A popular topic at the event processing sessions in September at the Gartner event processing conference
was whether CEP would "break out" of established application areas, like algorithmic trading. Today StreamBase announced a deployment that marks an important milestone in the industry - broad IT and business application deployment - beyond point applications.
Specifically, ConvergEx has announced it has deployed StreamBase for market interaction monitoring, routing, trading operations analysis, credit risk correlation, system health monitoring and real-time analysis of market feeds for latency and response time. It provides these services BNY ConvergEx’s entire U.S. electronic trading infrastructure, which includes its dark liquidity pool VortEx.
CEP deployment for market interaction, routing, credit risk, and system health monitoring is a important milestone, and it shows that CEP is maturing to be a key element of the IT fabric.
StreamBase has always been known as the high-performance, multi-threaded engine with a focus on an SQL-oriented event processing metaphor. In my first 6 months at StreamBase, I've built an appreciation for what the StreamBase engineering team has done to make CEP truly enterprise class: visual debugging, unit testing, profiling, and CEP coding that doesn't rely on generated code. So I was thrilled when we announced in the release of StreamBase 6.0 - the industry's first CEP platform to deploy a visual debugger, profiler, and testing environment in June. StreamBase became the first CEP platform to deliver on a complete set of enterprise-class deployment features.
One of the elements Joe Weisbord from ConvergEx pointed out in his quote about this deployment was the speed with which his team developed algorithms that analyze the real-time trading operations at VortEx. This allows the ConvergEx trading operations to understand an ever-increasing set of conditions in their operations, including: “SMS me when any client order gets rejected over $50K”; “Why was my order canceled or rejected?”; “Which order did a reject come from?”; “Alert me when any order on ARCA crosses my maximum tolerance for latency”; “Warn me by email when 30 minute average latency is trending toward my maximum”; “Alert me when any client submits an order over $150K”; “Show me all orders rejected in the last 30 minutes and show me why?”
In the past several weeks, trading volumes have been going through the roof. Being able to manage market interaction, routing, trading operations, credit risk correlation, and system health is becoming increasingly critical with increased volatility. As BNY ConvergEx shows us, CEP is becoming the choice for leading trading houses to deploy mission critical controls on electronic trading.