SUPPORT Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.     +44 (0)7000 368457
SALES Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.    +44 (0)7000 368537 

slogline14.png

Tick 42

Tick 42 Blog

Subscribe to feed Latest Entries

Mama is Open - why should clients care?

Posted by Leslie Spiro
Leslie Spiro
Les, has not set their biography yet
User is currently offline
on Wednesday, 27 June 2012
in Tick 42

Simply put - it represents a real chance to have a single market data abstraction that clients can commit to, resulting in significant benefits arising from code reuse, reduced support and better tooling when compared to supporting the multiple platforms that many organisations have today. In addition, they will be able to turn to a large number of vendors externally who are committing to OpenMama.

When Nyse Technology released the Mama and Mamda code as an open source project, it agreed to make a serious effort to build a community of companies committed to supporting the project. This community included competitors large and small.

Given that these technology companies compete (in various ways) with Nyse, Nyse’s decision to work with the Linux Foundation to create OpenMama is significant. For those of you who are not familiar with the Linux Foundation, it is responsible for the Linux Kernel, and is therefore used to dealing with large companies engaged in fierce co-opetition whilst working on a common code base.

...
Hits: 183132

How important is the source in Open Source?

Posted by Leslie Spiro
Leslie Spiro
Les, has not set their biography yet
User is currently offline
on Tuesday, 19 June 2012
in Tick 42

In recent years, there’s been a distinct shift towards the use of open technologies in the financial markets, especially when it comes to market data projects. Indeed, the benefits of using open technology such as OpenMama from NYSE in market data systems are so significant that CIOs cannot afford to ignore them.

 

The use of open source in trading systems is at an interesting stage. Financial markets participants are now starting to look at open technologies for financial markets, particularly those targeted at trading, to supplement the general open source systems they are already using, such as Linux, Apache and MQ systems.

...
Tags: Untagged
Hits: 100582

What OpenMama is.

Posted by Leslie Spiro
Leslie Spiro
Les, has not set their biography yet
User is currently offline
on Tuesday, 12 June 2012
in Tick 42

The latest release of OpenMama represents a big step towards open sourcing the MAMA (Middleware Agnostic Messaging API) functionality promised by Nyse Technologies in their initial launch. Back in November the OpenMama announcement was accompanied by a software release for C on Linux only. A lot of code was included and it was a firm signal that Nyse was serious about OpenMama, but for those of us planning on using this stuff it wasn’t really that useful. The new release almost completes the initial delivery of a full working code set (we are just waiting for the .Net wrappers).

 This 2.1 release includes support for additional languages (C++ and Java), support for Windows (Visual Studio) and support for Mamda  (the order book message structures). So what does that all mean? Mama provides an API to communicate with message oriented transports. It adds support for market data semantics, such as the ability to subscribe or publish to named items on a service and to support standard market data images followed by update (or delta) messages.

Mama also supports loadable bridges; each bridge provides access to a different middleware. Currently there is a sample bridge of limited use, but companies are producing a number of additional bridges. An AMQP (Advanced Message Queuing Protocol) based bridge is being produced and other middleware bridges are being considered.

...
Tags: Untagged
Hits: 160862

Open Source - what can Reuters do?

Posted by Leslie Spiro
Leslie Spiro
Les, has not set their biography yet
User is currently offline
on Thursday, 10 May 2012
in Tick 42

The EU are pushing Reuters on opening access to their RIC codes, with open access one option, it will be interesting to see how this pans out. It raises a much bigger question though; will Reuters try to use open source as a way to shore up its diminishing trading room status?

 

There are thee interesting precedents to consider – the rival, the game changer & the incumbant:

...
Hits: 279403

Normalizing Market Data

Posted by Tom Doust
Tom Doust
Tom has not set their biography yet
User is currently offline
on Tuesday, 01 May 2012
in Tick 42

It’s not uncommon for an application to have to deal with market data from more than one source and present to the user as a single coherent view.  When working with multiple sources it makes application development much easier if you can treat all the data sources in the same way and the code does not have to know where data is coming from.

 You may be combining a real time price feed from Thomson Reuters or Bloomberg with some source of reference data or  may be combining multiple real time data streams. The data sources may depend on many factors including asset class and time of day. You may also want to implement failover between data sources.

 

...
Tags: Untagged
Hits: 2272

What OpenMama is NOT.

Posted by Leslie Spiro
Leslie Spiro
Les, has not set their biography yet
User is currently offline
on Tuesday, 01 May 2012
in Tick 42

I am at the Linux Foundation Enterprise End User summit this week, which has a strong OpenMama focus and is being hosted by Nyse. Talking to people there is still some confusion about what OpenMama is.

There are good descriptions of the OpenMama release at the Web Site and a future post will summarise this and also cover some of the use cases. But for those with experience of the Nyse/Wombat products, it can be easier to understand the scope of OpenMama by talking about what is not included. Mike Schonberg made two very interesting points in this area yesterday:

1. OpenMama is not middleware - it provides a standardised access to a wide range of middleware implementation via loadable Bridges. The release does contain a sample of a simple open source bridge and more interestingly a project to produce new open source bridge using AMQP (via Cupid) was announced yesterday. However despite its Open Source roots I believe the project will be primarily focused on accessing proprietary bridges in the next few years.

...
Hits: 153629

Bloomberg is more than a terminal

Posted by Tom Doust
Tom Doust
Tom has not set their biography yet
User is currently offline
on Monday, 30 April 2012
in Tick 42

For those of us who have been in the Financial Services industry for a while, Bloomberg always meant the terminal, but over the last 10 years Bloomberg has been increasing the set of data feeds they offer, until we are left with a (sometimes bewilidering) set of feeds each with its own unique characteristics. During this time, I’ve worked with all of them…. written feed handlers for them and helped clients write applications that consume data from the feed handlers. This is a quick tour.  

Normally one might expect with a market data feed, that you request a security and you get all the data. Bloomberg is rather different in this respect because of the huge quantity of reference data available, which must be requested separately. I make a deliberate distinction between static data (price data whose values may change during the day but not broadcast, e.g. FWD_RT_1MO)  and reference data (e.g. ID_ISIN, INDUSTRY_SECTOR even though they are requested and delivered in the same way. Also Bloomberg provide some calculation facilities through their "override fields" .

 

...
Hits: 224983

Logging vs metrics

Posted by Tom Doust
Tom Doust
Tom has not set their biography yet
User is currently offline
on Monday, 23 April 2012
in Tick 42

The traditional way to monitor the state of a process is for it to log messages somewhere; usually either to a console or somewhere in the file system. As the quantity and diversity of the information grows the tasks of generating the logging information and managing the output, increases in complexity. I’m going to try and look at the balance between writing log files and publishing data using Tick42 metrics.

Writing log files is cheap…. Until you have to start writing classes to manage the data you are logging, write tools to monitor the files for problems and scrape them for performance information, then extend this across many machines and on the way making sure that all you programmers are generating log messages consistently. Of course you can buy tools to do all of this, but typically these are not cheap.

So, a tool like the Tick42 metrics is not free either but when we look in more detail at the kinds of things that are useful to monitor we see a lot of issues are dealt with at no extra cost.

...
Tags: Untagged
Hits: 699611

“Error - Failed to connect”

Posted by Tom Doust
Tom Doust
Tom has not set their biography yet
User is currently offline
on Thursday, 19 April 2012
in Tick 42

From time to time I wear a support hat and usually one of the first things I say is “Send me the log files”.  Log file messages are not usually quite as unhelpful but you can imagine my reaction when the only information in the file is a message like that.

I’m going to run through a few ideas that can make logging more effective, but one of the main points I want to make is that logging is not just for developers, its for support and production people too.  

Tools like Log4Net and Log4J make it easy to add logging to code but generating the right log messages with useful information requires a bit of thought. When you are writing code, try to put yourself in the shoes of the person reading the log file when something has gone wrong.

...
Hits: 506384

Give the Exchanges a break - someone needs to pay tax

Posted by Leslie Spiro
Leslie Spiro
Les, has not set their biography yet
User is currently offline
on Thursday, 12 April 2012
in Tick 42

Interesting to read Tim Cave's article at Financial News on trader's outcry over exchange fees. At the risk of alienating my IB and Hedge Fund clients, I think someone needs to standup for the exchanges.

The days of Dick Grasso style pay are gone, and exchanges are subject to more competition than ever before. At the same time their clients, or at least some of us, are becoming more demanding. This leads to a need for increasing investment in technology which needs to be paid for. If we, push for lower market data charges then we need to say where the ‘lost revenue’ will be raised. 

Exchange fees are like taxes; we want most of the services they pay for, no one enjoys paying them and all we can really ask is that they do not distort markets and that they seem fair. I don't think current market data fees are fair.

...
Hits: 878119