Asset Manager PEAK6 Selects SunGard for a comprehensive Portfolio Management and risk system


Asset Manager PEAK6 Selects SunGard for a comprehensive Portfolio Management and risk system

http://www.derivsource.com/articles/asset-manager-peak6-selects-sungard-comprehensive-portfolio-management-and-risk-system

PEAK6 Advisors LLC (“PEAK6”), a Chicago-based asset manager specializing in alternative investments, has gone live with SunGard’s Front Arena and Monis solutions. The solutions help PEAK6 better service its clients by providing customized portfolio and risk management, valuations and trade processing.

SunGard’s Front Arena and Monis help increase operational efficiency by allowing PEAK6 to concentrate on what they do best – delivering returns and achieving agile growth.

“We wanted to ensure we are conducting ongoing due diligence by offering our investors a well-defined investment management system that can handle our assets under management in an efficient way. SunGard’s Front Arena and Monis help mitigate our internal risk and automate our validation processes – giving our investors piece of mind.” – Scott Kramer, chief technology officer, PEAK6

The implementation was completed in less than four months and PEAK6’s requirements were met in terms of open architecture and highly configurable functionalities.

BrightRoll and Equinix Introduce Video Advertising’s Fastest Real-time Bidding Solution


http://blog.equinix.com/2013/04/brightroll-and-equinix-introduce-video-advertisings-fastest-real-time-bidding-solution/

Equinix and BrightRoll, the largest independent video advertising platform, today announced they are bringing to market VideoRTB+, an ultra-low latency video advertising real-time bidding (RTB) solution, which is only available inside Equinix data centers.

VideoRTB+ will offer the fastest real-time bidding in the video advertising marketplace. Low latency is critical in programmatic video ad buying, where advertisers and their third-party buyers must exchange and analyze ad information with the RTB exchange and third-party marketing data providers in order to finalize bids within a 100 millisecond bid window.

This process determines which video advertisement plays for a web audience member prior to their requested video or webpage. The VideoRTB+ solution increases the ability of real-time bidders to successfully review, analyze and bid on video ad inventory, which translates into better performance for advertisers and increased revenue for companies in the video advertising ecosystem.

“BrightRoll is building the technology infrastructure to address the rapidly growing video ad economy, which includes a shift toward programmatic buying and RTB,” says Brightroll SVP of Engineering Christopher Amen-Kroeger. “Like the high-frequency financial trading markets, speed is an essential factor in successful programmatic buying. With the launch of VideoRTB+, we offer our customers the opportunity to boost their competitive edge with a direct connection to our platform inside Equinix data centers.”

DS EN ADIXEC 1F1 1 BrightRoll and Equinix Introduce Video Advertising’s Fastest Real time Bidding Solution

 

VideoRTB+ is available exclusively to buyers on BRX and is available only inside Equinix data centers. The initial BrightRoll deployment is available in Equinix’s Silicon Valley and Ashburn data centers, with plans for international expansion into Asia and Europe across Platform Equinix. Equinix and BrightRoll will work together to promote and build Equinix’s Ad-IX ecosystem, which connects ad exchanges with ad markets for efficient and timely delivery of digital advertising.

Equinix Cloud & Content General Manager Chris Sharp says, “The video advertising market is primed for dramatic growth in the coming years, and Equinix’s Ad-IX ecosystem helps the key players in real-time bidding industry locate their infrastructure in close proximity to achieve more effective bids on the right type of inventory. Together with BrightRoll, our goal is to optimize online ad transactions by centralizing this community in key data hubs around the world.”

What the ICE/NYSE Merger Means for the Industry courtesy of the TABB Group


With each passing day, the acquisition of NYSE Euronext by ICE seems more likely to receive final approval. Here are 5 ways the deal will impact the capital markets.

February 15, 2013, marked the end of the Hart-Scott-Rodino Act waiting period in the acquisition of NYSE Euronext by IntercontinentalExchange(ICE). With each passing day, the acquisition seems more likely to receive final approval. As we await the next phase of regulatory approval from the SEC, we wanted to share a few thoughts on how we believe the acquisition will impact current clearing, reporting and trading operations, as well as how the two exchanges can benefit from the merger.

1. Need for Physical Trading Floor

The future format of the NYSE trading floor seems to be on the minds of everyone. There are analyst speculations that ICE’s CEO, Jeffrey Sprecher, will close the trading floor, as was done to the New York Board of Trade in 2012 four years after it was acquired by ICE. However, according to interviews, Sprecher has expressed intentions to keep the physical trading floor intact.

[Related: “It May Be ‘Bye-Bye to the Big Board,’ But the NY Times Should Get Its Story Right”]

Both companies have robust electronic trading, and Sprecher has acknowledged the value of NYSE’s legacy in voice brokering. As technology continues to dominate the exchange space, there has been recognition of the value of voice brokering (by which the NYSE is defined). The market has ironically become too complex to rely only on computer-to-computer trading, showing the physical trading floor still provides an intrinsic value in keeping an orderly marketplace.

2. Impact on Clearing

US-based firms that are major players in the derivative space will benefit by having a local trading and clearing venue, through reductions in clearing costs and operational risks. Typically, coordinating multiple back-office processes and reconciliations between the US and UK calls for duplicate efforts, resulting in back-to-back bookings to flatten balance sheets and delays in handling breaks; having the ability to manage these operational processes will make for a more efficient process.

Title VII of the Dodd Frank Act, which requires central clearing for certain derivatives contracts, has limited NYSE’s presence in the US-based interest rate swaps clearing business. Currently, the NYSE has a small presence in the US-based interest rate swap clearing business, due to a lack of access to a central clearinghouse, now mandated by the Dodd-Frank Act. Through the acquisition, NYSE will be able to benefit from ICE’s presence in European fixed income derivative trading and clearing.

3. Impact on Market Participants

Reductions in clearing costs can translate into cost savings for market participants. Just last year, ICE had to increase its trading and clearing fee due to “regulatory burdens,” and with the merger of NYSE Euronext, ICE will also have to compete with other exchanges on transaction costs. Even if fees increase after the merger, market participants would still fare better than if the two companies operated independently. This newly merged exchange will be able to offer a larger array of products and services, so that market participants can look to fewer companies for trading execution and clearing services, thereby decreasing expenses associated with initial client on-boarding.

4. Impact on Reporting

NYSE’s core data products make U.S. market data free and available, using consolidated tapes, giving transparency to last-sales price and quotes. It also sells its non-core data products to analytics traders, researchers and academics. ICE will be able to leverage NYSE’s experience in data reporting, as it looks to setup its own swap data repository (SDR), in order to meet CFTC mandates for real time swap reporting.

[Related: “Commissioner O’Malia Talks Derivatives Reform: Assessing and Improving the Change”]

ICE has already set up a registered SDR — and the ICE Trade Vault, which will offer both recordkeeping and reporting services for credit default swaps. However, as reporting requirements go live for additional asset classes, it will be necessary to offer data recordkeeping and reporting services to these as well. This is where NYSE’s existing core data products can benefit ICE.

5. Benefits in Merging of Exchanges

Although ICE and NYSE’s product offerings differ vastly, the functions of trading, clearing and settlement demands often overlap, and both are registered with the CFTC as designated contract markets. Efficiencies can be gained when these two exchanges tackle the requirements in swaps reporting and recordkeeping, external business conduct rules and documentation standards in this era of heightened standards for SIFI. As regulatory mandates increase the operating costs for exchanges, it is becoming prudent to explore additional mergers.

ASPECT CTRM/ETRM commodities technology overview


Technology Overview
The Time Has Arrived For SaaS Applications Delivered In The Cloud In Commodity Trading & Risk Management
Web-based applications are not new, but they are creating a new paradigm in trading and risk management circles around the globe. The idea of deploying software applications via the Web using the Software-as-a-Service (SaaS) model began around 1999. The same year, Aspect Enterprise Solutions (then called OILspace) was launched with a vision of innovation in technology and competitive advantage for energy companies. Aspect saw the future in SaaS – and now SaaS and Cloud Computing.

SaaS is software solutions delivered as a service on the Web. These solutions are enabled by Cloud Computing. Cloud computing is Internet-based computing where shared services, resources and software are provided on-demand. There’s no software to load or hardware to host or maintain for the client. Users access their applications on the Web from anywhere.

Aspect is a young company with the latest technology and a proven success rate with its growing list of customers and products. The Aspect architecture was built from the ground up to support powerful systems for today’s industry professionals that are embraced by trading companies globally.

Commodities trading and risk management (CTRM) is in a state of rapid change. The catalyst is three-pronged: A global tightening of the regulatory and corporate governance environment surrounding the buying and selling of commodities such as energy and agricultural products; shrinking lines of credit; and a growing consensus that legacy client-server architecture, the established delivery mechanism for CTRM solutions, must make way for Web-delivered next-generation SaaS and Cloud Computing.

Smart, Flexible, Module Applications
The Aspect Enterprise is fully scalable, integrates with your existing systems and grows in-step with your business. Our solutions are developed as components allowing companies to incrementally integrate solutions as challenges arise, add new functionality as needed, and maintain investments in current systems.

Deployment Options
Aspect offers its applications using SaaS. Aspect hosts its applications on its own premises, provides system administration, maintenance, security and monitoring. This option is quick to deploy: a new company can go on-line instantly with AspectDSC and AspectCTRM Lite applications; and it can take just a matter of weeks to configure and deploy the AspectCTRM Standard Edition for a new client depending on specific requirements. Click Here To View More Information About SaaS.
For clients that prefer to host AspectCTRM on their own premises, Aspect offers a complete range of local installation options designed to meet different capacity requirements.
All Aspect applications process data in Unicode. This means that clients can work with data in any language or multiple languages simultaneously, and all our applications are designed with an explicit user interface translation layer; this means that they can be translated to practically any language.

Aspect applications are built on a Sun Java platform and use Oracle RDBMS for data persistence.

Scalability
Aspect applications are designed to scale vertically and horizontally to fit customers’ requirements and expectations in the most efficient way.

The smallest locally installed AspectCTRM configuration can be deployed on just one commodity server, which is enough to support operations and decision support in a small trading company. As the client’s capacity requirements grow, the hardware AspectCTRM runs on can be gradually expanded. To clients with the highest capacity demands, AspectCTRM provides clustering option where the load is distributed across multiple application servers and complex analytical reports are run in a grid mode employing many processors and many servers.
Our SaaS configurations are equally flexible, with the additional benefit that Aspect provides parts of its infrastructure for a fraction of cost.
Security
Aspect applications employ a range of tools and techniques to ensure the safety and security of our customers’ data.

All communication between the client’s computer and Aspect applications are done over the SSL protocol, which guarantees security in transit. In its SaaS environment Aspect uses Cisco PIX firewalls and Cisco SSL-enabled load balancers to protect its systems at the network level.
In its SaaS environment Aspect uses passwords as the primary means to authenticate users. User passwords can either be automatically generated by Aspect applications’ platform, or chosen by the users, subject to a set of configurable rules to ensure passwords’ strength. AspectCTRM, when installed locally, supports LDAP- and Microsoft Active Directory-based authentication, including single sign-on using Kerberos protocol.
Our applications control what users can or cannot do using fine-grained role-based access control mechanisms. Clients’ security administrators can flexibly regulate users’ access to subsets of data and to specific parts of functionality.
Aspect applications maintain detailed audit records, which record data modifications and other important events. These records are available to clients’ security administrators through a number of reports.
Integration
Aspect applications provide a family of Web services for integration with external systems. These may be used to synchronize data, such as trades and market prices, between Aspect applications and other systems. Third-party applications or clients’ internal systems can use the functionality of the Aspect applications automatically via Web services, according to the Service-Oriented Architecture (SOA) paradigm.

List of TMX ATRIUM TRADING VENUES


TMX Atrium has a wide range of customers including venues, buy side, brokers, clearers, ISVs, market data vendors.

TMX Atrium covers a wide range of the financial community.

Venue City Country
Alpha Trading Toronto Canada
BATS Europe London UK
BATS US Weehwken USA
BME Madrid Spain
BOX Secaucus USA
CBOE Secaucus. USA
CNSX Toronto Canada
Borse de Luxembourg Luxembourg Luxembourg
Burgundy. Stockholm Sweden
CHI-X Canada Toronto Canada
CHI-X Europe Slough UK
CME Chicago USA
Deutsche Boerse Frankfurt Germany
Direct Edge Secaucus USA
Equiduct London UK
FX All Weehwken USA
FXCM Bergen USA
HotSpot Jersey City USA
International Sec Exchange New York USA
LMAX London UK
London Metal Exchange London UK
Match Now Toronto Canada
Montreal Exchange Toronto Canada
Moscow Exchange Moscow Russia
NASDAQ OMX (Nordic) Stockholm Sweden
NASDAQ OMX (US) Carteret USA
Oslo Bors London UK
Nordic Growth Markets Stockholm Sweden
NYSE Euronext (Europe) Basildon UK
NYSE Euronext (US) Mahwah USA
Omega ATS Toronto Canada
Pure Trading Toronto Canada
Sigma-X London UK
TOM Stockholm Sweden
TRAD-X London UK
TSX Toronto Canada
Warsaw Stock Exchange Warsaw Poland

TESS Connect & Go overview including Customers list


http://www.cinnober.com/tess-connect-go

TESS™ Connect & Go is a fully managed, multi-asset marketplace service for trading intensive banks and brokers that will give instant access to proven cutting-edge exchange technology. The service enables banks and brokers to set up a regulatory compliant market within weeks. TESS is a Software-as-a-Service (SaaS) solution, suitable for building and provisioning trading venues such as OTFs, SIs, SEFs and dark pools.

A full-service concept

TESS Connect & Go gives banks and brokers a unique opportunity to access state-of-the-art marketplace technology in a full-service concept. For the TESS customer this means a low-risk investment, superior total cost of ownership and ability to focus fully on core business.

TESS is configured and ready for production within weeks from order. There is no startup cost and the monthly subscription fee covers software, hardware, maintenance, hosting, operations, infrastructure and support. The service is provided from fully redundant ISO-certified data centers globally with 24/7 support and dedicated account management.

Rich and proven marketplace functionality

The core of TESS Connect & Go is the sophisticated multi-asset matching engine used in demanding equities, commodities and derivatives markets with proven speed, performance and robustness.

It can be applied to manage multiple trading models in parallel for liquid as well as illiquid markets including auctions, continuous trading, request for quote (RFQ), dark pool functionality, midpoint matching and OTC trade reporting.

The service can be extended to also include the full-fledged market surveillance system Scila Surveillance. 

Solutions for trading and clearing venues

Product-based solutions that change the world of finance

All Cinnober solutions are based on our TRADExpress™ Platform, built to cater the needs of high-transaction marketplaces and clearing houses with extreme demands on speed, performance and reliability.

TRADExpress Platform

Includes all the infrastructural components needed for true mission-critical transaction solutions

Versatility by default

All Cinnober solutions are based on our TRADExpress™ Platform, built to cater the needs of high-transaction

Managed services

In the financial sector, a strong IT partner needs to deliver more than just robust technology. It should help ensure a smooth launch, implementation and operation – as well as provide a flexible path for post-launch developments, since the market never stops changing.

While some customers might have firmly established system operations, their IT departments might already be fully burdened and unable to take on new projects. New marketplaces may start out without an IT department at all, and with very few resources in place. Cinnober therefore offers complete system hosting and operational services, from system dimensioning, through installation, to ongoing operation.

All Cinnober systems can be ordered as fully managed solutions including hosting in ISO-certified data centers, management of infrastructure and hardware, system operations including monitoring, surveillance, backup, system reports and issue management. All clients are backed up by a dedicated Technical Account Manager and the Cinnober Service Desk

Customers

To write, or not to write? – The Dilemma for ISVs and their role in the success of a new trading platform,


http://www.fow.com/Article/3154709/Themes/26528/To-write-or-not-to-write.html

To write, or not to write?

12 February 2013

Nasdaq’s new trading platform NLX is gearing up for launch in London. Sentiment is shifting in favour of the prospects for the MTF. This highlights the dilemma for ISVs and their role in the success of a new trading platform, argues William Mitting.

Six months ago you would have struggled to find anyone in London who thought that NLX, the new London-based exchange from Nasdaq OMX, would succeed.

The prevailing wisdom was the plan to launch six interest rate contracts replicating the most liquid on Liffe and Eurex was too simplistic, the margin efficiencies intangible and the distraction of regulation and rising costs elsewhere too great to guarantee the involvement from the banks and prop trading firms that it needs for a successful launch.

Today all the talk in London is of NLX. After six months of painstaking road-showing and collaboration with local participants by Charlotte Crosswell and her team at NLX there is a real buzz about the launch around the City.

Much of that buzz is coming from the proprietary trading houses. Attracted by the lower fees, the lower participation from HFTs expected on the platform and the belief that the banks, who are expected to benefit from the margin efficiency enabled by portfolio margining across the yield curve, will provide liquidity, London’s largest prop houses are increasingly talking up the prospects of the MTF.

This rapid shift in sentiment poses a challenge for those ISVs who made the call not to write to the MTF for its launch. The highest profile among those ISVs is Trading Technologies, which is not expected to be ready for the launch of NLX.

FOW understands that TT has been in negotiations with NLX over writing to it but has not yet reached agreement on how that will be funded. TT and NLX declined to comment on any negotiations. Initially this was widely viewed as a significant blow to NLX’s chances, but as the buzz around the platform grows, some are asking if TT has made a mistake.

Jeff Mezger, head of market connectivity, told FOW that TT had “not ruled out connecting to NLX” at its launch and see the benefits of margin efficiency but was currently focused in-flight projects such as the connection to Eris Exchange and its beta stage MultiBroker platform.

“We take into account a number of factors when prioritising the projects we work on. For exchange projects we take into account exchange location, familiarity with the exchange platform, connectivity costs, client interest, exchange volume, asset classes, products traded and the changing regulatory environment.

“We also take into account what other projects we have in flight and the availability of resources to work on the project.”

This dilemma of whether to connect to a new trading platform is a relatively new phenomenon in derivatives markets but will become more of an issue as new platforms launch in the wake of industry efforts and new regulations aimed at opening up competition.

All ISVs have limited manpower and resources to write to new platforms and the decision of whether to do so is often made with little visibility as to whether that platform will succeed.

Usually one or a number of customers will help to fund the connection, sometimes the platform or exchange will pay the majority of the cost and for “dead certs” the ISV will fund it in the knowledge that it will see a return on investment. However, what constitutes a dead cert is becoming less clear as markets proliferate.

Steve Grob, director of group strategy at Fidessa, said: “The whole dynamic of ISVs connecting to venues has changed since Mifid was introduced back in 2007. Volumes that were concentrated in two or three exchanges were spread over multiple platforms.”

This altered the economics of connectivity as it meant that brokers were having to spread the same volumes over multiple venues and this inevitably led to downward pressure on gateway pricing. At the same time, the number of platforms launched with uncertain prospects is increasing.

When Liffe launched its Connect platform at the turn of the century, many ISVs wrote to it and made a decent return doing so. As the derivatives market becomes more fragmented thanks to Dodd Frank and EMIR, it is harder to predict which platforms are worth the investment.

“The challenge is picking the markets that have the best chance of success,” says Steve Woodyatt, chief executive of Object Trading, which will connect to NLX on day one.

Hamish Purdey, the chief executive of Ffastfill, which is also going live from day one, agrees: “It takes significant commercial judgement. Any ISV has competing priorities and the challenge is finding the ones with the greatest return on investment.”

For fledgling exchanges, a major ISV writing to it can provide a significant boost and it is not unheard of for exchanges to pay large sums to global ISVs to write to them. However, this is rare and in most instances ISVs must make a call on the commercial benefits of connecting to a new exchange.

The fact that the cost of switching to a new provider can be high means that if a large ISV does not write to an exchange, its customers, if unwilling to fund the connection themselves, are often left with no options and the decision not to connect can be contentious.

However, as competition grows in terms of connectivity providers and software-as-a-service operations makes the process of switching provider less arduous, a shift in sentiment in terms of the market’s perception of the need to connect to an exchange can potentially wrong foot ISVs.

RTS has announced publically that it will write to NLX from launch and FOW understands that Fidessa, Sungard, Object Trading, Stellar and Orc are also among those ISVs providing day one access.

TT and Marex’s STS are among the notable absences from day one trading (although FOW understands STS will be up and running shortly afterwards) but there is still some distance to run and TT could still commit before the launch date, which is expected for early Q2. However, the NLX example has brought to the fore a very modern dilemma for ISVs in the derivatives business.

A great thesis to read – Derivation of a general purpose architecture for automatic user interface generation


URI: http://hdl.handle.net/2100/1305
http://hdl.handle.net/10453/20405

Abstract:

Many software projects spend a significant proportion of their time developing the User Interface (UI), therefore any degree of automation in this area has clear benefits. Research projects to date generally take one of three approaches: interactive graphical specification tools, model-based generation tools, or language-based tools. The first two have proven popular in industry but are labour intensive and error-prone. The third is more automated but has practical problems which have led to a lack of industry adoption. This thesis set out to understand and address these limitations. It studied the issues of UI generation in practice using Action Research cycles guided by interviews, adoption studies, case studies and close collaboration with industry practitioners. It further applied the emerging field of software mining to address some of these issues. Software mining is used to collate multiple inspections of an application’s artefacts into a detailed model, which can then be used to drive UI generation. Finally, this thesis explicitly defined bounds to the generation, such that it can usefully automate some parts of the UI development process without restricting the practitioner’s freedom in other parts. It proposed UI generation as a way to augment manual UI construction rather than replace it. To verify the research, this thesis built an Open Source project using successive generations of Iterative Development, and released and promoted it to organisations and practitioners. It tracked and validated the project’s reception and adoption within the community, with an ultimate goal of mainstream industry acceptance. This goal was achieved on a number of levels, including when the project was recognised by Red Hat, an industry leader in enterprise middleware. Red Hat acknowledged the applicability and potential of the research within industry and integrated it into their next generation products.

Description:

University of Technology, Sydney. Faculty of Engineering and Information Technology

Winner of the John Makepeace Bennett Award – Australasian Distinguished Doctoral Dissertation 2013

OTC Clearing and Regulations

My views on OTCs and Regulations

Knowledge Problem

Commentary on Economics, Information and Human Action

northoceanscm

4 out of 5 dentists recommend this WordPress.com site

Aditya Ladia's Blog

Forex, Investment and Finance

Soltis Consulting, Inc.

Business Concepts, Ideas, and Information

intradaynifty

An Endeavor To Explore The Uncertanity

All About Cyber Security and Financial Technology and Beyond

The Future of FinTech and Cybersecurity are Interlocked: Creating the Secure Future of Financial Technology Today

symphony

Read about latest trends in Algo Trading in India or visit our website symphonyfintech.com

Trading Smarter

Thought Leadership, Insight and Product Information from TradingScreen

Tales from a Trading Desk

Noise from an Investment Bank

The Main Street Analyst

New York City Magazine! Marketing, Social Media, Business - Connecting The Dots!

NPA Computers

Bringing you info about the latest on Internet Technology

duanetilden

The Latest News on International Energy Trends, Green Building, Sustainability, A&E and Social Media

Trade News in Brief

International Economic Affairs & Relations / Regional & International Organizations / Global Commerce & Business

Letters from Nopeville

Nothing to do here

SingleDealerPlatforms.Org

The Single Dealer Platform Community

Carl A R Weir's Blog

A Cross Asset Connectivity and Finance WordPress.com site

%d bloggers like this: