Adaptive Software Engineering
G22.3033-007
Session 8 - Sub-Topic 1
Sample Enterprise Application Design
Dr. Jean-Claude Franchitti
New York University
Computer Science Department
Courant Institute of Mathematical Sciences
Best Practices in Technical
Architectures for Fixed Income
Market Participants
2
Presentation Agenda
• Observations of a Former Trader • Fixed Income Technical Architectures
– Architecture Development Methodology – Fixed Income Business Process Maps – Fixed Income Solution Capabilities Matrix – Deriving a Conceptual Technology Vision
– From the Conceptual Technology Vision to a Logical Infrastructure – From the Logical Infrastructure to a Physical Solution
– Physical Solution Implementation Steps • Conclusion
4
Trading Environment Characteristics
Anonymity
Liquidity
Transparency
5
Brokers’ Broker
Were They Efficient?
• Human factor
• Limited network of contacts • Largest firms control the inventory • Regional broker/dealers not well serviced • Difficult to unwind odd-lot positions • Phantom trades
6
Where Are We Now?
Automated Trading Systems (ATS)
• Eliminates the Human Factor • Buy-side is involved
• More regional bank and foreign institution participation • Internet – A border-less enterprise
All of which creates better Liquidity and more Transparency in an
Anonymous environment.
Six Drivers for Change
• Institutional and Retail customers • Brick and mortar sell-side institutions • Traditional buy-side firms
• Broker’s brokers • Regulatory • Entrepreneurs
8
Challenges
• Existing legacy systems and newer ATS’s will need to handle anticipated increases in trade volume implied by the development of STP.
• Fixed Income securities can have complex structures. Trading systems will need to incorporate proper analytics to calculate various essential data. • There are many types of Fixed Income securities which trade in different
ways. Standardized trading methodologies will need to be applied. • Security information repositories will need to be large enough to hold data
on millions of securities.
• Present front-end interfaces are no more than client/server versions of legacy systems.
• Back-office systems are antiquated. It may not be feasible to integrate them if they cannot support the new economy business.
• The new Fixed Income market of tomorrow may require an Application Program Interface (API) to a single Fixed Income exchange.
• T+1 must be incorporated into new technology.
Architecture Development
Methodology
10
Architecture Vision
The eHub Securities Framework
Personal Blotter and Services Message Handlers Execution Engines Continuous Net Settlement Systems Ledger Operations Information Engines Security Master System Blotter and Services Browser/streaming interface Direct systems interfaces
Client Sites
Distributed Hubs
Processing Centers
Adapters, connectors, Message brokers, linkages Distributed rules processors
Valuations and Market data feeds Price Subscriptions Personalization Rules Verification Validation Rules Execution Order and NOE
Rules and Routing
ECN’s, Exchanges Direct Clients
Clearing and Settlement
Rules Execution Portfolio, Trust, AssetLedger Rules CRM, Budgets and RulesRisk, Forecast Transfer Agency, Custody RulesAssets/Institutions/Prices
Portal and Service Interfaces Order Trading and Management Service
Manager ManagerPrice
Vision and Objectives Process Model Solution Architecture
12 WORK STREAMS
Customer facing IT analysis and design
Business processes Regulatory analysis Accounting and fiscal analysis Competitive analysis Business case JV and partner-ship analysis Go-to-market strategy OUTPUT
Preliminary Future State Model – Preliminary IT Architecture Design – Preliminary Business Process Design • Interviews
• Demographic research • Current IT state assessment • Architecture design/collaboration • Current business process assessment • Operating model design/ collaboration
• Deal structure assessment
• Regional regulatory analysis for operating model
• Tax assessment
• Global analysis of tax implications for operating model
• Regional competitive assessment (including Web site evaluation) • Demographic research
• Documentation of revenue and cost driver • Financial model development • Document findings from due diligence
conversations
• Develop general terms and conditions of JV/partnership
• Document integration plan for all work streams
• Strategic plan
Extraction of Capabilities
Refinements
Validation
Final Future State Model – Future State IT Architecture Design – Future State Business Process Design
Constraints
It
erat
iv
e
FUTURE STATE REALIZATION PROCESS
Fulfilling the Objectives to Support the Vision
13
Architecture Design Methodology
Business Constraints Application Model Content Model Web Interface Data Model Logical Data Principles Assumptions Constraints Presentation Navigation Look and Feel Business model
Organization Location Process
Logical Application Model
Execution & Market Systems EFI Execution Systems FX Execution Systems Market Systems Core Components Services Events Externalization Licensing Messaging Naming Persistence Transaction Security Common Facilities Backup / Recovery Channels Error Handling XML POP Help XML MOM Monitoring Performance Tuning Query / Search Reporting System Admin Domain Specific Client API EFI Execution Interface FX Execution Interface Market Instrument Reference data Markets Portal interfaces Client Handler Client to Core components Handler
Global Front End System
Client Interface Components
Technology Infrastructure Model
Execution & Market Systems Instrument Repository Foreign Exchange Market Systems Euro Fixed Income Core Components Client Handler Preferences and Operating Constraints S u n E220/ S ola ris 2. 6 nC ipher SS L acc e le ra to r W ebs phe re : - H TT P s vr - ser vle t engi ne - j sp engi ne Web Server Servlets & JSP Streaming Server (https & http) Sun E 2 20 /S ol ar is 2 .6 T IBC O St ream ing Sv r nC ip her SSL a ccel e ra tor
Global Front End System Client Services Administrator XML, SWIFT, FIX, Email, Fax Client Workstation System Admin & Support Sun E420/Solaris 2.6 200GB raid5 Disk Array iPlanet Enterprise Svr Webtrends Admin/Reporting Server Database Server Sun E 4 500/ Sol a ris 2. 6 50G B D isk Ar ra y Sy base 1 1 .9 .2 Security & Entitlements Srv S u n E420/ S ola ris 2. 6 enC om m e rc e G e tA cc ess 5 0 G B D is k Ar ra y Application Server S un E420/ Sol a ris 2. 6 W ebs pher e MQs e rie s
14 For every 1M visitors, 40% don’t return due to incomplete content; lost cost of their lifetime value is $2.8M $1.5M-$2.1M wasted on site redesigns that don’t fix the right problem
Right to Left Thinking...
Architecture Development Map
Customer & Business Models In fras tru c tu re A p p licati o n Abstract Concrete Domain Independent Domain Dependent Domain Client Preferences Application Patterns Analysis Analysis Application Model - Data Model - Business Model - Content Model Technical Solution Development
Technical Solution Development Technical Solution Development Architectural Styles Domain Models Questions ? Questions ? Application: - Data - Business Logic - Content (Screens) KITS Frameworks
Concrete Costs Initial Costs
Abstract Costs Concrete Costs Physical Infrastructu re InfrastructureLogical Concep tual Infrast ructure - Win XP/ UNIX - Broadvision - SAP
- Application Server - Transaction Processing - Persistence - OSA Abstract Costs Technology & Software
Proposal End Point
Technical Solution Development Application Production
(Approach/ Assembly/
Delivery) Domain Analysis
Customer Information Gathering C u st o m er In fo rm at io n G at h er in g (B u si n es s, C u s to m er , U s ab il it y, P re fe re n ce s Ques tion s ? Information Not Specific to Domain Ques tions ? Taxo nomy Domain Specific Information As information is collected, work effort,
estimates and solution becomes concrete
Architecture Design Approach
Object-Oriented Analysis and Design
• UML models and diagrams
Design Assumptions
• Architectural capabilities are based on a limited set of business and technical requirements
• Simplicity, elegance, intelligibility, well-defined levels of abstraction, and clear separation between interface and implementation at all levels
Architecture Object Model • Application architecture model • Application infrastructure
– Application Framework • Technology infrastructure model
16
Architecture Design Approach
(continued)
Logical View Implementation View
Process View Deployment View
Use Case View
Use Case
View
“4+1” Architecture View Model
17
“4+1” Architecture View Model
Describes the Architectural Vision
Model helps represent the various constraints on the architecture Provides multiple perspectives to represent the system
• Logical view
– Static and dynamic aspects • Implementation view
– Organization of modules within the development environment • Process view
– Decomposition in terms of execution flows, and flow synchronization • Deployment view
– Describes hardware resources and associated software deployment • Use case view
– Motivates and justifies the architectural choices (i.e., “the glue”)
18
Application Architecture Overview
Enterprise Application Suite • Channels – Web Portal • Web Interface – Web View – Web Controller • Enterprise Services
– Application Enterprise Services • Business Controller
– Client Interface – Client Handler – Component Manager • Business Object Model • Infrastructure
– Services – Common Facilities – Domain Specific Facilities
Architecture Design Summary
Driving Forces:
• Functional Requirements document • Internal design guidelines • Technology Preferences
• Software Architecture = Elements + Patterns + Motivations • “4 + 1” View Model
Fixed Income Business Process
Hierarchies and Maps
21
Sales / Marketing Order Room
Customer Acquisition Place Orders Product Determination
Product Promotion Campaign Strategy
Purchase & Sales New Accounts Stock Record
Reconcilement Confirm GTC Orders Organize Pending Orders
Customer Confirmation Booking Clearing & Settlement
Figuration Recording
Brokerage
Open Accounts Account Maintenance
Process Thread - does not currently exist Legend:
Process Thread Primary Process Group Intermediate Group Account Numbering Audit Security Movements Margin Account Maintenance Sales Support Clear Issuance of Checks
Items Due Extensions Close Outs Delivery of Securities
Accounting Proxy & Capital Reorg Cash / Securities Inventory Dividend
Proxy Voting Annual Reports, etc. Daily Cash Record
Adjusted Trial Balance Bookkeeping
Profit & Loss Statement Trial Balance Establish Accounts
Bank Loan Vaulting Receive & Deliver
Stock Loan/Borrow Transfer Reorganization Cash Dividends Stock Splits Due Bills Bond Interest
Generic Trading Business Model
22
Average Present Day Solution
Fixed Income Trading Process Map
Client OTC Market Submits Order Validate Order at Sales Desk Valid "Not a valid order" NO Route to Trading Desk "Electronic pass through" Electronic submission execution Non Automated Execution No Monitor Execution Confirm Execution (price Qty, Etc.) Record Order Update customer account yes Front/Back Office Electronic Execution? Yes Client
Client Places Order Confirmation
Mailed to the customer
Sales Desk Calls Client
Sales / Marketing Order Room
Customer Acquisition Place Orders Product Determination
Product Promotion Campaign Strategy
Purchase & Sales New Accounts Stock Record
Reconcilement Confirm GTC Orders Organize Pending Orders
Customer Confirmation Booking Clearing & Settlement
Figuration Recording Brokerage Open Accounts Account Maintenance Account Numbering Audit Security Movements Margin Account Maintenance Sales Support Clear Issuance of Checks
Items Due Extensions Close Outs Delivery of Securities
Accounting Proxy & Capital Reorg Cash / Securities Inventory Dividend
Proxy Voting Annual Reports, etc. Daily Cash Record
Adjusted Trial Balance Bookkeeping
Profit & Loss Statement Trial Balance Establish Accounts
Bank Loan Vaulting Receive & Deliver
Stock Loan/Borrow Transfer Reorganization Cash Dividends Stock Splits Due Bills Bond Interest
*
*
*
*
*
*
*
*
*
*
Legend: Primary Process Group*
24
Resulting Solution
Fixed Income Trading Process Map
Client OTC Market Client logs in "Personalized " Web Page SubmitsOrder
Validate Order Valid "Not a valid order" NO Manual Review Needed Yes
Is this a product in your inventory or available on ECN. No Route to Trading Desk Yes Electronic Trading Available No Yes "Electronic pass through" Electronic submission execution Non Automated Execution No Monitor Execution E-mail Confirmation Confirm Execution (price Qty, Etc..) Update customer account "Real-time alert" Is it Domestic yes Trigger FX No FX Process Front/Back Office Electronic Execution? Yes * Client Client Calls in Order Sales Desk Contacts Client Record Order 25
Typical Fixed Income Legacy Systems
System Functionality
Order Process OPICS Order routing system
Clearing/Settlement INDEVAL The central clearing system for
Mexican Securities
Custody OPICS Performs Custody role for retail
fixed income products
System Functionality
Order Process Rossi (OPICS)
S.A.M. SIOPEL
Used for accounting purposes Order routing system System that shows the market
Clearing/Settlement CRYL
EUROCLEAR CEDEL
The central clearing system for
Argentina fixed income products
A clearing vehicle for international
trades
A clearing vehicle for international
trades
Custody Rossi Performs Custody role for retail
Fixed Income Solution
Capabilities Matrix
Drivers
Technical Competitive Customer
Customization / Personalization
Customer Relationship Management
Efficient cross- and inter-enterprise communication
Fast, cost-efficient data links with partners
True integration
Continuously available hardware platform (24 x 7)
Flexibility
Global portal (multi brand, multi channel)
Localization
Open, extensible, flexible architecture
Global eTrading business application support
Best-of-breed global e-trading solution
Secure transactions
Collaboration (online chat)
Real-time quotes, financial news, research
Online help and training
Capabi
lit
ies
Deriving a Conceptual
Technology Vision
29 Security Personali-zation Community ContentManagement Catalogs Commerce
Information Access Enterprise Application Frameworks /Servers
Other Application Frameworks /Servers
Hardware/Operating Software Hosting Services Systems Management Application Suites Bus ine ss P ro cess es A p p licat ion Inf rast ru ct ure Operat ions
30
Legend: VPN: Virtual Private Network I/Fs:Interfaces ECNs: Electronic Communication Networks
Integrated Value Chain Support System —Users— — Functions — Customer Support Customer Profiling Analytics Customer Relationship Management Country management Online Trading Research Community/Chat Education Central Office FI E-Trading Customers Marketing/ Sales Global Front-End System
Web / IVR / Fax back Country Offices Accounting IT Management Call Center IT Country CEO Global Account Mgmt Administration Development Support CEO
Vision & Strategy
Legal Technical Support Retail Clients / Advisors Web / VPN / Phone Web / VPN / Phone Web / VPN / Phone — Connectivity — VPN / Phone Web / VPN / Phone
Web / Email / Chat / Phone / PDAs / VPN
— Front Office I/Fs — — Enterprise Services —
— Data Repositories — Integrated Trading Data Warehouse 3rd Party Services Local Databases Local Back-Office Systems Exchanges ECNs
Data Providers, etc.
— 3rd Party System I/Fs —
3rd Party Broker Systems
Remote E-Brokers Web / VPN / Phone A/C Open Kiosks Branch Support VPN / Phone Order Mgmt Trading Web / VPN / Phone Marketing/SalesCountry Campaigns Settlement, Operations & Accounting Customer & “Street-Side” operations & accounting VPN / Phone VPN / Phone
Operations & Technology Support Vision
Technology support should support a vision that will guarantee a unique experience for e-Trading customers anywhere in the world.
Order Confirmation Local Office Staff Main Office Staff Order Routing Order Placement Local Office Staff M e s s a g e B r o k e r Internet Technology Order gets routed locally
From a Conceptual Technology
Vision to a Logical Infrastructure
33 Main Office Staff
(office / virtual) Office Customer Retail or Institutional Clients/Advisors Management Operations IT Online Trading Research Community/Chat Education Business Functions Users Win NT Win 98 IVR Office Intranet Internet PBX-Based Service Connectivity
Front Office Interfaces
Call Forwarding, Teleconferencing, etc.
Front Office Apps
Ft Off. & Web Apps Remote Access
Maintenance Apps MainOffice only
Web-Enabled Applications E-Trading Customer Interfaces Telephony-Based Services Web-Enabled Applications "Lights Out" Svcs
XML, SWIFT, FIX, Email, Fax
BSCH Gl ob al Com m uni ca tio n Net w ork (LANs & W A N) (E thern et, T C P /I P) Remote Office LANs
Web & Enterprise Integration Portal
Internet
Web Server Subnet
Relationship Commerce Application Server (distributed n-tier architecture) Enterprise Application Integration (EAI) Server
DataWarehouse-Driven Decision Processing Application Package Content Management System
Integrated Value Chain Support System
In-CountryTrading & Back Office Support Systems
Data Repositories Integrated Data Architecture Layer
(Aggregated & Detailed Data) Enterprise Services & Back Office Applications
Desktop Filesystems (BSCH LAO office(s))
Customer Information Database (Integrated Customer View)
In Memory Database Local Data
Replicas Third Party Data
Legacy Operational Data
Legacy Operational Systems Front Office Apps
Customer Profile User type Customer Activity Best Practice Info, Svc. Level KPIs Market Trends etc. Data Mining Clearing / Settlement Risk Management Financial Applications (Main and Country Offices)
Communication (Incoming Call Monitoring Agent) Business Intelligence (Customer Analysis, Supply Chain Planning) Customer Care Services (Call Center Support: Financial & Systems)
Personalization Interface Content Mgmt. Interface (Browsers, PDAs, WAPs)
Remote Training Interface
B u s i n e s s I n f o r m a t i o n W a r e h o u s e Customer Calls Handling
(ACD, Flex-Routing, Call Center Mgmt.) CSR Assisted Services (Product Support, Issue Resolution, Proactive Account Mgmt.) EmailFIX, XMLSWIFT,
Engines Fax
Internet-Based Services (XML/SWIFT/FIX, Email, Browser)
Collaborative Applications (Forums, etc.) Real Time Services (Financial Web Channels, Chat, TV Events, etc.) Collaborative Applications (Same as for BSCH Customer below)
Security
(Firewall / Proxy Server)
Internet Services
(web, ftp, email & news servers)
Voice/Data Integration Teleweb / Web Integration Services (Consolidated Messaging, Telephone-Based Web
Services, Video Conf., etc.)
Search Engine Transaction Service Messaging Service Analytical Applications
(Performance Reports, Performance Measurement Analysis, Trend Analysis and Forecasts, etc.)
DataWarehouse Information Template Document Mgmt. Image/Graphics
Mgmt. Video Server(future)
Process Automation & Dynamic Content Mgmt. Session/State Mgmt. Personalization Server Customer Care Services
(Cust. Service, Help Desk, Sales Automation, QA)
T1 , 64 K , e tc .
Financial Apps Logic
(e.g., order book mgmt.)
Site Development Svc.
(Updates Staging Server) Integrated Trading Data Warehouse Server
Metadata Repository OLAP & Staging Engines
O pera tional Da ta Stor e (d etai led b usi ness data ) Vi rtua l D ataCu be ( aggr egat ed b usi ness data for BI appl ic ati on s) M eta D ata R e posi to ry (via VPN)
Software / Global Content Monitoring / Backup PBX-Based Services Country Offices Staff (office / virtual) Branch Support Call Center Marketing/Sales IT Settlement, Operations & Accounting Country CEO Faxback IVR Telephony Svcs Win NT Win 98 Office Intranet
Front Office Apps
Ft Off. & Web Apps
"Lights Out" Services
Telephony Svcs
PDA/WAP Applications Win
98 Web Applications Financial Applications
(Market Facing Applications)
Internet Naming Service Data Integr. Service DataWarehouse Interface XML Parsing & Translation
Custody Management Corporate Actions Mgmt.
(Corporate Mail, etc.)
Research Mgmt. Legacy Integration Middleware
(straight through processing support software)
Trading & 3rd Party Interfaces
(local exchanges, OTC, ECNs)
Global order book data Global accounts data Global stock symbols
Research info indexes Time critical information Third party research
News etc. Content-Mgmt Repository XML-based presentation oriented publishing templates
Local order book data Local accounts data
etc. Regulatory Management
Order Fulfillment
(FI, Equity, Funds, Others)
Order Management & Accounting
Self Care Services (tutorials, online help)
Implemented
Unimplemented
Legend:
34 PBX-Based Service
Front Office Interfaces
Call Forwarding, Teleconferencing, etc.
Remote Access
Maintenance Apps
BSCH LAO Office only
Web-Enabled Applications E-Trading Customer Interfaces Telephony-Based Services Web-Enabled Applications "Lights Out" Svcs Web & Enterprise Integration Portal
Web Server Subnet
Relationship Commerce Application Server (distributed n-tier architecture) Enterprise Application Integration (EAI) Server
DataWarehouse-Driven Decision Processing Application Package Content Management System
Integrated Value Chain Support System
Trading & Back Office Support Systems Enterprise Services & Back Office Applications
Legacy Operational Systems Front Office Apps
Data Mining
Clearing / Settlement Risk Management
Financial Applications (Main and Country Offices)
Communication (Incoming Call Monitoring Agent) Business Intelligence (Customer Analysis, Supply Chain Planning) Customer Care Services (Call Center Support: Financial & Systems)
Personalization Interface Content Mgmt. Interface (Browsers, PDAs, W APs)
Remote Training Interface Customer Calls Handling (ACD, Flex-Routing, Call Center Mgmt.) CSR Assisted Services (Product Support, Issue Resolution, Proactive Account Mgmt.)
Email SWIFT,
FIX, XML Fax
Internet-Based Services (XML/SW IFT/FIX, Email, Browser)
Collaborative Applications (Forums, etc.) Real Time Services (Financial W eb Channels, Chat, TV Events, etc.) Collaborative Applications (Same as for BSCH Customer below)
Security
(Firewall / Proxy Server)
Internet Services
(web, ftp, email & news servers)
Voice/Data Integration Teleweb / Web Integration Services (Consolidated Messaging, Telephone-Based Web
Services, Video Conf., etc.)
Search Engine Transaction Service Messaging Service Analytical Applications
(Performance Reports, Performance Measurement Analysis, Trend Analysis and Forecasts, etc.)
DataWarehouse Information Template Document Mgmt. Image/Graphics
Mgmt. Video Server(future)
Process Automation & Dynamic Content Mgmt. Session/State Mgmt. Personalization Server Customer Care Services
(Cust. Service, Help Desk, Sales Automation, QA)
Financial Apps Logic
(e.g., order book mgmt.)
Site Development Svc.
(Updates Staging Server) Integrated Trading Data Warehouse Server
Metadata Repository OLAP & Staging Engines
Software / Global Content Monitoring / Backup
Financial Applications (Market Facing Applications)
Naming Service Data Integr.
Service
DataWarehouse Interface XML Parsing & Translation
Custody Management Corporate Actions Mgmt.
(Corporate Mail, etc.)
Research Mgmt. Legacy Integration Middleware
(straight through processing support software)
Trading & 3rd Party Interfaces
(local exchanges, OTC, ECNs)
Regulatory Management Order Fulfillment
(FI, Equity, Funds, Others)
Order Management & Accounting
Self Care Services Customer Relationship Mgmt Global eTrading, Account Mgmt, Order Mgmt, Portfolio Mgmt, Financial Planning, Financial Statements News & Information, Research, PDF-formatted reports and statements Localization and Customization Global eTrading Localization and Customization Community
Secure Online Transactions Voice/Data Integration
Account Mgmt, Order Mgmt, Portfolio Mgmt
System and Application Maintenance & Support
Community 24x7 Services Account Mgmt., Customer Relationship Mgmt Alerts Content Mgmt, Research, News & Information Alerts Education, Games 24x7 Services Business Applications Support Global eTrading Research, News & Information
News & Information Archives Content Mgmt
Secure Session & State
Mgmt. System and Application Maintenance & Support
Help, Tutorials, etc.
Architecture Enabled Capabilities
Architecture Scalability Features
• “Statelessness”
• Subject-based distributed queues (EAI) • Load distribution
• Fault-tolerance
– Notification: Primary/Secondary failover – Recovery
– Verification against state signature – True Hot Standby
36
Architecture Support for Fixed Income Market
Inventory
• Role-based market views
• Pre and post-trade workflow supported • All Fixed Income instruments supported
37
Architecture Support for Client Access
• Local, specialized user interfaces • API’s
• Internet access • Legacy order streams
38
Architecture Security Features
• Encryption standards: 128 bit RSA: RVDS • X.509 compliant certificates: TIBCA • Level 5 firewall architecture
Architecture Support for Legacy Order Stream
• Legacy messaging interfaces seen as a user of the system • Interoperates with existing users
From a Logical Infrastructure to
a Physical Solution
41
Custom Integration and/or Integrated Applications (SAP, Baan, Lotus Notes, PeopleSoft)
Security: Firewalls–Axent, Cybercop, Firewall-1 Encryption– Security Dynamics/RSA, Verisign Certificates– Entrust, GTE/Cybertrust, Thawte Verisign LDAP–Microsoft, Netscape Other– Netegrity/SiteMinder , Platinum/Security Personalization: Accipter, Andromedia, Aptex, ATG, BroadVison, DoubleClick, Engage, Netgravity, Net Perceptions, Vignette/StoryServer Community: Acuity/iChat, AT&T, Brightware, eshare, General Interactive, Lexis-Nexis, Lotus/Domino, Microsoft/NetMeeti ng, Netscape/Collabra, Podium, Revnet/UnityMail, Siebel, Vantive Content Management: ATG, BroadVsion, Documentum, FactPoint, FutureTense, H-P/OpenPix, Inso/Dynabase, Interwoven, Lotus Notes, Open Text, RealNetworks/Real Audio-Video, Vignette Catalog: Aspect, ATG, BroadVision, iCat, OpenMarket/LiveC ommerce, Saqquara Commerce:ATG, Atlantic Transaction Services, Ariba, BroadVision, ComerceOne, ConnectInc, CyberCash, ECCubed, H-P/VeriFone, IBM/net.commerce, InterWorld, Microsoft/SiteServe r Commerce Edition, MOAI, Netscape/*Xperts, Open Market/Transact, OpenSite, Sterling, Tradex,Tradiant, Tradium, TradingDynamics, Transpoint Information Access: ATG, BroadVision, CrossWorlds, Fulcrum, H-P/ChangeEngine, Inktomi, Microsoft/ SearchServer, Objectspace, Verity Inter-Enterprise: data exchange (XML/EDI): CardoNet, EpiCenter, Extricity, MBA, OnDisplay, Sterling, WebMethods
Web Application Frameworks–Allaire/ColdFusion, Apple/WebObjects, ATG/Dynamo, Bluestone/Sapphire Web, BroadVision, HAHT/HAHTSite, IBM/WebSphere,
Microsoft/Site Server (Enterprise Edition), NetObjects/Fusion, Pramati Technologies/Proton,
SilverStream, Vignette
Business Application Frameworks–CSC/M-Lynx, BEA WebLogic, Inprise, IONA/Orbix, Microsoft/MTS, Netscape Application Server, Oracle Application Server, Pervasive Software/Tango Enterprise,
Sun/NetDynamics
Database–Informix, MS-SQL, Oracle, Sybase
Systems Management–BMC/Patrol, HeadsUp, Hewlett-Packard/HPOpenView, Manage.com, Sun,
SystemHealth
Testing–RadView/WebLoad, RSW/e-test, LoadRunner, Usage Reporting–Andromedia, WebTrends,
WindDance NT/Intel - Compaq, Data General, Dell, GateWay,
H-P Network - ArrowPoint, 3Com, Cisco UNIX - Hewlett-Packard/HPUX, IBM/AIX, RedHat/Linix, Sparc/Solaris
Hosting - Digex, EMC, Exodus, GlobalCenter.com, GTE Internetworking, HostPro, MCI, Navisite, PSInet, UUnet
C o m pon en ts Applications Frameworks Platforms Systems Management Hardware/ Software Hosting
Typically read as Vendor/Product Name
42
Evaluation Criteria (1) Web Enabled Legacy
(2) Combined Vendor
Packages (3) Component Web
Speed to Business Long-Term Viability Cost of Ownership Alignment with Vision Business Risk Simplicity/Ease of Use Overall Rating Worst Good Best
Evaluating Alternatives
Physical Architecture (Example 1)
Markets
Client Interfaces - Office Component Manager Client Handler TI B /R V Firewall Database Server Application Server LA N ( dua l) LA N ( d ua l) Firewall Firewall Router Router Streaming Server (http) Streaming Server (https)
Firewall with IIOP
Tape Silo Veritas Network Backup (shared service)
CSC Management Firewall
CSC Systems & Network Management Environment
Intrusion Detection
Connects to all devices below
Security & Entitlements Srv Intrusion Detection Intrusion Detection TIC Cache Internet JPM Intranet Client Services Administrator System Admin HSRP S un E 220/S o lar is 2.6 nC ipher S S L ac ce le ra tor W ebs pher e: - H TTP s vr - s e rv le t engine - js p engine Alteon AC3 Sun E220/Solaris 2.6 Checkpoint Firewall-1 Stonebeat IONA Wonderwall S un E 220/S o la ris 2.6 C hec kpoi nt F ire w a ll-1 S tonebeat S un E 420/S o la ris 2.6 W ebs pher e MQ ser ies S un E 4500/S o lar is 2.6 5 0 G B D is k Ar ra y S ybas e 11.9.2 S un E 420/S o lar is 2.6 enC om m e rc e G e tA cc e ss 50G B D is k A rra y Execution Systems Market Systems Execution Systems Login, Authentication, Non-Repudiation Flowbiz RDS (Instrument data
and Dictionary Interface) Flowbiz Market Instrument Hub
(MIH) Foreign Exchange
Euro Fixed Income ECN's Exchanges Market & Price Data Third Pary Services (e.g. News)
Web-Enabled Applications Flowbiz Client & System Administration
Interfaces
Client Interfaces - Clients
Client Services Administrator Web-Enabled Applications Flowbiz Client Interface XML, SWIFT, FIX, Email, Fax Internet Based Services Personalization Interface Channels Interface Sun E420/Solaris 2.6 200GB raid5 Disk Array iPlanet Enterprise Svr Webtrends Admin/Reporting Server Load Balancers Web Server Servlets & JSP S un E 220/S o lar is 2.6 T IB C O S tream ing S vr nC ipher S S L ac ce le ra tor Intrusion Detection Sun E220/Solaris 2.6 Checkpoint Firewall-1 Stonebeat N F R F light R e co rd er Re m o te -1 N F R F light R e co rder Re m o te -1 Support Services XML Core Services Session/State/EOD Mgmt Process Automation Dynamic Content Mgmt Site Development Service
Financial Apps Logic
Blotter Price Order Message Broker Client & System Admin Entitlement & Security
Connectors
FX, Euro, FI, MIH, RDS(MQ)
Client Handler
Client Handler Servlets: - session handler - price request handler - profile handler - order handler - personalization handler - news handler - account handler - XML MOM/POP handler Client Workstation
44
Web Server Farm
Mainframe (OS 390) Mainframe System SCLV Exchange Custody Mainframe (OS 390) RETO Funds Broker (DEC Alpha) Institutional Funds Net Asset Values, Customer Info Orders Portfolio Mgmt Private Funds MQ Series SVB (Broker Dealer) Research Management Stratus Web Server (Sun E5500) MQ Series CGI Applications (trading, research, funds scoring, etc.)
SNA (LU0) HTML Templates Informix DB (session and user info) Web Browser
ACD, CDI, etc. Existing Web Solution Web Browser PDA Web Server (JWS) (Sun E6500) WAP Server (Sun E4500) Proposed Architecture Web Server Server Farm (data mining, content
mgmt, EAI) App Server Websphere (Sun E5500) Database Server Oracle (Sun E5500) Personalization Server (Sun E5500) Web Browser Branch Offices Servlets, EJBs, JSP Future Web Solution Call Center EAI Server (Sun E5500) E A I M e ssage Tr an sp or t Back office
Sample Fixed Income Architecture
DM
Z
Physical Architecture (Example 2)
45 In te rn et Screening Router O ut si de N et w or k P riv at e N et w or k Bastion Host Inside Bastion Host In te rn al Ne tw or k Proxy Server Firewall Web Server Local Director Local Director Web Server Firewall
Development Server Farm
EAI
Server DatabaseServer Application
Server Production Server Farm
EAI Server Application Server Database Server Staging & Contingency Server Admin Server Production Support Server Existing BSCH Systems
IBM Mainframe UNIX-based NT-based
DMZ
Physical Solution
Implementation Steps
Practic e A re asStages Discover Design Develop Deploy
Business System Development Management and Quality Business Modeling User Experience Content Development Application Architecture and Development
Technical Architecture and Development Testing Performance Engineering Program/Project Management Bloc ks
Development Methodology
48 Location Data Technology Organization Business Process Application • Implementation team • Training team
• Projects creation and update • Projects approval
• KPI creation
• Project information retrieval • System administration
• Data conversion • Supplied volume
data
• Hardware
• Standard system software • Reporting software • Ad-hoc spreadsheet functions • Security and performance
• Site navigation design • Site content design • Reusable components • Security workflow • Help
• Office hosting development
Identifying Domains of Change
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Requirements Analysis
Development is an iterative process, where for each subset of requirements,
components must be analyzed, designed, developed and deployed
Design Develop Deploy Design Develop Deploy Discover Discover Design Develop Deploy Discover Release 1 Release 2 Release 3 ...
Proposed Project Lifecycle
Conclusion
Feature Summary
• Ubiquitous Client Access • Pushes Status in Real-time
• Framework Inter-operates with Legacy • Support for Current and Emerging Standards • Scales in Capacity and Function
• Optimization of Integrated Services • Secure, Mission-Critical Infrastructure
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Addressing the Challenges
Existing legacy systems and newer ATS’s will still need to handle anticipated increases in trade volume implied by the development of STP.
Fixed Income securities can have complex structures. Trading systems can plug and play analytics to calculate various essential data.
There are many types of Fixed Income securities which trade in different ways. Standardized trading methodologies will need to be applied.
Security information repositories will need to be large enough to hold data
on millions of securities.
Present front-end interfaces are no more than client/server versions of legacy systems.
Back-office systems are antiquated. It may not be feasible to integrate them if they cannot support the new economy business.
The new Fixed Income market of tomorrow may require an Application Program Interface ( API ) to a single Fixed Income exchange.
