FOCUS
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Lovas. “OneTick combine the attributes of a high performance, massively parallel database with real- time complex event processing in a single solution. Bundling a large analytical library of functions accessible via a graphical model builder, it is designed for quants and sophisticated traders. But is also includes the familiar interfaces of SQL/ODBC and APIs for C++, Java and C# for the developer community.”
Many of OMD’s current clients take advantage of data centre proximity hosting and co-location for managed services. Tis typically includes taking rack space, storage platforms (i.e NAS, SAN) and resident cross connects to markets from leading vendors.
“Tey look to firms like OneMarketData to provide the next level of managed service – data management to complement our licensed product. Tis allows them to focus on bottom-line profitability of the firm, achieved through those elements in the trade life cycle,” Lovas adds. In-memory storage and computation environments, such as SAP’s HANA platform, can handle several terabytes of data, which is enough for a firm’s daily operational data and provide a single data view for multiple user communities, who
would be able to access it in a way that suits them. For example, the front office might want look at real-time information while the middle office may use it to execute risk analytics.
“Risk and finance, from their traditional middle office seat, are now bridging the front and back office and bringing them closer together,” says Stuart Grant, EMEA business development manager - Financial Services at database provider Sybase. “As a result it is no longer good enough to move data around in batch windows, and execute risk measures on an overnight basis across a firm’s entire portfolio. Banks want to do this on an intraday, on-demand basis using current data. Tat’s where in-memory storage and Map Reduce come into their own, Map Reduce being a similar concept to Hadoop.”
However whilst in-memory storage provides low- latency access to data, it is not cost effective to store all of a firm’s historical data in memory. Products like Sybase IQ, which is a columnar database, is capable of storing petabytes of data then providing techniques such as MapReduce to provide low latency analytics.
The drivers for big data
While market participants are cutting costs, there is an almost contradictory push in the search for alpha, where firms want to invest not just in FX as a currency class but as part of their hedging strategy for equity and fixed income. Tat creates a more sophisticated requirement to enter the market.
“[Tose issues] are why big data is such a buzzword,” says Kennedy. “But it means different things to different people. In the technology team it’s a plumbing issue. Where is the data, is it in a cloud? Do I have to move the data or move my application to manipulate the data. When I’m at a certain volume do I need to use certain technologies? Should I use Hadoop? Should I use a column- oriented database instead of a relational one? I have to consider how flexible the data model is, for example if there is a new Greek currency tomorrow, what is the impact on the system? How do I value this strange new asset if
I have no historical experience?”
72 | july 2012 e-FOREX
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