Minimising latency, utilising direct feeds and algo-trading systems - Thursday, 23 October 2008

For many years market data platforms were concentrated on the desks of traders and brokers, primarily being used to display indicative prices to market participants. This world has evolved rapidly to the point where much of the traded volumes we see today are initiated and undertaken by computer systems using data derived directly from primary sources. This course section looks into the new technical innovations that form the low latency data distribution and processing environment.

09:00 Registration and coffee

09:30 Trading systems

— Traditional Trading Systems
— Electronic Trading Systems
— Algo Trading Systems

Dealer boards & voice technology

— Voice Broking and Order Taking in the 21st Century
— IP based Dealer boards & Voice Recording Systems
— Voice Recording of Corporate Mobile Phones

10:00 Future directions in dealing room technologies

— The impact of the drive for low Latency and increased
Capacity
— Networks, Messaging, Feeds, Platforms

Focus on Thomson Reuters

— Evolution of Core Network collection and distribution
infrastructures
— Platform and workstation product offerings
— RMDS, Direct Feeds, 3000xtra, Reuters Trading
— Future Directions

11:00 Morning break

11:15 Focus on Bloomberg

— Evolution of Core collection and distribution
infrastructures
— Product offerings
— The Bloomberg Professional, B-Pipe, Data Licence
— Future Directions

11:45 Other vendors – activfinancial, idc, etc

— Product offerings and Demonstrations

12:15 Data publishing & contributions - a primer

— Who contributes and why
— Contribution systems - a summary

13:00 Lunch

14:00 Systematic and low latency users of market data

— Typical requirements in an Investment Bank
— What really is latency

14:30 Low latency & direct exchange feeds

— Supplier offerings examined
— Issues around feed integration

15:15 Afternoon break

15:30 The event stream processing market and concepts

— Event Stream processing objectives
— A typical Event Stream trading system examined

16:30 The algo-trading market and concepts

— Market trends and asset class migration
— Objectives of Programme v Algo Trading
— A typical Algo trading system examined