Kathy Ball-Toncic

8/7/2019 Kathy Ball-Toncic

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Post Trade XML:Integrating XML Into a

Middleware Architecture

XML on Wall StreetNovember 21, 2001

Kathy Ball-Toncic


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Issues for STPin the middle

Legacy systemsProtocols

Languages/incompatible databasesManual proceduresVaried service providersManagement/monitoring tools


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FRONT MIDDLE BACK

R epresentative Internal Systems

Trading

Order Management

Deal Capture

Clearing &Settlement

Accounting

Compliance

Reporting

RiskManagement

PortfolioManagement

Pricing

Analytics


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R epresentative InternalConnectivity

FRONT MIDDLE BACK

Trading

Order Management

Deal CapturePosn Keeping


Accounting

Compliance

Reporting

RiskManagement

PortfolioManagement

Pricing

Analytics


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Trading

Order Management

Deal Capture


Accounting

Compliance

Reporting

RiskManagement

PortfolioManagement

Pricing

Analytics

FRONT MIDDLE BACK

R epresentative ExternalConnectivity

Market

Data

FIX, SWIFT ACT

SWIFTGSTP

Omgeo

FIX, CMS, XETRA, STAMP


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Putting It Together

Data/Transaction FlowsProcess Flows

FRONT MIDDLE BACK

Trading

Order Management

Deal CapturePosn Keeping


Accounting

Compliance

Reporting

RiskManagement

PortfolioManagement

Pricing

Analytics

MarketData

FIX/SWIFTACT

SWIFTGSTP

OmgeoFIX, CMS, XETRA, STAMP


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Protocols Trade Globally/ConnectLocally

Front OfficeFront Office Back OfficeBack Office

Negotiation and Orders Operations C & S

FIXSWIFTCMS

FpMLXetraSTAMP(Toronto)AMS/3 (HK)

DTC/IDSWIFTISITC

CLSEuroClear Crest (UK)Chess (Aus)Trax

OASYSAutexACT/OATS

complianceFIX/SWIFTGSTPOmgeo

Sequence(LSE)Triarch

TradenetLIFFE


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H ow Can XML H elp?

XML enables processing of multiplediverse protocols

XML enables parsers to be programmableXML allows representation of virtuallyanythingXML promotes flexibility


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H ow Can Middleware andMessaging H elp

EJBFIX Adapter

EJB Handler Components(Generated by Message Broker)

EJB Client API Component(Generated by Message Broker)

Financial Server Management GU I

Logging and CrashRecovery Databases

Commercial Application ServersEAServer 3.5

Customer Host SystemsMessage Broker Repository


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run-timestore

MBinstance

JDBC

MB instancefactory

parser

builder

router

validation

cache transformation

Message Broker Components


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MBinstance

messagedefinitionXML

parser

unparsed messageCategory5

Category5

message definitions

Java message objectCategory5

MT502

run-timestore

JDBC

cache

R un-time Environment Parser


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MBinstance

transform


MT502

Category5; FIX

Java message objectFIX

New Order-Buy

Class files

run-time

store

JDBC

cache

transformcode

execute

output

R un-time Environment Transformation


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MBinstance

routingcode

Java class method or Jaguar component method SQL Stored Procedures SQL Statements Format Message Buffer

router


MT502

Category5

class file

execute

run-timestore

JDBC

cache

R un-time Environment R outer


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MBinstance

builder


MT502

Category5 MT502

raw data buffer

message definitions

run-timestore

JDBC

cache

R un-time Environment Builder

messagedefinitionXML


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run-timestore

MBinstance

JDBC

parser

builder

router

validationcache

transformation

R un-time Environment Complete


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In SummaryMessaging/Middleware

Message Broker based architectureprovides full extensibility of FIX messagedefinitions

Support for extensible FIX message setdefinitions (FIX 3.0, 4.0, 4.1 and 4.2, 4.3)Pure Java, EJB Driven FIX Adapter FIX Client EJB API for sending outbound

FIX messagesFull Application Server based HALBsupportReduced integration effort through

Message Broker transformation


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Example:FIX Infrastructure with XML

ExternalFIX ServersBloombergAutex, etc.

EAServer for Solaris

FFS Send FIX 4.1 API

FFS 4.1 Engine

FFS Send FIX Callback API

FIX 4.0, 4.1, 4.2 Sessions

FFS DBs

ASE 12.0

Proprietary Adapter w/ MB Transforms

Client Message Set FIX

FIX - Client Message Set

Proprietary Message Bus

Custom Message Bus Adapter &MB Transform component

ECNsArchipelago,

Island, etc.

Other FIXEnabled Firms


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Example:FIXML Messaging

OMS

FIXMLNewOrderSinglev

FIXML to4.1 set

FIX 4.1NewOrderSingle

FIXMLExecution

4.1 toFIXML set

FIX 4.1Execution

Client


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Thank You

Kathy Ball-Toncic

Financial [email protected]

Kathy Ball-Toncic

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