NYSE Technologies Open Platfor: Increased Flexibility through Vendor Compatibility

NYSE Technologies champions a radical and challenging approach to trading infrastructure by allowing any market data, application or middleware vendor to integrate with our Open Platform to distribute content via the OpenMAMA and OpenMAMDA API’s on our ultra low latency Data Fabric middleware and other 3rd party technologies.

A core component of our Global Capital Markets Community strategy, the Open Platform delivers three key benefits to customers:

  • Premium data content and quality
  • Increased flexibility through vendor compatibility
  • Enhanced cost effectiveness

Continuing the recent blog posts focusing on these key themes and providing a little more depth on how they relate to our clients’ business, this post focuses on the third of those benefits; data content is here and cost effectiveness is here.

Until now, each data vendor’s products required mastery of unique, proprietary APIs and often addressed very narrow use cases. Closed and proprietary interfaces hamper integration and hinder migration and upgrades to products from new vendors. In addition, most institutions deploy multiple applications and middlewares in their ticker plants and throughout the enterprise, further increasing the cost and complexity of integration.

At NYSE Technologies, we recognised that the success of the Open Platform hinged on neutrality and adoption; it was for this reason that OpenMAMA was created and selected as its foundation. Since MAMA is currently deployed at over 120 financial firms globally, OpenMAMA takes MAMA from the de-facto standard messaging API for financial services to the open standard.

Aided by a fast growing community of industry peers, OpenMAMA is changing the technology landscape in financial services and how we do business. No single vendor can provide the optimal solution to every challenge, so we have enabled organisations to consolidate ‘best-of-breed’ solutions from any vendor alongside proprietary, in-house technologies to create a multi-vendor environment. Collaborating and standardising on OpenMAMA creates a neutral forum that facilitates the pooling of resources to develop non-differentiating technologies and means we have one API across multiple software applications, thereby not only lowering cost, but also reducing risk and enabling choice.

Furthermore, in collaboration with other industry leaders, NYSE Technologies are leading the development of an Open Standard Data Model. This represents an industry-standard normalisation model created by the capital markets community for the community. It will provide a standard language and structure for market data distribution, which does not mandate the technology, encoding format, or mechanisms by which the data may be distributed. Users will be able to secure data sets from disparate sources without having to interpret individual specifications, or make assumptions about the behaviour of data.

We also acknowledge that with the increasing number of data feeds flooding the marketplace, we may not be able to support every market our customers require. As a result we have released a Feed Handler SDK, enabling customers and other feed handler vendors, in partnership with NYSE Technologies, to be self-sufficient in servicing trading firms’ needs for unsupported markets.

In summary, through standardizing on an open platform firms have the ability to leverage OpenMAMA’s agnostic architecture to enable out-of-the-box integration with 3rd party vendors, including legacy consolidated data vendors and in house proprietary systems. By creating a flexible trading infrastructure and taking the friction out of leveraging new technologies, firms can build and maintain their trading infrastructure based on their business requirements rather than the potential pain of a migration to new technologies. In short the Open Platform creates a new landscape where technology partners are chosen by the value they add, allied to the firm’s business needs.

Click here for more information about NYSE Technologies Open Platform