FAST TRACK
FASTTRACK
Eddie McDaid, Head of Business Development at my-Channels, a leading technology firm specialising in Messaging solutions takes part in the first of the new e-Forex speed interview series.
Eddie, you have been with my-Channels since the firm was founded in 1999. Why has it taken so long for the FX market to really embrace streaming technology?
Well, in reality, the FX market has long embraced streaming technology. I would say most of the leading platforms have been using streaming for over ten years, and newer entrants to the market now employ streaming as standard.
While streaming technology has been visibly present for all this time, it was previously used by organisations on a rather piecemeal basis. Te earliest entrants tended to implement their own streaming technology, which was usually tied in to their specific application. As a result, these organisations regularly found themselves writing maintenance code to keep up with technology changes rather than focusing purely on business logic.
Nowadays, the use of dedicated streaming infrastructure is more widely accepted as a key architectural component for trading platforms, and this goes some way to explaining what appears to be its recent rise in profile. Added to this is the fact that today there are many more banks building trading platforms than there were ten years ago.
Why should FX trading firms be taking more interest in middleware technology? Isn’t it just a black box that is best left to the back-room boys and platform developers?
Many of the advances in FX dealing platforms have been technology led, and so to treat a key component such as middleware as a black box would be foolish. If anything, we are seeing the opposite: financial institutions are far
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more aware of the business opportunities presented by direct methods of communication with their clients, and are therefore keen to understand how different middleware technologies can help them take advantage of these opportunities.
Leading middleware products are an enabling technology allowing you to do more with existing data, and leverage it in new ways. New delivery channels are emerging all the time, and present a fantastic opportunity for those who are first to market. Tose organisations that achieve this often develop a considerable and lasting competitive advantage.
FX trading firms have realised that their choice of middleware technology will actually play an important role in determining how they can react to new opportunities: how they deliver their data, how and even whether they can reach new clients, and ultimately how they can maximise revenue streams.
We are now starting to hear the terms Unified Messaging and Last Mile Messaging, but what do these really mean in practice?
Unified Messaging brings together multiple delivery channels, and recognises that one ubiquitous piece of infrastructure, end to end, can underpin all of your data distribution. It needn’t be an ad hoc process, involving often complex integration of disparate components, and all the inefficiencies this entails.
Last Mile Messaging is the delivery of your data and rich content to a client, across the channel of their choice - whether that be enterprise, web or mobile, using both established and new standards such HTML5 WebSocket.
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