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.”

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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

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.


PIA for IRS’s.


Very useful, here are some charts on the status of the OTC market infrastructure:

The status and notionals of CCPs using the latest data from their websites
US & EU Swap Data Repositories
Asia and rest of the world SDRs

Cleaned Up CFTC regulations (courtesy of theOTCspace)


Cleaned Up CFTC Regulations

The CFTC regulations for Dodd Frank are hard work to read, being embedded in the Federal Register format with comments, summaries and feedback included. Below are links to pages containing the same regulations, extracted from the complex PDFs and transformed into a simple to read format.

The source for the documents below is the Dodd Frank Rule Making areas at the CFTC website here: http://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/index.htm

  • If you would like the same process done for rule PDFs of your choice, just email us the URL and we will oblige
  • The rules are Final unless labelled otherwise, where the word [Proposed] is on the page title
  • Inside each cleaned up PDF is
    • The date on which the document was captured
    • The URL of the original PDF we used
    • The URL of the page where the original document was downloaded
  • We cannot guarantee that we’ve captured any updates, corrections or revisions published by CFTC, so check the CFTC website if in doubt
  • Caveat Emptor as they say in Rome

This service is brought to you courtesy of OTC team member Sami Hodgson, http://en.gravatar.com/samihodgson

Definitions (What is an SD or MSP?)

  • Further Definition of ‘‘Swap Dealer,’’ ‘‘Security-Based Swap Dealer,’’ ‘‘Major Swap Participant,’’ ‘‘Major Security- Based Swap Participant’’ and ‘‘Eligible Contract Participant’’; Correction – (4-39626)

Registration – Swap Dealers and Major Swap Participants (How to register)

  • Registration of Swap Dealers and Major Swap Participants – (1-2613)

Data (What and how to report your trades)

  • Swap Data Repositories: Registration Standards, Duties and Core Principles – (62-54538)
  • Swap Data Recordkeeping and Reporting Requirements [General rules for SDRs] – (66-2136)
  • Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps [Possible back-loading requirements]–  (65-35200)
  • Real-Time Public Reporting of Swap Transaction Data – (72-1182)
  • Large Trader Reporting for Physical Commodity Swaps – (79-43851)
  • Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades – (76-15460)
  • Real-Time Public Reporting of Swap Transaction Data – (77-76139)

Clearing (What and how to clear)

  • Clearing Requirement Determination Under Section 2(h) of the CEA [Proposed] [Which products need to be cleared] – (127-47169)
  • Clearing Exemption for Certain Swaps Entered Into by Cooperatives [Proposed] – (126-41940)
  • Swap Transaction Compliance and Implementation Schedule: Clearing and Trade Execution Requirements under Section 2(h) of the CEA [Proposed] – (40-58186)
  • Process for Review of Swaps for Mandatory Clearing [A process within the CFTC] – (41-44464)
  • Swap Transaction Compliance and Implementation Schedule: Clearing Requirement Under Section 2(h) of the CEA – (128-44441)

Business Conduct: Internal standards

  • Swap Dealer and Major Swap Participant Recordkeeping, Reporting, and Duties Rules; Futures Commission Merchant and Introducing Broker Conflicts of Interest Rules; and Chief Compliance Officer Rules for Swap Dealers, Major Swap Participants, and Futures Commission Merchants – (10-20128)
    • Basically a long list of tasks and duties for SDs and MSPs
  • Swap Transaction Compliance and Implementation Schedule: Trading Documentation and Margining Requirements Under Section 4s of the CEA – (11-58176)
    • You have 90, 180 or 270 days to comply, once the regulations are active
  • Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants – (12-6715)
    • More to do with trading documentation, see below for Confirmations etc
  • Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants – (13-6708)
  • Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants- (14-81519)
    • Process requirements including Confirmation, Portfolio Reconciliation, Portfolio Compression
  • Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants – (15-71397)
    • Risk management, position limits, disaster recovery
  • Implementation of Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants – (16-71391)
    • Guidance for your research department
  • Designation of a Chief Compliance Officer; Required Compliance Policies; and Annual Report of a Futures Commission Merchant, Swap Dealer, or Major Swap Participant – (17-70881)
    • Job spec for a Chief Compliance Officer
  • Implementation of Conflicts of Interest Policies and Procedures by Futures Commission Merchants and Introducing Brokers – (18-70152)

Business Conduct: Standards for your Counterparties

  • Business Conduct Standards for Swap Dealers and Major Swap Participants With Counterparties – (8-9734)

Capital & Margin for Non-banks (Including new margin requirements for non-cleared trades)

  • Swap Transaction Compliance and Implementation Schedule: Trading Documentation and Margining Requirements Under Section 4s of the CEA – (19-58176)
  • Capital Requirements of Swap Dealers and Major Swap Participants – (20-27802)
  • Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants – (21-23732)





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