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Tere are fundamentally three options for creating an SDP:
First is to simply white-label a private page on an MDP or a generic liquidity service. Tese are typically inflexible, hard for you to include your research or analysis, and single asset-class. Time to market is short though.
Second is to build your SDP from scratch. You can build anything you like using any technology you choose, but it will take time and money. You’ll be creating supporting infrastructure and services that don’t add any value – every SDP has to be able to provide crossing, spreading, tiering, alerting, throttling, conflation, single-sign on, load balancing, flow control, list management, searching and sorting and a whole lot more. Building all of that is expensive and doesn’t generate any greater margin or win and retain customers.
Tird is to use an existing SDP framework. Tis can provide most of that infrastructure and those services without limiting what functions you can offer or restrict the flexibility of your UX. It allows you to focus on delivering your market differentiation without having to implement the same underlying infrastructure that everyone else’s SDP also has. Furthermore, a good SDP framework will have been designed to both integrate easily with existing e-trading systems and also enable you to rapidly add new trade workflows, new products and new asset classes – something that a built-from-scratch SDP often falls down on.
Does it really matter what technology infrastructure we choose for building our full service SDP because don’t all underlying frameworks nowadays do the roughly the same job?
SDPs require infrastructure that integrates with multiple pricing, trading, risk, back-office, audit and other systems, usually with a mixture of old and new technologies. Most approaches to integrating these are built around an ESB (enterprise service bus) or SOA (service-oriented) architecture and some generic messaging middleware, with frameworks that do not provide any domain-specific capabilities.
Patrick Myles
A good SDP framework will not only provide useful domain models and abstractions, but also provide many common trading-specific services, particularly around data integration and processing. Tis decouples underlying trading systems from the
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shared services and delivery/front-end technologies. Trends in these areas move at different speeds and using a framework that decouples them allows new delivery methods (such as mobile trading) to be easily added and technology migrations (such as from Adobe Flash/Flex to HTML5) to be accommodated without a total front-to-back re-implementation.
If we decide to implement one specific SDP framework for our FX trading requirements aren’t we going to have a problem extending it to other instrument classes which we may wish to deploy over the next few years?
Flexibility to add further asset classes is one of the major reasons why choosing an SDP framework is a good idea. MDPs that offer private pages are generally asset class specific.
Building an SDP from scratch almost inevitably means building it for one asset class (usually FX) then trying to extend it to other classes later. Requirements of scalability, performance, trade work flow and messaging for other asset classes usually haven’t been included in the first design because of time and funding constraints. In our experience banks that have done this end up building multiple separate, poorly integrated SDPs, or starting all over again.
If you have several years, and tens of millions of dollars to spend, then you can afford to do this. You wouldn’t
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