Simple, vendor-neutral interface to market data

Business problem:

The proprietary interfaces of traditional market data systems--in addition to being vendor-specific--impose significant business costs and risks. API conventions, configuration, symbology, and data layouts can be unfamiliar and cumbersome for developers. These issues slow the time to market for new applications and increase the time spent on maintenance over the application lifecycle.

Faced with these challenges, many institutions create “wrapper” APIs that hide underlying access mechanisms behind an interface of the trading firm’s own making. But it is difficult to design an abstraction layer that is simple and efficient yet still exposes all the capabilities of the underlying APIs. In many cases, customer abstractions still leave applications largely coupled to underlying data sources. Some firms move the abstraction logic to a server, but this challenges them to write efficient infrastructure. Either way, the firm finds itself in the data plumbing business, supporting an internal “product” with a long lifecycle, a demanding user base, and an API known to very few people on the street. This is an ongoing expense that few trading firms consider strategic.

MetaFluent solutions:

MetaFluent has a distinct philosophy on abstraction. Its key tenets are:

- Use standards where possible
- Keep things simple for developers
- Give the customer control over data models
- Integrate with the enterprise
- Engineer to reduce operating costs

This philosophy is embodied in MetaFluent for RMDS and similar products in development. MetaFluent for RMDS provides high-performance pub/sub access to RMDS through pure Java and .NET implementations of the standard Java Message Service (JMS) API without requiring a third-party JMS server. Applications subscribe to one or more JMS Topics and receive images, updates, and status indications in an intuitive manner. Data are represented as ready-to-use JMS MapMessages. Even Reuters chains are easy to access via single Topic names, with no chain-walking required.

The MetaFluent architecture supports further abstraction by enabling different workgroups to simultaneously access the same data using different symbologies (e.g., CUSIP, street symbol). For a demonstration, please contact us.