Celoxica, a company which was spun out of Oxford University in 1996, is applying its accelerator technology, which combines hardware, firmware, APIs and services to reducing the latency in market data. Lee Staines, the company’s CEO, claims the solution can capture market data faster than any alternative available today.
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With the demands of algorithmic trading, the drive to find and eliminate all possible points of latency has become something of an obsession. When you are hunting for milliseconds and microseconds, a stopwatch simply won’t do.
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“Pantor Inside” could become a new tagline for the Stockholm-based company which is achieving very high performance transaction processing on the latest Intel generations of processors. It uses the Intel fasterLAB to test and modify large configurations of the Pantor Framework and Pantor Fast Virtual Machine.
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1 An exchange
2 A secure financial network
3 A software provider
4 An ultra high speed market data provider
5 Hosted software as a service
6 All of the above
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March and April 2008 saw a packed schedule in London with 2 fasterCITY events in quick succession – fasterTRADING on March 4 and fasteraMARKET DATA on 28 April.
Both events attracted packed audiences to this now established regular forum in The City’s calendar which puts technology developments in the context of the markets; key issues.
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Nigel Woodward Global Director, Financial Services Intel |
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FasterMARKETDATA, held 28 April in London, covered the subject of market data from top to bottom and looked at today’s approaches and tomorrow’s options.
Whether it be pre trade analytics & market risk, or post trade reporting – within financial enterprise the essential lubricant is market data – and there is more and more of it.
In the front office, be it buy or sell side velocity and low latency delivery from the venue sources is critical - and ability to receive and manage data is now the key competitive issue. Middle and back office analytics and comprehensive reporting across massive data sets is the challenge.
Where challenges exist in financial services technology solutions abound, and this space is already crowded with various approaches encompassing proximity, networks, distribution systems, feed handlers and proprietary and mainstream processor platforms from Intel.
Click on the links below to listen to the keynote speakers from the day.
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Nigel Woodward reports
As the life blood of trading, market data has a direct symbiosis with the latency, DMA, algo trading and liquidity races playing out.
This agenda was made up with dare one say veterans of the market data space – all with fascinating perspectives on the subject in hand – how to publish and consume market data faster.
Mark Reece of the London Stock Exchange discussed how the exchange has seen a direct empirical correlation between the tap speed with which they publish ands the volume of trades – all pointing, obviously, to the automated environment we are now in. Mark discussed InfoLECT and TradeELECT, the exchanges core systems which are being optimised to IA (Intel Architectures) multi core technologies in the fasterLAB in London.
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Peter Lankford of STAC Research brought the audience up to speed with developments to create industry standard performance tests for market data work loads – allegedly in demand from both vendor and consumer and poised to assist technology selection for market data solutions and competitive services.
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Rolf Andersson of Pantor took a detail look at market data technology and how to engineer for optimum performance. As development partners of FIX Protocol Limited’s FAST – Pantor are in the inner circle of innovation in this space acknowledged by the market and by Intel who work closely to ensure silicon and sw are closely aligned.
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The panel then elaborated further – Steve Gleave of Endace discussed the advances of the latency measurement market, Paul Kelly of FIXNetix emphasised the now acknowledged importance of proximity to shorten the legs between publishing, routing and execution. Paul Gow, working from experience at the coalface (and especially with RMDS in the fasterLAB) of market data distribution systems discussed the practicalities for firms in keeping up with the volume and speed requirements of market data – and Scott Kennedy – Thomson Reuters contrasted with the significant investments and vision the traditional market leader looks to bring to the discipline. Stephane Leroy of Quanthouse added the perspective of a specialist firm with technology capability right across the market data life cycle from leaving exchange to injection to trade analytics. John Oddie representing Celoxica discussed how FPGA accelerators, traditionally seen as proprietary fringe technologies were now being designed into solution topographies which mixed niche and mainstream established technologies.
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fasterTRADING, held 4 March in London, provided attendees with practical insight into how financial institutions’ front offices are taking advantage of the quad-core processors’ capability, Intel’s investment in Capital Markets, and the Intel technology roadmap.
Attendees discovered how investment firms are re-engineering their trading application infrastructure - as well as significantly reducing their server and environmental footprint.
Click on the links below to listen to the keynote speakers from the day.
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Nigel Woodward reports
The relentless race for faster execution on an increasing number of venues – from established brand exchanges to ECNs, MTFs and Dark pools continues – and technology is the enabler.
George Andreadis of Credit Suisse opened the session outlining the challenge for a tier 1 sell side firm to offer competitive DMA services on the new markets as they arrive on the scene.
A post MiFID Europe opens up the market to new venues, and the need for firms to ensure best e3xecution.
Peter Randall, CEO Chi-X then elaborates on his arguably the most successful new venue and showed recent liquidity on the MTF and its now strong and recognised rivalry to the traditional exchnage3 franchises.
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Kevin Houstoun, applying his FIX and financial messaging background takes the journey a step further with a description of BIDroute, which as it says on the tin, is exactly that – a new service to host bids for sell side liquidity – another interpretation of the opportunities for new buy and sell side services which become tangible from low cost, fast time to market open technologies.
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Switching to technology – Tony Bishop, representing sponsors Verari and talking from his experience at Wachovia took the audience through the complexities of technology selection and deployment, and Dimi Ziakis of Intel closed the presentation sessions with discussion on the silicon based innovative contribution coming from the processor with ever more power, speed translating to reduced latency in the trading context.
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The panel of sponsors and commentators followed with Darshan Chandarama BEA, Ian Flenner Reuters,Andy Bach NYSE Euronext, Sean Norris Fujitsu Seimens and Roger Stoesze Verari. The précis of the panel discussion was for continued rapid evolution of the landscape, replacement of legacy compute environments with lower cost, more flexible systems and the emergence of new service intermediaries – pre and post trade which will challenge and replace the status quo as we know it today – in a quest for fasterTRADING.
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The Securities Technology Analysis Center (STAC) has performed a study comparing the power consumption of a server using Xeon 5400 “Harpertown” processors to the same server using previous generation “Clovertown” processors, running a market data load of two million updates per second across a stacked Reuters RMDS configuration that utilized as many of the eight cores in this system as possible.
The Harpertown processor decreased the server’s overall power consumption by 16 per cent (333 watts versus 395 watts) and increased the server’s market data efficiency (updates per second per watt) by 19 per cent (6010 ups/W versus 5060 ups/W).
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The Securities Technology Analysis Center (STAC) has tested GemCache Data Transactions, an integrated solution from GemStone Systems, IBM, and Intel configured to handle high-speed trade order messages.
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QuantHouse’s QuantFeedhandler, its feed handler technology to standardize exchange raw market data feeds, is able to decode more than two millions messages per second, benchmark tests carried out at Intel’s fasterLAB in London, on several versions of the multicore Intel Xeon platform, have shown.
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PROVING GROUND FOR FASTER TRADING HARDWARE AND SOFTWARE YIELDS FIRST RESULTS, OFFERS PROSPECT OF FURTHER GAINS
London, United Kingdom, Nov 14, 2007 – The quest for greater speed and lower latency trading in the financial services sector is set for a major boost due to a new initiative from Intel® Solution Services, the Intel Low Latency Trading lab. Using non-proprietary, standards-based technologies is already known to reduce maintenance and integration costs. However, solutions architects at Intel’s Low Latency Lab in London, have shown that optimising financial messaging for Intel server technologies such as Intel® I/O Acceleration Technology 2 (Intel I/OAT2) is also capable of delivering greater trading performance on major financial messaging technologies including Options Price Reporting Authority (OPRA) feed, Financial Information eXchange (FIX) Protocol Limited’s FAST data compression and the Advanced Message Queuing Protocol (AMQP) protocol over TCP/IP for message transport.
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