OpenMAMA and OpenMAMDA as a   Middleware Standard   Leveraging the Open APIs and Open Data Model                  Michael ...
Agenda   Introduction   Messaging in market data distribution   Challenge of supporting multiple platforms   Need for ...
Message Oriented Middleware inFinancial Markets   Communications bus for trading venues and    participants   Participan...
Market Data Architecture                             Quote      SuperFeed               Feed                   Custom FX  ...
Proprietary APIs are the Problem      Exegy           NYSE Technologies            Vendor B                               ...
Limitations of Proprietary API’s   API and Vendor lock-in   Difficult to switch middlewares     Substantial effort incr...
The Scale of the Problem   There are 240+ exchanges globally most with    proprietary data models   Each with an average...
Coping with Proprietary APIS   Write to multiple API’s     Organic approach     Lowest barrier to entry     Highest lo...
OpenMAMA is the Solution      Exegy           NYSE Technologies              Vendor B                        Open MAMA    ...
Benefits of OpenMAMA   No API or vendor lock-in   Middleware providers and consumers create    bridges to any middleware...
OpenMAMA is More than an API   Multiple simultaneous middleware     Bridge between incompatible messaging      environme...
OpenMAMA Architecture
OpenMAMDA and the Open Data Model   OpenMAMDA is a market data framework     Built on top of OpenMAMA   Reference imple...
OpenMAMA Community OpenMAMA is:  Hosted by the Linux Foundation  LGPL 2.1  Supported by a diverse group of industry   s...
Integrating OpenMAMAScott Parsons, CTO, ExegyLinux Foundation Enterprise End User SummitApr 30 – May 1
Exegy: Why We Do What We DoWe believe…  …in continually challenging the status quo of   market data and trading platforms...
Why Do We Support OpenMAMA?   It has the potential to be disruptive by being open     We believe in continually challeng...
The Yin Yang of Market DataThe never-ending duality:   Exchanges want to differentiate to compete     This differentiati...
Normalization of “Vendor Experience”   To what does normalization apply?     Market data models, messaging middleware, e...
Two Phases of Exegy / OpenMAMA1.   Normalize in a client-side API abstraction layer                                      N...
Phase 1                                                                 APIAPI Abstraction LayerWhat’s needed in an API ab...
Phase 1      OpenMAMA = API Abstraction Layer                       API   Exegy Client API (XCAPI) becomes the middleware...
Phase 1                                                                                           API     Phase 1: OpenMAM...
Phase 2                                                                                   Publish    Phase 2: Publishing ...
OpenMAMA Beta Program   OpenMAMA Beta Program     Phase 1 underway now     Working with select Exegy customers      • D...
SUMMARY   OpenMAMA integrates multiple messaging    environments      • Lowering cost      • Reducing complexity      • A...
Questions?
sparsons@exegy.com   mschonberg@nyx.com
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OpenMAMA & OpenMAMDA: How to Leverage Open Market Data API and Data Model Standards

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OpenMAMA & OpenMAMDA: How to Leverage Open Market Data API and Data Model Standards

  1. 1. OpenMAMA and OpenMAMDA as a Middleware Standard Leveraging the Open APIs and Open Data Model Michael Schonberg NYSE TechnologiesApril 30, 2012 Scott Parsons Exegy
  2. 2. Agenda Introduction Messaging in market data distribution Challenge of supporting multiple platforms Need for open APIs and standards OpenMAMA, OpenMAMDA and the NYSE Technologies Open Data Model Exegy proves the power of OpenMAMA Summary Q&A
  3. 3. Message Oriented Middleware inFinancial Markets Communications bus for trading venues and participants Participants consume market data from multiple sources Feed handlers normalize the data and distribute over message oriented middleware
  4. 4. Market Data Architecture Quote SuperFeed Feed Custom FX Handler Rates M Conflation Historical o Cache Tick Cache Capture n i t o Desktop Algo Algo Algo r Traders i n g Market Market Market5 Gateway Gateway Trade Gateway
  5. 5. Proprietary APIs are the Problem Exegy NYSE Technologies Vendor B Vendor B Exegy C API OpenMAMA API NYSE Data Vendor B Model Data Model Middleware Middleware Data Fabric Middleware Vendor A Vendor B Client Side NYSE Data Vendor B Normalization Model Data Model Vendor B Exegy CAPI MAMA API Client Application Client Application Client Application 6 Developed by NYSE Technologies Key Developed by Third Party Open Source
  6. 6. Limitations of Proprietary API’s API and Vendor lock-in Difficult to switch middlewares  Substantial effort increases cost/time to market  Unfamiliar API and behavior adds risk Proprietary abstraction provides partial solution  Reliant on vendor’s willingness to support a given middleware  No solution for custom middlewares Multiple API’s and Data Models  No common language
  7. 7. The Scale of the Problem There are 240+ exchanges globally most with proprietary data models Each with an average of 3 data feeds Available direct or through 7+ major data vendors and consolidators Consumed and normalized through feed handlers developed in house or by 12+ major feed handler vendors Distributed over one or more of 10 Common middleware solutions to multiple applications
  8. 8. Coping with Proprietary APIS Write to multiple API’s  Organic approach  Lowest barrier to entry  Highest lock-in Create an abstraction layer  Most common approach  Even for proprietary wrappers (commercial MAMA)  Reduces vendor lock-in  Significant development and maintenance effort  Must implement new wrappers for new middlewares
  9. 9. OpenMAMA is the Solution Exegy NYSE Technologies Vendor B Open MAMA Vendor B Exegy CAPI MAMA API NYSE Data Vendor B Open Data Model Model Data Model Middleware Middleware Middleware Data Fabric Vendor A Vendor B Client Side Open DataData NYSE Model Vendor B Normalization Model Data Model OpenMAMA Vendor B Exegy CAPI MAMA API Client Application Client Application Client Application 10 Developed by NYSE Technologies Key Developed by Third Party Open Source
  10. 10. Benefits of OpenMAMA No API or vendor lock-in Middleware providers and consumers create bridges to any middleware Open source allows the community to drive the project  More features  Higher quality Vendors reach more customers Customers benefit from reduced cost, risk and time to market
  11. 11. OpenMAMA is More than an API Multiple simultaneous middleware  Bridge between incompatible messaging environments Widely deployed in financial services Brings advanced features to all middleware  Data dictionary  Data quality  Fault tolerance High performance
  12. 12. OpenMAMA Architecture
  13. 13. OpenMAMDA and the Open Data Model OpenMAMDA is a market data framework  Built on top of OpenMAMA Reference implementation NYSE Technologies Market Data Model Exploring support for multiple data models OpenMAMA standardizes communication OpenMAMDA standardizes content and normalization  Provide a common language for capital markets
  14. 14. OpenMAMA Community OpenMAMA is:  Hosted by the Linux Foundation  LGPL 2.1  Supported by a diverse group of industry stakeholders  Steering committee has 11 members
  15. 15. Integrating OpenMAMAScott Parsons, CTO, ExegyLinux Foundation Enterprise End User SummitApr 30 – May 1
  16. 16. Exegy: Why We Do What We DoWe believe…  …in continually challenging the status quo of market data and trading platforms.  …in deep collaboration with our customers to ensure their success.  …in simplicity over complexity, striving for elegance in all we do.
  17. 17. Why Do We Support OpenMAMA? It has the potential to be disruptive by being open  We believe in continually challenging the status quo of market data delivery and trading platforms. It is currently in use by many market participants  We believe in deep collaboration with our customers to ensure their success. It is adaptable at the point of consumption  We believe in simplicity over complexity, striving for elegance in all we do.
  18. 18. The Yin Yang of Market DataThe never-ending duality: Exchanges want to differentiate to compete  This differentiation finds expression in their feeds Consumers want to normalize for simplicity  Reduces cost of development and maintenance The yin yang: differentiation / normalization  Normalization of feeds for consumers…  …permits greater differentiation at producers…  …which requires greater normalization at consumers…  …which yields greater differentiation at producers…
  19. 19. Normalization of “Vendor Experience” To what does normalization apply?  Market data models, messaging middleware, etc. • This is the “classic domain” of MAMA  Various vendor APIs needed to access market data • Does MAMA contribute to the melee? Where can normalization occur?  At an intermediate publishing point into a common API • This is the “classic domain” of MAMA  At the consumer API level • Market data API abstraction layer Suggests two implementation phases for Exegy…
  20. 20. Two Phases of Exegy / OpenMAMA1. Normalize in a client-side API abstraction layer Normalize Feed Publish Distribute Consume2. Normalize at an intermediate publishing point over messaging middleware into a common API Normalize MOM Feed Publish Distribute Consume
  21. 21. Phase 1 APIAPI Abstraction LayerWhat’s needed in an API abstraction layer? Market data lends itself to a field-value paradigm  Collections of field-value pairs define the data model  Common general concepts across variety of venues Comprehensive API surface area  Straight-forward conceptual model  Functions/methods for interacting with the data model Data model transformations  Automatic transforms to match application’s model  Easily adaptable, decoupled from API surface area
  22. 22. Phase 1 OpenMAMA = API Abstraction Layer API Exegy Client API (XCAPI) becomes the middleware bridge Use dictionary to drive data transformations in bridge layer Different consumers abstract differently MAMA Application exegy bridge Dictionary Config CAPI
  23. 23. Phase 1 API Phase 1: OpenMAMA and Exegy Distribution using standard Exegy transport Final normalization in API abstraction layer Feeds Enterprise Systems Base Appliances Edge Caches TCP/IP Multicast CAPI CAPI Application MAMA MAMA Application MAMA Application Application Application
  24. 24. Phase 2 Publish Phase 2: Publishing Distribution using Message-Oriented Middleware Final normalization at Edge Cache publisher Feeds Enterprise Systems Base Appliances Edge Caches Message Oriented Middlewares MAMA MAMA MAMA MAMA Application Application Application Application
  25. 25. OpenMAMA Beta Program OpenMAMA Beta Program  Phase 1 underway now  Working with select Exegy customers • Deployed in limited number of data centers  Available transports: • Exegy TCP/IP • Informatica UBM (nee 29West LBM)
  26. 26. SUMMARY OpenMAMA integrates multiple messaging environments • Lowering cost • Reducing complexity • Allowing developers to focus on differentiating functionality
  27. 27. Questions?
  28. 28. sparsons@exegy.com mschonberg@nyx.com

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