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Paul Brant, chief executive officer (CEO) of my- Channels, a specialist in real-time messaging data that provides streaming services for four of the top eight global FX e-platforms, says technological innovation has significantly reduced the “human latency”, inherent when disparate systems within an SDP are linked together. “Tere is a growing recognition within the FX industry that banks require an ultra low-latency unified messaging solution from which they can build out an SDP that encompasses enterprise, web and mobile,” says Brant.
Community of interests
Tere is a community of interests [around an SDP],” says Shawn McAllister, chief technology officer at Solace Systems, a provider of middleware appliances based in Ottawa. “Why is Facebook so popular? One reason is that it has been able to capture a widespread community. If you create that type of community, it will attract people to that source information and lead them to trade.”
“Single dealer platforms now offer quite a rich user experience. You can have information such as FX quotes or market news pushed your way based on the currency that you are looking at. Traders are using SDP chat rooms to exchange trading ideas and rumours,” he adds.
“While a lot of SDPs right now seem focused on FX trading, one of the important considerations in what defines an SDP is also its ability to provide a single touchpoint to clients trading a variety of products,” says Hayhurst of Catena Technologies.
Hayhurst points to Deutsche Bank Autobahn, which allows users to trade across a variety of asset classes, along with providing access to analytics, research, and transaction banking services. Deutsche Bank first launched Autobahn FX as an FX trading platform in 1999, which offered users real-time data externally via the internet also using my-Channels Nirvana, delivered across enterprise, web and mobile platforms.
Bob Giffords, an independent banking and technology analyst based in the UK, points out that banks capacity for increasing revenue streams can be enhanced by developing more connectivity channels. He contrasts the relatively large fixed-costs of setting up and running services with the unit costs of delivery, resulting in large economies of scale when the range of delivery channels are increased.
“We are seeing rapid articulation on the distribution channel side to access new customer segments,
Paul Brant
“Tere is a growing recognition within the FX industry that banks require an ultra low-latency unified messaging solution from which they can build out an SDP that encompasses enterprise, web and mobile,”
different access technologies, including internet, mobile, extranet, agents and markets or different geographies,” says Giffords. “Tere are also a growing range of supply chain partners to simplify the process often on a pay-by-use basis to share the set up costs and reduce time-to-market. Te banks are buying such services to expand their distribution networks. Connectivity is increasingly important.”
Morgan Stanley for example launched its Matrix SDP in 2009, which provides its clients trade ideas, historical data, pricing information, charting functions, market commentary and trading applications that can be viewed by users using handheld applications. Users can obtain access to the Matrix portal via iPhones and iPads, enabling them to use multimedia tools to digest the latest research published by the US investment bank.
Increase in channels
Eddie McDaid, chief operating officer (COO) of my- Channels in London says that in the current fast-moving markets where new products are being continually launched, the “one guarantee” is that the variety of channels delivering data within an SDP will increase. “A technology solution such as Nirvana that abstracts delivery channels and platforms, along with their specific nuances, from the point of entry through to the end customer can be of an immense benefit,” he says.
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