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E158 Here, There, Everywhere – How to build a global trade routing network .

E158 Here, There, Everywhere – How to build a global trade routing network. Andrew Naar Senior Consultant Sybase e-Business Division anaar@sybase.com. Outline. Who are Tigerex? Tigerex the company – What is cross border trading What is Enterprise Application Integration?

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E158 Here, There, Everywhere – How to build a global trade routing network .

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  1. E158 Here, There, Everywhere – How to build a global trade routing network. • Andrew Naar • Senior Consultant • Sybase e-Business Division • anaar@sybase.com

  2. Outline • Who are Tigerex? • Tigerex the company – What is cross border trading • What is Enterprise Application Integration? • Why EAI for Tigerex? • Building the perfect solution • Sybase – the products of choice

  3. Who are Tigerex • Global trading network and support services: • Infrastructure • Connectivity • Financial services relationships • Created by two founders of Tradepoint Stock Exchange (now Virt-x) • Led by a top international management team • Globally focused company with financial services partners and clients in the US, Europe, and Asia • Tigerex is NOT: • A broker • An ECN • An order matching venue

  4. Comparative Cross Border Solutions Complete & Open Incomplete Closed / Inflexible Custody Execution Custody Execution Custody Execution Technology Technology Technology FOREX FOREX FOREX Broker /Dealer Broker /Dealer Broker /Dealer • Includes all services • Choice of providers / partners • Can incorporate present relationships • Open technology platform • Price competition • Ease of integration • Broad range of markets • Tailored custody solution • Flexible FOREX arrangements • Limited to single solution • No carry over of present relationships • Pricing power resides with solution provider • Mandated technology • Limited range of markets • Limited choice of custody services • Higher FOREX spreads • Broker/Dealer must piece solution together • Time and cost inefficient • Interoperability issues • Limited range of markets • Limited choice of custody services • Often no FOREX solution

  5. Tigerex Solution The Tigerex Network has been designed with a complete and open framework. Custody Execution • Choice of Global Custodian • Client’s choice • Multiple reporting options • Broad range of markets • Choice of Execution Broker • Client’s choice Technology FOREX • Open technology platform • Choice of network access: • System-to-system link • Web-based interface • Choice of FOREX Provider • Client’s choice • Flexible FOREX arrangements • Per trade conversion • End-of-day netting Broker /Dealer

  6. Tigerex Target Market Number of Firms Large Small Large Low Volume High Value Tier A Financial Institutions High Degree of Global Access and STP Transaction Type Tier B Financial Institutions Medium High Volume Low Value Tier C Financial Institutions Low Sell-side Sales Buy-side Sales

  7. Back Office System T-Box G Web Server Order Mgmt System G Tigerex Direct Web-server Investors Local Broker/Dealer Execution Broker Partners A T-Platform Order Routing and Mgmt FOREX Partners A Global Custodian Partners A Real-time Data Archive Analysis Data Process T-Base Tigerex System Architecture Legend Tigerex systems Client systems FIX Messaging SWIFT Messaging (planned) Proprietary Messaging Client Integration Gateway Partner Integration Adapters G A

  8. What is Enterprise Application Integration? • EAI – Enterprise Application Integration • Integration of applications (including data and process integration) within an enterprise. • B2B – Business-to-Business • Automating business transaction processing between enterprises. • B2Bi – Business-to-Business Integration • Integration of applications (including data and process integration) between enterprises.

  9. Integration - One Step at a Time Market Execution Broker FIX (Financial Information eXchange) Broker 2 Interfaces

  10. Integration Challenge MEB 4 Broker 1 MEB 3 MEB 2 Broker 2 MEB 1 Broker 3 Broker 4 ? Interfaces ?

  11. The Integration Challenge – Application Spaghetti MEB 4 Broker 1 MEB 3 MEB 2 Broker 2 MEB 1 Broker 3 Broker 4 56 Interfaces

  12. Integration Solution -- Integration, One Step at a Time MEB 4 MEB 3 Broker 1 MEB 2 Broker 2 Sybase MEB 1 Broker 3 Broker 4 Tigerex 16 Interfaces

  13. Why EAI for Tigerex • EAI provides secure Message Transformation and Routing. • This is the main function of the Tigerex System. • Planning for the future • A Scalable solution enabling growth • Increased Flexibility by decoupling applications • Ultimate Portability • Reduced application development time • Improves the productivity of resources • Reduced costs

  14. Back Office System T-Box G Web Server Order Mgmt System G Tigerex Direct Web-server Investors Local Broker/Dealer Execution Broker Partners A A Legend Tigerex systems Client systems FIX Messaging SWIFT Messaging (planned) Proprietary Messaging Client Integration Gateway Partner Integration Adapters T-Platform Order Routing and Mgmt T-Platform Order Routing and Mgmt FOREX Partners A A Global Custodian Partners A A Real-time Data Archive Analysis Data Process Real-time Data Archive Analysis Data Process G T-Base A Where does Sybase fit into Tigerex Architecture

  15. Sybase Integration Architecture

  16. Adapter for FIX Broker MEB Enable communication according to the FIX Standard Sybase Product Mix at Tigerex • MQSeries Provides Assured Messaging

  17. e-Biz Integrator Adapter for FIX Broker MEB Enable communication according to the FIX Standard Sybase Product Mix at Tigerex Ensures data is effectively translated and routed between systems • Assured Messaging

  18. e-Biz Integrator Adapter for FIX Adapter for FIX Broker MEB Enable communication according to the FIX Standard Enable communication according to the FIX Standard Sybase Product Mix at Tigerex Ensures data is effectively translated and routed between systems • Assured Messaging

  19. e-Biz Integrator Adapter for FIX Adapter for FIX Broker MEB BizTracker • See messages moving through the system. Enable communication according to the FIX Standard Enable communication according to the FIX Standard Sybase Product Mix at Tigerex • Assured Messaging

  20. The Sybase Team • 4-5 People • Part-time Project Director • Team Leader • 3 Consultants • Time frame • 7 months • From Requirements Definition to handover.

  21. Technical Assumptions • FIX 4.2 will be the default message used on the T-Platform • Tigerex can dictate this to the Client • An MEB will dictate to Tigerex • Tigerex will not manipulate message data due to their sensitivity. • The system must be scalable. • The System must be flexible. • The System will be built in a short timeframe • An audit trail must be kept for all messages

  22. Issues Faced • The FIX Protocol • Time Sensitive Data. • Message Routing • Is the message Broker or MEB Bound? • Non-existence of a Broker-MEB contract • MEB’s all understand the FIX Spec differently • Message Auditing • Minimizing data manipulation

  23. The FIX Protocol Issues • Point to Point Processing only • Broker / Trader to Execution Broker / Institution • Only one version of FIX between any 2 parties • A ‘Trading Contract’ needs to be agreed upon • Security • FIX has no inherent way of assuring client identity • Encryption • Message Sequence Numbers

  24. Broker MEB The FIX Protocol Issues – Message Sequence Numbers Tigerex 1 2 120 134

  25. The FIX Protocol Issues • Point to Point Processing only • Broker / Trader to Execution Broker / Institution • Only one version of FIX between any 2 parties • A ‘Trading Contract’ needs to be agreed upon • Security • FIX has no inherent way of assuring client identity • Encryption • Message Sequence Numbers • FIX Session Maintenance

  26. Time Sensitive Data. • Share Prices Fluctuate • Trade needs to be processed ASAP • ‘At Market’ or ‘Next Day’ • Need to be aware of the connection to the MEB • Need to deal with messages that can’t be delivered

  27. MEB Bound Broker Bound Message Routing IssuesMessage Direction e-Biz Integrator

  28. FIX Version Transformation Contract Authorization Routing / Error Processing Sequence Number Maintenance MEB Nuances Message Routing Issues E-Biz Integrator

  29. Message Auditing • What Type of data can we store and why? • Regulatory Records • Billing Records • Customer Support Records • Market Data • Trading Habits

  30. Create a message header • Limiting the number of fields that we change • Only those that are necessary Custom Header FIX Header FIX Message Minimizing data manipulation • Why try to never change the data? • Sensitive Nature of the Data • Legal Repercussions could be HUGE! • How can we minimize the changes?

  31. Message Auditing Application Logging Management and Control FIX Protocol S.W.I.F.T Protocol Future Interface FIX Adapter S.W.I.F.T FX MQSeries System Architecture Message Routing Application Security Transport

  32. Tigerex Direct Web-server Adapter for FIX Architecture • Consistent Version on the T-Platform • Independent connections to MEB’s and Clients • Encryption Support T-Box G G A GET Authentication Timeliness A GET T-Platform Order Routing and Mgmt XMON Tigerex_server GET Tigerex_client PUT T-Platform FIX 4.2 FIX 4.2 A Authentication Datastore

  33. e-Biz Integrator Modular Design

  34. e-Biz Integrator Modular Design

  35. e-Biz Integrator Modular Design

  36. e-Biz Integrator Architecture • Benefits of a Modular Design • Easier Maintenance • Scalability • Modules can be separated and run in different instances

  37. Back Office System T-Box G Web Server Order Mgmt System G Tigerex Direct Web-server Investors Local Broker/Dealer Execution Broker Partners A T-Platform Order Routing and Mgmt FOREX Partners A Global Custodian Partners A Real-time Data Archive Real-time Data Archive Analysis Data Process Analysis Data Process T-Base T-Base Auditing Architecture

  38. BizTracker Architecture- Auditing requirements • Log all messages in real-time to persistent storage. • Need to store ALL data for EVERY message • Need to remain Flexible • For Reporting • For Growth • Maintain Audit Database as an OLTP data source • Enough information for immediate needs

  39. OLTP Data Needs Custom Header FIX Header FIX Body • QueueName • QueuePutDate • QueuePutTime • MQSeriesMsgID • BeginString • BodyLength • MsgType ... • …LastMsgSegNumProcesd • OnBehalfOfSendingTim • ClOrdID • OrderID • Blob

  40. BizTracker Architecture • Log all messages in real-time to persistent storage. • Need to store ALL data for EVERY message • Need to remain Flexible • For Reporting • For Growth • Maintain Audit Database as an OLTP data source • Enough information for immediate needs > Move data to a Data warehouse for complex reporting

  41. Conclusion • Solution Provided with Sybase Technology and Sybase Techknowledge. • All the challenges faced have been overcome successfully. • Tigerex has a production system opening the doors for Brokers to over 48 trading markets globally. • The solution fulfills all the requirements that Tigerex presented. • Solution required 4-5 consultants for 7 months.

  42. Questions? ? Researchers have determined that it is impossible to develop eyestrain from looking on the bright side of things.

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