FOREX TECHNOLOGY
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our product Nirvana, this should be achieved using a common set of APIs which are available across all of the commonly used programming languages.”
Solace Systems provides its messaging middleware solutions to a variety of leading investment banks including Barclays Capital, which in 2009 integrated its enterprise-wide, high-speed messaging system. Barclays Capital uses Solace 3260 Content Routers to integrate applications spanning the front, middle and back office. Te consolidation of Barclays Capital’s messaging requirements is designed to simplify its IT infrastructure while obtaining cost-savings on development, data centre and back office support functions.
Tom Hayhurst “If you have three different messaging platforms
then you are going to have to choose between them at some point which is never good for latency,”
McAllister of Solace Systems says SDPs have now become centrally focused upon reaching out to a wide variety of different channels. “In the past, those who were operating SDPs needed to use different technologies for these different channels. Tis created a lot of complexity within the architecture. Each channel had to be glued into the existing trading backbone. A bank had to figure out how to make these channels resilient, secure and perform well. Every channel created a new technology challenge,” he says.
McAllister identifies four delivery channels within an SDP: Client-side desktops (traditional trading consoles), browsers (using technologies such as Microsoft Silverlight and Adobe Flash), handheld mobile devices (smartphones and tablets) and programmatic interfaces (for electronic and algorithmic trading systems).
“We provide a unified messaging appliance that can give access to all those different channels whether it is streaming quotes or managing order flow – the appropriate traffic through the appropriate delivery channels,” says McAllister.
Brant at my-Channels says “We take a broad view of how a delivery channel should be defined. We break it into three broad styles of messaging – ultra low-latency, enterprise and last mile, which includes web and mobile. A unified messaging platform is one which can simultaneously service all three of these messaging styles. Ideally, as is the case with
128 | april 2012 e-FOREX Bob Giffords
“We are seeing rapid articulation on the distribution channel side to access new customer segments, different access technologies, including internet, mobile, extranet, agents and markets or different geographies,”
Investment banks have typically operated using three different messaging systems: Quote distribution, which have traditionally been multicast based to meet requirements for low-latency and high-rate messaging distribution. Persistent Messaging for order flow, which have typically been broker-based, along with Web Streaming, which can consist of HTTP gateways.
Operational challenges
McAllister identifies a series of operational challenges, including provisioning, monitoring, troubleshooting and capacity planning, which have to be developed separately when multiple messaging systems are used to achieve the same range of functionality. He points
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