is further compounded by the fact that a typical FX dealing platform’s user base adopts and utilises a number of different technologies spread across three core delivery channels: Internal Enterprise Users, Web Connected Users and Mobile Users.
McDaid adds: “Regardless of the location and choice of end-user technology, the challenge facing FX dealing platforms is to provide the same levels of functionality, service and user experience that are consistent across all delivery channels.”
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