g22 3033 011 c12 - nyu. · pdf filepage 1 application servers g22.3033-011 session 1 -...

Application ServersG22.3033-011

Session 1 - Sub-Topic 1Sample Enterprise Application Design

Dr. Jean-Claude Franchitti

New York UniversityComputer Science Department

Courant Institute of Mathematical Sciences

Best Practices in TechnicalArchitectures for Fixed IncomeMarket Participants

Dr. Jean-Claude Franchittie-Business Architectures Specialist

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

Observations of a Former Trader

4

Trading Environment Characteristics

Anonymity Liquidity Transparency

5

Brokers’ BrokerWere 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• Buy-side firms are not a part of the equation

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 anAnonymous environment.

7

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 DevelopmentMethodology

10

Architecture Vision

The eHub Securities Framework

PersonalBlotter and

Services

MessageHandlers

ExecutionEngines

ContinuousNet

SettlementSystems

LedgerOperations

InformationEngines

SecurityMaster

SystemBlotter and

ServicesBrowser/streaming interfaceDirect systems interfaces

Client Sites

Distributed Hubs

Processing Centers

Adapters, connectors,Message brokers, linkagesDistributed rules processors

Valuations andMarket data feeds

PriceSubscriptions

Personalization Rules

VerificationValidation

Rules Execution

Order and NOERules and Routing

ECN’s, ExchangesDirect Clients

Clearing and SettlementRules Execution

Portfolio, Trust, AssetLedger Rules

Risk, ForecastCRM, Budgets and Rules

Transfer Agency, Custody RulesAssets/Institutions/Prices

Portal andService Interfaces

OrderTrading and

ManagementServiceManager

PriceManager

11

Vision andObjectives

ProcessModel

SolutionArchitecture

Mapping Vision to Solution

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 diligenceconversations

• Develop general terms and conditions ofJV/partnership

• Document integration plan for all workstreams

• Strategic plan

Extraction of Capabilities

Refinements

Validation

Final Future State Model

– Future State IT Architecture Design

– Future State Business Process Design

Constraints

Iterative

FUTURE STATE REALIZATION PROCESS

Fulfilling the Objectives to Support the Vision

13

Architecture Design Methodology

Business Constraints

Application ModelContent Model

Web Interface

Data ModelLogical Data

PrinciplesAssumptions

Constraints

PresentationNavigation

Look and Feel

Business modelOrganization

Location

Process

Logical Application ModelExecution &

MarketSystems

EFIExecutionSystems

FXExecutionSystems

MarketSystems

Core Components

ServicesEvents

Externalization

Licensing

Messaging

Naming

Persistence

TransactionSecurity

Common Facilities

Backup /Recovery

Channels

ErrorHandling

XML POP

Help XML MOM

Monitoring

PerformanceTuning

Query / Search

Reporting

SystemAdmin

Domain SpecificClient API

EFI ExecutionInterface

FX ExecutionInterface

MarketInstrument

Reference data

Markets

Portalinterfaces

Client Handler

Client to Corecomponents

Handler

Global Front EndSystem

ClientInterface

Components

Technology Infrastructure ModelExecution &

MarketSystems

InstrumentRepository

ForeignExchange

MarketSystems

Euro FixedIncome

Core ComponentsClient Handler

Preferences andOperating

Constraints

Sun E

220/Solaris 2.6nC

ipher SS

L acceleratorW

ebsphere:- H

TTP svr

- servlet engine- jsp engine

Web ServerServlets & JSP

StreamingServer

(https & http)

Sun E

220/Solaris 2.6TIB

CO

Streaming Svr

nCipher S

SL accelerator

Global Front EndSystem

Client ServicesAdministrator

XML, SWIFT, FIX,Email, Fax

ClientWorkstation

System Admin& Support

Sun E420/Solaris 2.6200GB raid5 Disk ArrayiPlanet Enterprise SvrWebtrends

Admin/ReportingServer

Database Server

Sun E

4500/Solaris 2.6

50GB

Disk Array

Sybase 11.9.2

Security &Entitlements Srv

Sun E

420/Solaris 2.6enC

omm

erce GetA

ccess50G

B D

isk ArrayApplicationServer

Sun E

420/Solaris 2.6W

ebsphereM

Qseries

14

For every 1Mvisitors, 40%don’t returndue toincompletecontent; lostcost of theirlifetimevalue is$2.8M

$1.5M-$2.1Mwasted onsiteredesignsthat don’t fixthe rightproblem

Customer &Business Models

Infr

astr

uctu

reA

pplic

atio

n

AbstractConcrete

DomainIndependent

DomainDependent

Domain

ClientPreferences

Application

Patterns

Analy sis

Analy sis

Application Model- Data Model- Business Model- Content Model

Technical Solution Development

TechnicalSolution

Development

TechnicalSolution

Development

ArchitecturalSty les

DomainModels

Questions ?

Questions ?

Application:- Data- Business Logic- Content (Screens)

KITS

Frameworks

Concrete CostsInitial Costs

Abstract Costs

Concrete Costs

Phy sicalInf rastructure

LogicalInf rastructure

Conceptual

Inf rastructure

- NT/ UNIX- Broadv ision- SAP- Application Serv er - Transaction Processing

- Persistence- OSAAbstract

Costs

Technology& Softw are

Proposal End Point

TechnicalSolution

Dev elopment

Application Production(Approach/ Assembly /

Deliv ery )Domain Analy sis

CustomerInf ormationGathering

Cus

tom

er In

form

atio

n G

athe

ring

(Bus

ines

s, C

usto

mer

, Usa

bilit

y, P

refe

renc

es

Questions ?

InformationNot Specific

to Domain

Questi

ons ?

Taxon

omy

Domain Specific

Information

As information is collected, work effort,estimates and solution becomes concrete

Right to Left Thinking...

Architecture Development Map

15

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 andimplementation at all levels

Architecture Object Model• Application architecture model• Application infrastructure

– Application Framework• Technology infrastructure model

– Physical architecture instance(s)

16

Architecture Design Approach (continued)

Logical View Implementation View

Process View Deployment View

Use CaseView

Use CaseView

“4+1” Architecture View Model

17


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 OverviewEnterprise 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

19

Architecture Design Summary

Driving Forces:• Functional Requirements document• Internal design guidelines• Technology Preferences• Software Architecture = Elements + Patterns + Motivations• “4 + 1” View Model• Model View Controller (MVC) Concept

Fixed Income Business ProcessHierarchies 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 SolutionFixed Income Trading Process Map

Client

OTCMarket

SubmitsOrder

Validate Order atSales Desk

Valid

"Not a validorder"

NO

Route toTradingDesk

"Electronicpass

through"

Electronicsubmissionexecution

NonAutomatedExecution

No

MonitorExecution

ConfirmExecution(price Qty,

Etc.)RecordOrder

Updatecustomeraccount

yesFront/BackOffice

ElectronicExecution?

Yes

ClientClient Places Order ConfirmationMailed to the

customer

Sales Desk CallsClient

23

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

****

* **

***

Process Thread - does not currently exist

Legend:

Process Thread

Primary Process Group

Intermediate Group

* impacted by BSCHBroker solution

*

Sample Target Business Process Hierarchy

24

Resulting SolutionFixed Income Trading Process Map

Client

OTCMarket

Clientlogs in

"Personalized" Web Page

SubmitsOrder

Validate Order

Valid

"Not a validorder"

NO

Manual ReviewNeeded

YesIs this a product in yourinventory or available on

ECN.

No

Route toTradingDesk

Yes

Electronic TradingAvailable

NoYes

"Electronicpass

through"

Electronicsubmissionexecution

NonAutomatedExecution

No

MonitorExecution

E-mailConfirmation

ConfirmExecution(price Qty,

Etc..)

Updatecustomeraccount

"Real-timealert"

Is it Domesticyes

TriggerFXNo

FX Process

Front/BackOffice

ElectronicExecution?

Yes

*

ClientClient Callsin Order

Sales DeskContacts

Client RecordOrder

25

Typical Fixed Income Legacy Systems

System FunctionalityOrder Process OPICS Order routing system

Clearing/Settlement INDEVAL The central clearing system forMexican Securities

Custody OPICS Performs Custody role for retailfixed income products

System FunctionalityOrder 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 forArgentina fixed income products

A clearing vehicle for internationaltrades

A clearing vehicle for internationaltrades

Custody Rossi Performs Custody role for retailfixed income products

Fixed Income SolutionCapabilities Matrix

27

DriversTechnical Competitive Customer

Customization / PersonalizationCustomer Relationship ManagementEfficient cross- and inter-enterprise communicationFast, cost-efficient data links with partnersTrue integrationContinuously available hardware platform (24 x 7)FlexibilityGlobal portal (multi brand, multi channel)LocalizationOpen, extensible, flexible architectureGlobal eTrading business application supportBest-of-breed global e-trading solution Secure transactions Collaboration (online chat) Real-time quotes, financial news, research Online help and training Alerts Analytics (“what if” scenarios)

Capa

bilit

ies

Online operation (order status, billing & pricing,accounting, portfolio management, etc.)

Preliminary Capabilities Matrix

Deriving a ConceptualTechnology Vision

29

Security Personali-zation Community Content

Management Catalogs Commerce InformationAccess

Enterprise Application Frameworks /Servers

Other Application Frameworks /Servers

Hardware/Operating Software

Hosting Services

Systems Management

Application Suites

Bus

ines

sPr

oces

ses

Appl

icat

ion

Infra

stru

ctur

eO

pera

tions

Using an Architecture Framework

30Legend: VPN: Virtual Private Network I/Fs: Interfaces ECNs: Electronic Communication Networks

Integrated Integrated

Value ChainValue Chain

Support SystemSupport System

—Users— — Functions —

Customer SupportCustomer ProfilingAnalytics

CustomerRelationshipManagement

Country management

Online TradingResearchCommunity/ChatEducation

Central Office

FI E-TradingCustomers

Marketing/

Sales

GlobalFront-End

System

Web / IVR / Fax back

CountryOffices

Accounting

IT

Management

Call Center

IT

CountryCEO

Global Account Mgmt

AdministrationDevelopmentSupport

CEOVision & StrategyLegal

TechnicalSupport

RetailClients /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

ExchangesECNsData Providers, etc.

— 3rd Party System I/Fs—

3rd Party Broker SystemsRemote E-BrokersWeb / VPN / Phone

A/C OpenKiosks

BranchSupport VPN / Phone

Order MgmtTradingWeb / VPN / Phone

Marketing/Sales CountryCampaigns

Settlement,Operations &Accounting

Customer &“Street-Side”operations &accounting

VPN / Phone

VPN / Phone

Operations & Technology Support VisionTechnology support should support a vision that will guarantee a unique experience for

e-Trading customers anywhere in the world.

31

OrderConfirmation

LocalOffice Staff

MainOffice Staff

OrderRouting

OrderPlacement

LocalOffice Staff

RetailClient Internet

M

e

s

s

a

g

e

B

r

o

k

e

r

Internet

Technology

Legend: Global Front EndSystem

Integrated Value ChainSupport Systems

Local Back-OfficeSystem

Third PartyServices

Order getsroutedlocally

Sample Trading Process

From a Conceptual TechnologyVision to a Logical Infrastructure

33

Main Office Staff(office / virtual)

Office

Customer

Retail or InstitutionalClients/Advisors

ManagementOperationsIT

Online TradingResearchCommunity/ChatEducation

BusinessFunctions Users

WinNT

Win98

IVR

OfficeIntranet

Internet

PBX-Based Service

Connectivity

Front Office Interfaces

Call Forwarding,Teleconferencing, etc.

Front Office Apps

Ft Off. & Web Apps

Remote Access

Maintenance AppsMainOffice only

Web-EnabledApplications

E-Trading CustomerInterfaces

Telephony-BasedServices


"Lights Out" Svcs

XML, SWIFT, FIX, Email, Fax

BS

CH

Glo

bal C

omm

unic

atio

n N

etw

ork

(LA

Ns

& W

AN

)(E

ther

net,

TCP/

IP)

Remote OfficeLANs

Web & EnterpriseIntegration Portal

Internet

Web Server Subnet

Relationship Commerce Application Server(distributed n-tier architecture)

Enterprise ApplicationIntegration (EAI) Server

DataWarehouse-Driven Decision ProcessingApplication Package

Content Management System

Integrated Value ChainSupport System

In-CountryTrading & Back Office Support Systems

Data Repositories

Integrated Data Architecture Layer(Aggregated & Detailed Data)

Enterprise Services & Back Office Applications

DesktopFilesystems

(BSCH LAO office(s))

Customer Information Database(Integrated Customer View)

In Memory Database

Local DataReplicas

Third Party Data

Legacy Operational Data

Legacy Operational Systems

Front Office Apps

Customer ProfileUser type

Customer ActivityBest Practice Info,

Svc. Level KPIsMarket 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, W APs)

Remote Training Interface

Business

Information

Warehouse

Customer Calls Handling(ACD, Flex-Routing, Call Center Mgmt.)

CSR Assisted Services(Product Support, Issue Resolution, Proactive

Account Mgmt.)

EmailSWIFT,

FIX, XMLEngines

Fax

Internet-Based Services(XML/SW IFT/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 IntegrationTeleweb / W eb Integration Services

(Consolidated Messaging, Telephone-Based WebServices, Video Conf., etc.)

Search Engine

TransactionService

MessagingService

Analytical Applications(Performance Reports, Performance Measurement Analysis, Trend Analysis and Forecasts, etc.)

DataWarehouse Information Template

Document Mgmt. Image/GraphicsMgmt.

Video Server(future)

Process Automation &Dynamic Content Mgmt.

Session/State Mgmt.

Personalization Server Customer Care Services(Cust. Service, Help Desk, Sales Automation, QA)

T1, 6

4K, e

tc.

Financial Apps Logic(e.g., order book mgmt.)

Site Development Svc.(Updates Staging Server)

Integrated TradingData Warehouse

ServerMetadata Repository

OLAP & Staging Engines

Ope

ratio

nal D

ata

Sto

re (d

etai

led

busi

ness

dat

a)V

irtua

l Dat

aCub

e (a

ggre

gate

d bu

sine

ss d

ata

for B

I app

licat

ions

)M

etaD

ata

Rep

osito

ry

(via VPN)

Software / Global ContentMonitoring / Backup

PBX-Based Services

CountryOffices Staff

(office / virtual)

Branch SupportCall CenterMarketing/SalesITSettlement, Operations& AccountingCountry CEO

FaxbackIVR

Telephony Svcs

WinNT

Win98

OfficeIntranet

Front Office Apps

Ft Off. & Web Apps

"Lights Out" Services

Telephony Svcs

PDA/WAP Applications

Win98

Web Applications Financial Applications(Market Facing Applications)

Internet

NamingService

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 dataGlobal accounts dataGlobal stock symbols

Research info indexesTime critical information

Third party researchNewsetc.

Content-Mgmt Repository

XML-based presentationoriented publishing

templates

Local order book dataLocal accounts data

etc.

Regulatory Management

Order Fulfillment(FI, Equity, Funds, Others)

Order Management & Accounting

Self Care Services(tutorials, online help)

Implemented

Unimplemented

Legend:

Logical Architecture Diagram

34

PBX-Based Service

Front Office Interfaces

Call Forwarding,Teleconferencing, etc.

Remote Access

Maintenance AppsBSCH LAO Office only


E-Trading CustomerInterfaces

Telephony-BasedServices


"Lights Out" Svcs

Web & EnterpriseIntegration Portal

Web Server Subnet

Relationship Commerce Application Server(distributed n-tier architecture)

Enterprise ApplicationIntegration (EAI) Server

DataWarehouse-Driven Decision ProcessingApplication Package

Content Management System

Integrated Value ChainSupport 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 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 IntegrationTeleweb / Web Integration Services

(Consolidated Messaging, Telephone-Based WebServices, Video Conf., etc.)

Search Engine

TransactionService

MessagingService

Analytical Applications(Performance Reports, Performance Measurement Analysis, Trend Analysis and Forecasts, etc.)

DataWarehouse Information Template

Document Mgmt. Image/GraphicsMgmt.

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 TradingData Warehouse

ServerMetadata Repository

OLAP & Staging Engines

Software / Global ContentMonitoring / Backup

Financial Applications(Market Facing Applications)

NamingService

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 RelationshipMgmt

Global eTrading,Account Mgmt, OrderMgmt, Portfolio Mgmt,Financial Planning,Financial Statements

News & Information,Research, PDF-formatted reports andstatements

Localization andCustomization

Global eTrading

Localization andCustomization

Community

Secure Online TransactionsVoice/Data Integration

Account Mgmt, OrderMgmt, Portfolio Mgmt

System and ApplicationMaintenance & Support

Community

24x7 Services

Account Mgmt.,Customer RelationshipMgmt

Alerts

Content Mgmt,Research, News &Information

Alerts

Education, Games

24x7 Services

Business ApplicationsSupport

Global eTrading

Research, News &Information

News & InformationArchives

Content Mgmt

Secure Session & StateMgmt.

System and ApplicationMaintenance & Support

Help, Tutorials, etc.

Architecture Enabled Capabilities

35

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 MarketInventory• 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

39

Architecture Support for Legacy Order Stream• Legacy messaging interfaces seen as a user of the system• Interoperates with existing users• Can act as a bridge between deployed hubs

From a Logical Infrastructure toa 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 VerisignLDAP–Microsoft,

NetscapeOther–Netegrity/Site

Minder,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/NetMeeting,

Netscape/Collabra,Podium,

Revnet/UnityMail,Siebel, Vantive

ContentManagement:

ATG, BroadVsion,Documentum,

FactPoint,FutureTense, H-

P/OpenPix,Inso/Dynabase,

Interwoven, LotusNotes, 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 CommerceEdition, 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/SapphireWeb, BroadVision, HAHT/HAHTSite, IBM/WebSphere,

Microsoft/Site Server (Enterprise Edition),NetObjects/Fusion, Pramati Technologies/Proton,

SilverStream, Vignette

Business Application Frameworks–CSC/M-Lynx, BEAWebLogic, Inprise, IONA/Orbix, Microsoft/MTS,Netscape Application Server, Oracle ApplicationServer, 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

Com

pone

nts

Applications

FrameworksPlatforms

SystemsManagement

Hardware/Software

Hosting

Typically read as Vendor/Product Name

Considering Mainstream Tools

42

Evaluation Criteria(1) Web Enabled

Legacy

(2) CombinedVendor

Packages(3) Component

Web

Speed to Business

Long-Term Viability

Cost of Ownership

Alignment with Vision

Business Risk

Simplicity/Ease of Use

Overall Rating

WorstGoodBest

Evaluating Alternatives

43

Physical Architecture (Example 1)

Markets

Client Interfaces - Office

Component Manager

Client Handler

TIB/

RV

Firewall

Database Server

ApplicationServer

LAN

(dua

l)

LAN

(dua

l)

Firewall

Firewall

Router

Router

StreamingServer (http)

StreamingServer (https)

Firewall with IIOP

Tape SiloVeritas NetworkBackup (shared service)

CSC Management Firewall

CSC Systems & Network Management Environment

IntrusionDetection

Connects toall devices below

Security &Entitlements Srv

IntrusionDetection

Intrusion Detection

TIC Cache

Internet

JPM IntranetClient ServicesAdministrator

System Admin& Support

MarketData

HSRP

Sun E

220/Solaris 2.6nC

ipher SSL accelerator

Websphere:

- HTTP

svr- servlet engine- jsp engineAlteon AC3

Sun E220/Solaris 2.6Checkpoint Firewall-1StonebeatIONA Wonderwall

Sun E

220/Solaris 2.6C

heckpoint Firewall-1

Stonebeat

Sun E

420/Solaris 2.6W

ebsphereM

Qseries

Sun E

4500/Solaris 2.6

50GB D

isk Array

Sybase 11.9.2

Sun E

420/Solaris 2.6enC

omm

erce GetA

ccess50G

B Disk A

rray

Execution Systems

Market Systems

Execution Systems

Login, Authentication,Non-Repudiation

Flowbiz RDS (Instrument dataand Dictionary Interface)

Flowbiz Market Instrument Hub(MIH)

Foreign Exchange

Euro Fixed Income

ECN's

Exchanges

Market & Price Data

Third Pary Services (e.g. News)


Flowbiz Client &System

AdministrationInterfaces

Client Interfaces - Clients

Client ServicesAdministrator


Flowbiz ClientInterface

XML, SWIFT, FIX,Email, Fax

Internet BasedServices

PersonalizationInterface

Channels Interface

Sun E420/Solaris 2.6200GB raid5 Disk ArrayiPlanet Enterprise SvrWebtrends

Admin/ReportingServer

LoadBalancers

Web ServerServlets & JSP

Sun E

220/Solaris 2.6TIB

CO

Streaming S

vrnC

ipher SSL accelerator

Intrusion Detection

Sun E220/Solaris 2.6Checkpoint Firewall-1Stonebeat

NFR

Flight Recorder

Rem

ote-1N

FR Flight R

ecorderR

emote-1

Support ServicesXML Core Services

Session/State/EOD Mgmt

Process Automation

Dynamic Content Mgmt

Site Development Service

Financial Apps LogicBlotter

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

NFR Flight RecorderRemote-1

ClientWorkstation

44

Web Server Farm

Mainframe(OS 390)

MainframeSystem SCLV

Exchange

Custody

Mainframe(OS 390)

RETO

Funds Broker(DEC Alpha)

InstitutionalFunds

Net AssetValues, Customer

Info

Orders

Portfolio Mgmt

PrivateFunds

MQ Series

SVB (Broker Dealer)

ResearchManagement

Stratus

Web Server(Sun E5500)

MQ Series

CGI Applications(trading, research,funds scoring, etc.)

SNA (LU0)

��

HTML Templates

Informix DB(sessionand user

info)

Web Browser

ACD, CDI, etc.

Existing WebSolution

Web Browser

PDA

Web Server(JWS)

(Sun E6500)

WAP Server(Sun E4500)

ProposedArchitecture

Web Server

Server Farm(data mining, content

mgmt, EAI)

App ServerWebsphere(Sun E5500)

Database ServerOracle

(Sun E5500)

PersonalizationServer

(Sun E5500)

Web Browser

Branch Offices

Servlets,EJBs,JSP

Future WebSolution

Call Center

EAI Server(Sun E5500)

EAI M

essa

ge T

rans

port

Back office

Sample Fixed Income Architecture

��

DM

Z

Physical Architecture (Example 2)

45

��

Inte

rnet

Screening Router

Out

side

Net

wor

k

Priv

ate

Net

wor

k

Bastion HostInside

Bastion Host

Inte

rnal

Net

wor

k

Proxy Server

Firewall

Web Server

Local Director

Local Director

Web Server

Firewall

Development Server Farm

EAIServer

DatabaseServer

ApplicationServer

Production Server Farm

EAIServer

ApplicationServer

DatabaseServer

Staging &Contingency

Server

AdminServer

ProductionSupportServer

Existing BSCH Systems

IBM Mainframe UNIX-based NT-basedDMZ

Technology Infrastructure

Physical SolutionImplementation Steps

47

Prac

tice

Are

as

Stages Discover Design Develop Deploy

Business SystemDevelopment

Management andQuality

Business Modeling

User Experience

Content Development

Application Architecture and Development

Technical Architecture and Development

Testing

Performance Engineering

Program/Project Management

Configuration Management

Blo

cks

Development Methodology

48

Location

Data

Technology

Organization BusinessProcess

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

49

RequirementsAnalysis

RequirementsAnalysis

Development is an iterative process,where for each subset of requirements,

components must be analyzed,designed, developed and deployed

DesignDesign

DevelopDevelop

DeployDeploy

DesignDesign

DevelopDevelop

DeployDeploy

DiscoverDiscover

DiscoverDiscoverDesignDesign DevelopDevelop

DeployDeploy

DiscoverDiscoverRelease 1Release 1

Release 2Release 2

Release 3 ...Release 3 ...

Proposed Project Lifecycle

Adding Iterations

Conclusion

51

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

52

Addressing the ChallengesExisting legacy systems and newer ATS’s will still need to handleanticipated increases in trade volume implied by the development of STP.

✔ Fixed Income securities can have complex structures. Trading systems canplug and play analytics to calculate various essential data.

✔ There are many types of Fixed Income securities which trade in differentways. Standardized trading methodologies will need to be applied.

✔ Security information repositories will need to be large enough to hold dataon millions of securities.

✔ Present front-end interfaces are no more than client/server versions oflegacy systems.

✔ Back-office systems are antiquated. It may not be feasible to integrate themif they cannot support the new economy business.

✔ The new Fixed Income market of tomorrow may require an ApplicationProgram Interface ( API ) to a single Fixed Income exchange.

✔ T+1 must be incorporated into new technology.

g22 3033 011 c12 - nyu. · pdf filepage 1 application servers g22.3033-011 session 1 -...

Documents