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FOREX TECHNOLOGY


“Because we have a hardware-based solution, latency is very low and consistent. Hardware excels at managing very high connection counts and data rates,” says McAllister of Solace Systems.


However, Brant highlights the flexibility of my- Channels’s rival software appliance, arguing that some “customized” hardware solutions can sometimes quickly become obsolete, given the current rapid rate of technology deployment. “Nirvana provides a feature rich suite of functionality with the added flexibility that comes by running as software appliance rather than ‘customized’ hardware.” says Brant.


Whether delivered through a hardware or software- based solution, having the capacity to facilitate low-latency messaging enables an SDP to meet the differing requirements of its customer base. Smaller corporate clients may execute trades using an online interface provided by the bank while large corporations can require APIs to facilitate integration with their treasury systems. While most large corporations will not require services that facilitate high-speed trading, some customers may execute orders using algorithms and require services such as real-time quotes and internet data streaming.


Catering for a diverse user base


“SDPs cater to a wide range of users – some are traders aiming to turn a profit, but you also have corporate participants who need to buy FX futures or do currency swaps to hedge their currency exposures. For example,


Shawn McAllister


“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,”


sales may be in one currency and expenses in a different currency leading firms to use SDPs for hedging against risk,” says McAllister of Solace Systems.


McDaid of my-Channels emphasises that a unifed messaging system is a facilitator, rather than a tool specifically designed for complying with regulations. But he argues that the capabilities latent within unified messaging technologies will become an increasingly important part of the fabric within SDPs for complying with more stringent regulations on risk exposure. “We make it easier to implement systems. To recover messages. To monitor flows of data and to follow audit trails within the system. Unified messaging is providing the mechanism by which you can plug in the different components that allow you to comply with regulations,” says McDaid.


Eddie McDaid


“We make it easier to implement systems. To recover messages. To monitor flows of data and to follow audit trails within the system.”


132 | april 2012 e-FOREX


As the complexity and variety of applications used within SDPs increases, the value proposition offered by unified messaging providers looks set to become all the more compelling. Mushrooming data volumes and the increasing importance of fast and efficient delivery of information and trading systems to web-based and handheld devices makes it vitally important for banks to have a messaging system which embodies simplicity and flexibility. Te capacity of a unified messaging middleware platform to interconnect different communication channels and cope with the peculiarities within different systems could make it become the solution of choice for SDPs in the FX market.


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