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NYSE Technologies' Exchange Data PublisherSM (XDP) leverages best-of-breed technologies to provide a high performance solution for real-time market data dissemination for exchanges and other venues.
An ultra fast, flexible and reliable data dissemination solution is an essential part of any market data strategy. XDP addresses key technical trends such as the drive for minimal latency, increased throughput capacity and the efficient use of bandwidth.
XDP is currently being deployed by all members of the NYSE Euronext (NYX) group and is the standard market data dissemination component in NYSE Euronext's next generation Universal Trading Platform for all NYSE Euronext markets (Cash & European and US Derivatives). This work will result in the industry's most innovative, fast and reliable trading platform by connecting customers with to all NYSE Euronext marketplaces.
Overview
XDP is a highly flexible and modular solution with the key features required to acquire data from a range of internal systems, derive and add value in real time, ensure data is reliably and quickly disseminated and provide an operational framework to monitor and control the platform.
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Market Data Acquisition - providing the ability to plug into internal exchange systems or external market data sources and supporting data types across all asset classes.
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Value Add - derives information (e.g. top-of-book, consolidated trade/quote) and/or calculates statistical/value added information (e.g. high/low, VWAP).
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Market Data Dissemination - create, manage and disseminate data in product sets, ensuring delivery is fast and data is recoverable.
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Operations & Maintenance - an operational framework is provided for the real-time monitoring of platform status, statistics and events.
Features
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High Performance (support increasing throughput levels and ensure ultra low latency)
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Effective bandwidth management.
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Retransmission and Refresh functionality
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Data Enrichment Capabilities
Benefits
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Enable new revenue streams (easy productization and commercialization of market data)
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Increase Liquidity (high value and high performance direct market data feeds can help attract and keep clients)
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Adaptable and Scalable (support anticipated volume increases while keeping TCP low)
Solution Architecture
These features are realised in the flexible and modular design of the XDP with four main components: the Data Handlers, the Market Data Server (MDS), the Retransmission Server (RTS), and the Refresh Server (RFS).
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The Data Handlers acquire the data from the market data source(s) and normalise it, transmitting it to the MDS over the ultra low latency Data Fabric middleware.
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The MDS is the key data delivery component, it allows for the easy creation and distribution of different market data product sets over dedicated multicast channels.
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The RTS provides a retransmission facility to service clients who may have experienced gaps in the real-time market feed. It caches the state and depth of the market and is able to send a retransmission of specific data on request.
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The RFS provides a refresh (or snapshot) of the current market state. Again, caching the state and depth of the market, it is able to send these refreshes on request.
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