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FIXML at the New York Board of Trade

FIXML at the New York Board of Trade. Why FixML for Nybot?. Reduce disruptive software changes to clearing member interfaces Minimize and facilitate costly testing efforts XML accommodates more ‘natural’ representation of exotic products Ability to shield against evolving FixML standard.

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FIXML at the New York Board of Trade

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  1. FIXMLat theNew York Board of Trade

  2. Why FixML for Nybot? • Reduce disruptive software changes to clearing member interfaces • Minimize and facilitate costly testing efforts • XML accommodates more ‘natural’ representation of exotic products • Ability to shield against evolving FixML standard

  3. Nybot’s Technology Transformation • New technology is paving the way for FixML • Migrating from mainframe-centric Cobol applications to object-oriented technology • J2EE is new platform of choice • Building rich set of business objects offering a flexible design • Use of open standards • Moving away from rigid data structures for internal files and external interfaces

  4. Current Endeavors • New Clearing System - ECS

  5. ECS - Extensible Clearing System • Developed by OnExchange • Key component of Nybot’s straight-thru-processing (STP) initiative • Functionality for real-time processing

  6. ECS - Extensible Clearing System • Benefits include: • Real-time visibility to trade data • Real-time posting of positions with re-calculation of original margins • Streamline reporting of exercise / assignment results • Improved asset management • Automatic notification of events • Move towards common user interface for firm functions • Browser visibility will eliminate emulation software

  7. ECS Technology • Nybot will use IBM’s AIX Platform • WebLogic for application server • Oracle for database server • J2EE Platform • Flexible design offers ability to readily introduce a variety of product types • Able to leverage rich set of Java APIs for XML processing

  8. Current Endeavors • New Clearing System - ECS • Real-time transmission of post-trade data

  9. Real-time Data Transfer to Firms • Via ECS, foundation has been established for real-time transfer of post-trade data • Use of JMS - MQ bridge to satisfy preference for MQ Series • Real-time trade feed to clearing members: • Proprietary format (similar to TIPS intra-day) • One-way only • Currently available! (beta only) • Coming soon: • FixML format for trade feed • Ability to return trade confirmations

  10. Timeframes • ECS Clearing System in parallel starting May ‘04 • ECS runs in parallel 4-6 weeks • Real-time trade feed (in beta mode) available throughout parallel • ECS becomes ‘system of record’ in June • FixML version of trade feed by end of 2004

  11. Future FixML Efforts • FixML for: • Receipt of trade confirmations electronically • Adjustments to account information • Give-ups • Position reporting • Exercise instructions • PCS reporting

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