FOREX TECHNOLOGY
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out that different aspects of the infrastructure – such as the difference in high availability architectures, security and monitoring – increases the complexity of the system since each system usually has its own messaging protocol.
He argues that once a system is built, the myriad integration points could also become potential points of failure, and so must allow as much throughput and resilience as the messaging or streaming systems it connects to. Varying levels of latency – with internet streaming products operating in milliseconds while financial applications run on microseconds – can also cause potential hazards.
McDaid of my-Channels argues that one of the key benefits of unified messaging is having the ability to bring the performance levels demanded in the “ultra-low latency and enterprise messaging spaces to the last mile”, which encompasses both web- based and mobile devices.
Scalability can also be a challenge in some cases. For example, if Streaming Text Oriented Message Protocol (STOMP) or a similar protocol is used to communicate to the RIAs and each STOMP connection to a GUI is mapped to a JMS or other
connection into the internal messaging system, the internal messaging system will also have to scale along with the number of external internet clients.
Benefits of a single system
Hayhurst of Catena Technologies highlights the cost- savings and efficiencies that can be achieved when a bank migrates to a single messaging system. “Having one system, rather than three, removes the risk of one going down, which can have a knock-on effect of bringing everything down. Having everything in one place on a single architecture also brings a lot more flexibility and simplicity,” he says.
McAllister says that a unified messaging system that controls internal messaging and web streaming typically has the capability to offer messaging services to the application developer while improving levels of scalability by consolidating connectivity, capacity planning, high availability and redundancy into a single system.
130 | april 2012 e-FOREX
“When you have a single platform which can service all of your platform components in a simple, efficient and cost effective manner, the task of building and running an SDP is greatly simplified,” says Brant of my-Channels.
Hayhurst points out that latency can be reduced, when an SDP migrates from three messaging systems to a single system by getting rid of the integration points between different messaging platforms. “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,” he says. “Tere are more moving parts. You do not just have to keep your messaging systems up but you also need all your bridges working and there is the risk that the whole thing stops working [in the event of a failure of one messaging system].”
Low latency architectures
McDaid argues that as more SDPs are launched in the FX market, demands for low-latency messaging architecture – which in the past had been the preserve of those involved in high frequency trading and the use of algorithms – has become more of a concern among the mainstream of FX market
participants.
However, Hayhurst of Catena Technologies argues that “ultra-low latency” is not of vital importance for SDPs, with latency requirements for bank corporate customers currently standing at milliseconds, rather than the microsecond-speeds of “bleeding edge” technology in equities. Nevertheless, the increasing demands placed on SDPs to distribute liquidity from a variety of different sources and consolidate pricing information into a single market view is making the capacity to facilitate low-latency messaging middleware more important.
As evidence of the growing importance of latency in messaging middleware technology, Solace Systems has created purpose-built hardware, based on Field- programmable gate array, (FPGA) to build its unified messaging platform. Te SDP platforms can integrate directly with Solace’s hardware-based low-latency market data distribution message appliance technology to distribute decoded market data to a variety of trading applications.
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