Post on 08-Apr-2018
8/7/2019 Kathy Ball-Toncic
1/20
Post Trade XML:Integrating XML Into a
Middleware Architecture
XML on Wall StreetNovember 21, 2001
Kathy Ball-Toncic
8/7/2019 Kathy Ball-Toncic
2/20
Issues for STPin the middle
Legacy systemsProtocols
Languages/incompatible databasesManual proceduresVaried service providersManagement/monitoring tools
8/7/2019 Kathy Ball-Toncic
3/20
FRONT MIDDLE BACK
R epresentative Internal Systems
Trading
Order Management
Deal Capture
Clearing &Settlement
Accounting
Compliance
Reporting
RiskManagement
PortfolioManagement
Pricing
Analytics
8/7/2019 Kathy Ball-Toncic
4/20
R epresentative InternalConnectivity
FRONT MIDDLE BACK
Trading
Order Management
Deal CapturePosn Keeping
Clearing &Settlement
Accounting
Compliance
Reporting
RiskManagement
PortfolioManagement
Pricing
Analytics
8/7/2019 Kathy Ball-Toncic
5/20
Trading
Order Management
Deal Capture
Clearing &Settlement
Accounting
Compliance
Reporting
RiskManagement
PortfolioManagement
Pricing
Analytics
FRONT MIDDLE BACK
R epresentative ExternalConnectivity
Market
Data
FIX, SWIFT ACT
SWIFTGSTP
Omgeo
FIX, CMS, XETRA, STAMP
8/7/2019 Kathy Ball-Toncic
6/20
Putting It Together
Data/Transaction FlowsProcess Flows
FRONT MIDDLE BACK
Trading
Order Management
Deal CapturePosn Keeping
Clearing &Settlement
Accounting
Compliance
Reporting
RiskManagement
PortfolioManagement
Pricing
Analytics
MarketData
FIX/SWIFTACT
SWIFTGSTP
OmgeoFIX, CMS, XETRA, STAMP
8/7/2019 Kathy Ball-Toncic
7/20
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
8/7/2019 Kathy Ball-Toncic
8/20
H ow Can XML H elp?
XML enables processing of multiplediverse protocols
XML enables parsers to be programmableXML allows representation of virtuallyanythingXML promotes flexibility
8/7/2019 Kathy Ball-Toncic
9/20
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
8/7/2019 Kathy Ball-Toncic
10/20
run-timestore
MBinstance
JDBC
MB instancefactory
parser
builder
router
validation
cache transformation
Message Broker Components
8/7/2019 Kathy Ball-Toncic
11/20
MBinstance
messagedefinitionXML
parser
unparsed messageCategory5
Category5
message definitions
Java message objectCategory5
MT502
run-timestore
JDBC
cache
R un-time Environment Parser
8/7/2019 Kathy Ball-Toncic
12/20
8/7/2019 Kathy Ball-Toncic
13/20
MBinstance
transform
Java message objectCategory5
MT502
Category5; FIX
Java message objectFIX
New Order-Buy
Class files
run-time
store
JDBC
cache
transformcode
execute
output
R un-time Environment Transformation
8/7/2019 Kathy Ball-Toncic
14/20
MBinstance
routingcode
Java class method or Jaguar component method SQL Stored Procedures SQL Statements Format Message Buffer
router
Java message objectCategory5
MT502
Category5
class file
execute
run-timestore
JDBC
cache
R un-time Environment R outer
8/7/2019 Kathy Ball-Toncic
15/20
MBinstance
builder
Java message objectCategory5
MT502
Category5 MT502
raw data buffer
message definitions
run-timestore
JDBC
cache
R un-time Environment Builder
messagedefinitionXML
8/7/2019 Kathy Ball-Toncic
16/20
run-timestore
MBinstance
JDBC
parser
builder
router
validationcache
transformation
R un-time Environment Complete
8/7/2019 Kathy Ball-Toncic
17/20
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
8/7/2019 Kathy Ball-Toncic
18/20
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
8/7/2019 Kathy Ball-Toncic
19/20
Example:FIXML Messaging
OMS
FIXMLNewOrderSinglev
FIXML to4.1 set
FIX 4.1NewOrderSingle
FIXMLExecution
4.1 toFIXML set
FIX 4.1Execution
Client
8/7/2019 Kathy Ball-Toncic
20/20
Thank You
Kathy Ball-Toncic
Financial FusionKtoncic@financialfusion.com