Users, specifically Traders all over the world can tell their story about problems in
real-time communication. Most of their systems have not seen any enhancement in flexibility or speed for over 10 years. Also they keep having long discussions with IT when it comes to communication enhancements e.g. additional symbols, additional fields, new recipients or sending values out of Spreadsheets.
Spreadsheets are a good example for how difficult it is to get all vendors and customers owned data into a single application or worse publish proprietary values. Not enough that each of the vendors requires their own Add-In, but some of the Add-Ins even seem to intentionally disturb each other. And the data stays in encapsulated worlds of the transporting vendor although its non-vendor data.
The market data vendors have done a great job binding their customers to their systems by implementing Terminals connected to their communication channels (including Excel). After all crises that the financial world has seen users are either connected to one or the other communication channel; in rare cases you are connected to both.
Basically the only remaining “professional” communication channel that everybody can use from their workplace is still email. It is available to everybody but is not specifically designed for communicating values, value groups or news in a structured, context sensitive way and it’s neither smart nor real-time.
While the communication technology world has evolved to amazing communication freedom using mobile devices and the internet, the trader world is basically the same. Ultra-high speed ultra-high available messaging technology burned into chips of appliances (e.g. Solace Systems Message Routers) have taken many places of overpriced old communication architectures that require operating system licences for hundreds of servers together with messaging software implying exorbitant license and maintenance costs.
Not so in the dealing rooms. Global financial Data Distribution has not yet reached that status of freedom.
Despite the fact that Enterprise data feeds from external vendors (if not feeding into their own platforms) provide global distribution also for proprietary customer data at very high cost, they are mostly used to feed directly into applications.
Traders are restricted in content and update rate when publishing over a provider channel and they are still trapped inside their “preferred” provider Network together with the provider’s terminal.
None of them is able to feed into a vendor agnostic platform that would be capable of distributing everyone’s data altogether in a unified and entitled way to all applications, including Excel.
FMDP was developed for these reasons, specifically to provide trading room communication freedom.
FMDP development started 2009 with an early production version in 2011 and being fully functional and tested with Bloomberg and Thomson Reuters RMDS Bridged Data in 2012. Today FMDP is a fully tested and stable, ready to use and fast to implement Market Data Distribution Platform for all kinds of data. FMDP supports thousands of users and up to 5 Mio Subscription in one instance.
Combining multiple FMDP Installations in different locations that are interconnected allows the distribution of data globally without overloading the existing communication lines, because only subscribed data portions from the available set of data from a distant location will be transferred.
FMDP was intended to meet following requirements that were achieved 100%:
- open, bank owned and giving free but entitled access to all market data providers and applications,
- designed to be able to use vendor specific entitlement systems if requested by the vendor or exchange but also having an open entitlement system for all data sources and applications that cooperates seamlessly with any vendor entitlement system,
- designed to distribute high volumes of messages with low latency,
- able to scale easily to higher capacity by just adding a piece of hardware,
- distribute and entitle real-time and reference Data,
- include all components for 24/7 operation and resilience,
- designed to be “cloudable” and globally deployable.
- Small foot-print and low maintenance cost
FMDP meets these requirements as follows:
- FMDP is hardware based (FMDP routers are Solace Systems Message Routers). This optimized and highly performant hardware enhances speed by several orders of magnitude (factor 10-1000) compared with software based messaging solutions and reduces number of servers. Reducing the number of servers means reducing system complexity and saving software licenses and production costs.
- FMDP enables vendor independence and thus more flexibility by providing a universal interface (FMDP API) for all feeds and applications.
- FMDP allows entitled distribution of any kind of data object, obviously real-time market data messages but also any type of serialized object type, thus providing entitled distribution for real-time data, historical and reference data in all formats.
- As intrinsic part of FMDP resilient failover incl. last value caches are provided as stand-alone process or built into feed handlers.
- FMDP provides Entitlement clients for managing and monitoring the system as well as user-to-data and user-to-application entitlement management.
- A message recording service is available for all data sources using modern NoSQL databases.
- FMDP is “Cloud Ready”, which means that all components can also be run in a private or public cloud if required.
- FMDP installations in different locations can be combined into a global, optimized distribution network.
- The universality of the FMDP API implies significant simplifications in developing market data applications for real-time, reference and historical data.
- An Excel Addin is available for sophisticated subscription and publishing over the platform globally.
- FMDP component architecture is transparent and easy to install
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