Juniper Networks’ CEO, CTO and others will be at NYSE this morning to ring the Opening Bell and hold an analyst and press meeting on the occasion of the company’s transfer to NYSE from Nasdaq and the 40th anniversary of the Internet.

I had no idea the Internet was turning 40. Should I have baked Al Gore a cake?

At 10:30 a.m. EDT, Juniper Networks’ management will host a global press and analyst meeting to discuss its vision for the “new network” that will propel enterprises and service providers over the next decade. CEO Kevin Johnson and Pradeep Sindhu, founder and chief technology officer, along with other executives will unveil several new breakthrough products and partnerships, following a brief welcome by NYSE Euronext CEO Duncan Niederauer.

A live webcast of the meeting will be available here.

If you don’t know Juniper, the company describes itself as follows:

From devices to data centers, from consumers to the cloud, Juniper Networks delivers innovative software, silicon and systems that transform the experience and economics of networking. The company serves more than 30,000 customers and partners worldwide, and earned more than $3 billion in revenue over the last year. Additional information can be found at www.juniper.net

On a completely unrelated note (and since when were you expected something related from me?), today also is the 80th anniversary of a real chiller in financial-market history. May today be a whole lot better:

Today in NYSE History
28 Oct. 1929 -– “Black Tuesday,” the most dramatic day of the 1929 Crash. The DJIA was off nearly 12 percent on volume of 16 million shares, a record that would stand for decades.

From Todd Wilemon:

Have you heard about Tracking Orders?

If you have been involved trading equities, you are probably familiar with this order type. A Tracking Order is a limit order that is not displayed and only activates to trade when certain specific conditions are met (we’ll talk about that in just a bit). Tracking Orders allow you to always trade on the NBBO or National Best Bid or Offer while also giving you the ability to choose the size of orders you will interact with and at a price range of your choosing.

Tracking Orders got their name because they track the NBBO. They will always trade at the NBBO price. Since they are also limit orders, you can set a maximum price or limit you would pay on a buy tracking order and set a minimum price or limit at which you would sell on a sell tracking order. Example: If the current National Best Bid (NBB) is 1.29 and a buy Tracking Order is then entered with a 1.35 limit, the tracking order will match the NBB of 1.29 and will follow the NBB as it moves up or down, up to the 1.35 Tracking Order limit.

Now, to discuss those conditions I mentioned in the first paragraph: Tracking Orders are eligible for execution only after all other interest has been exhausted at the NBBO price; they will execute only against contra orders that are about to route to an away exchange and only against a routable order that has a size equal to or less than the size of the tracking order. Example: if a Tracking Order is entered for 15 contracts and the routable quantity of a contra order is greater than 15, the contra order routes and will not interact with the Tracking Order. So although the order is not displayed or ranked in the book, the Tracking Order gives you control over price range and size you are willing to trade against.

I hope I have whetted your appetite to start using Tracking Orders. To quote Amy Farnstrom, Managing Director, Options, NYSE Euronext, “This is just another tool to keep in your options toolbox.” Options traders understand how options give you options.

With the advent of Distributive Linkage, if an incoming order exhausts the displayed size on our exchange but other exchanges are also at the limit of that order, we will route an ISO (Intermarket Sweep Order) to sweep those away markets. However, if an order is about to route but has a quantity that is less or equal to the size of the tracking order and is within the limit of the Tracking Order it will trade with the Tracking Order and not route out. It gives the user of the Tracking Order a last shot to fill incoming orders on our exchanges at the NBBO.

Tracking Orders have no standing with regard to open outcry trading since they are not displayed nor are they represented in the disseminated bid or offer size. They only have standing or eligibility to trade if contra interest in the NYSE Arca or Amex System would otherwise be routed to another market center at the NBBO. Quick example: NBBO market is 2.05 at 2.15. NYSE Arca is displaying a market of 2.00 at 2.15. A tracking order is in the system to buy 10 with a “top” limit price of 2.10 (currently tracking the NBBO price of 2.05). An order is received to sell 6 contracts at 2.05; this order will be matched against the Tracking Order and will trade at a price of 2.05 since that was the NBBO bid at the time. You are going to like this order type.

Another example with the same initial markets: NBBO is 2.05 at 2.15. NYSE Arca is 2 bid. We have the buy side tracking order with a limit price of 2.10 for 10 contracts. Another Tracking Order is received, 2.05 limit for 20 contracts. An order is entered into the system to sell 15 contracts at 2.05. This order is matched against the 2.05 bid tracking order because the 15 contracts are more than the amount of the first tracking order. The balance of the tracking order that was executed will not post to book or route out but will be canceled.

If a Tracking Order is executed but not exhausted, the remaining portion of the order will be cancelled. It will never route out to another exchange or market participant. Tracking Orders can not be contingent orders or market orders. Tracking Orders are identified by using OrdType (Tag 40) =2 and ExecInst (Tag18) =d.

If you have further question, your relationship manager is ready and willing to help.

Trade ‘em up!

TW

From Todd Wilemon: Have you heard about Tracking Orders?

If you have been trading equities, you are probably familiar with this order type. A Tracking Order is a limit order that is not displayed and activates to trade only when certain specific conditions are met (we’ll talk about that in just a bit). Tracking Orders allow you to always trade on the NBBO or National Best Bid or Offer while also giving you the ability to choose the size of orders you will interact with and at a price range of your choosing.

Tracking Orders got their name because they track the NBBO. They will always trade at the NBBO price. Since they are also limit orders, you can set a maximum price or limit you would pay on a buy Tracking Order and set a minimum price or limit at which you would sell on a sell Tracking Order. Example: If the current National Best Bid (NBB) is 1.29 and a buy Tracking Order is then entered with a 1.35 limit, the Tracking Order will match the NBB of 1.29 and will follow the NBB as it moves up or down, up to the 1.35 Tracking Order limit.

Now, to discuss those conditions I mentioned in the first paragraph: Tracking Orders are eligible for execution only after all other interest has been exhausted at the NBBO price; they will execute only against contra orders that are about to route to an away exchange and only against a routable order that has a size equal to or less than the size of the Tracking Order. Example: if a Tracking Order is entered for 15 contracts and the routable quantity of a contra order is greater than 15, the contra order routes and will not interact with the Tracking Order. So although the order is not displayed or ranked in the book, the Tracking Order gives you control over price range and size you are willing to trade against.

I hope I have whetted your appetite to start using Tracking Orders. To quote Amy Farnstrom, Managing Director, Options, NYSE Euronext, “This is just another tool to keep in your options toolbox.” Options traders understand how options give you options.

With the advent of Distributive Linkage, if an incoming order exhausts the displayed size on our exchange but other exchanges are also at the limit of that order, we will route an ISO (Intermarket Sweep Order) to sweep those away markets. However, if an order is about to route but has a quantity that is less than or equal to the size of the Tracking Order and is within the limit of the Tracking Order, it will trade with the Tracking Order and not route out. It gives the user of the Tracking Order a last shot to fill incoming orders on our exchanges at the NBBO.

Tracking Orders have no standing with regard to open outcry trading since they are not displayed, nor are they represented in the disseminated bid or offer size. They have standing or eligibility to trade only if contra interest in the NYSE Arca or Amex System would otherwise be routed to another market center at the NBBO. Quick example: NBBO market is 2.05 at 2.15. NYSE Arca is displaying a market of 2.00 at 2.15. A Tracking Order is in the system to buy 10 with a “top” limit price of 2.10 (currently tracking the NBBO price of 2.05). An order is received to sell 6 contracts at 2.05; this order will be matched against the Tracking Order and will trade at a price of 2.05 since that was the NBBO bid at the time. You are going to like this order type.

Another example with the same initial markets: NBBO is 2.05 at 2.15. NYSE Arca is 2 bid. We have the buy side Tracking Order with a limit price of 2.10 for 10 contracts. Another Tracking Order is received, 2.05 limit for 20 contracts. An order is entered into the system to sell 15 contracts at 2.05. This order is matched against the 2.05 bid Tracking Order because the 15 contracts are more than the amount of the first Tracking Order. The balance of the Tracking Order that was executed will not post to book or route out but will be canceled.

If a Tracking Order is executed but not exhausted, the remaining portion of the order will be cancelled. It will never route out to another exchange or market participant. Tracking Orders cannot be contingent orders or market orders. Tracking Orders are identified by using OrdType (Tag 40) =2 and ExecInst (Tag18) =d.

If you have further questions, your relationship manager is ready and willing to help.

Trade ‘em up!

TW

NYSE Euronext to provide more transparency for dark pools. Such a good idea, apparently, that Nasdaq announced something similar a day later.

Wall Street & Technology on how NYSE Euronext innovates at warp speed.

How have investors fared since the Crash of October 1987? Ask Floyd Norris.

NYSE Arca begins trading the Claymore/AlphaShares China All-Cap ETF (ticker: YAO).

Did you catch the “Trading in a Box” and data-fabric demo’s at the FIA show?

Your network — SFTI — can take you to the clouds. More bandwidth, too.

My latest rant about insider trading.

Dow 10,000 in Bill Radke’s brilliant rhyme (hat tip to Felix Salmon).

On a wistful note: I grew up watching White Fang, Black Tooth, lots of pies in the face, and doing the Mouse. As I remember it, it was a kids’ show that didn’t teach, didn’t preach, it was just funny as all get-out. Rest in peace, Soupy Sales.

Have a wacky weekend, for Soupy’s sake.

Today in NYSE History
23 Oct 1868 — The NYSE made membership a saleable property right. A seat on the Exchange was worth about $8,000 in 1868.

Today’s Wall Street Journal has a front-page article laying out some of the investigative puzzle pieces that led to authorities uncovering the alleged major insider-trading scheme involving Galleon Group. This particular passage was close to home here:

The tipper identified as Ms. Khan began cooperating with the government in November 2007, according to the government. The New York Stock Exchange picked up unusual trading in Advanced Micro Devices Inc. and Hilton shares on one of its internal monitoring systems and alerted federal authorities, according to a spokesman for the NYSE. It is unclear whether the SEC was already looking into the situation.

I’m glad such articles make the front page because of their deterrent value, but after reading amazingly similar-sounding cases over the course of my 21 years here, I think that for some people, greed and ignorance just win out in the end. They money sounds too good, and they thing they’re too smart to get caught.

I’m reminded of the scene in “Body Heat” where the ex-con played by Mickey Rourke schools the ne’er-do-well lawyer played by William Hurt on how to commit arson, and then leaves the lawyer with this warning:

I got a serious question for you: What the [expletive] are you doing? This is not [expletive] for you to be messin’ with. Are you ready to hear something? I want you to see if this sounds familiar: any time you try a decent crime, you got fifty ways you’re gonna [expletive] up. If you think of twenty-five of them, then you’re a genius… and you ain’t no genius.

It loses something without the expletives, but you get the picture. As long as there are stupid, greedy people, there will be stock cops on beat. As I wrote here earlier this year about a different insider-trading case in which NYSE Regulation uncovered helpful evidence:

So for those too lazy or ignorant to go to school on Ivan Boesky and Dennis Levine, the School of Hard Knocks is always open to new students. Your trading records? Available to regulators. Your access to advance, material, non-public information, or to others who have it? Available as well. Put them together with some investigative work, and you have an excellent chance of getting caught, even if you’re outside the securities industry…

It’s not every day that we bring you news datelined from a booth at a trade show, so I thought I’d share this:

NYSE Technologies Continues to Enhance SFTI Network
-Customers Enjoying More Destinations, More Capacity, Easier Access and Better Customer Service-

Oct. 21, 2009, Chicago, Futures & Options Expo, Booth #327 – NYSE Technologies, the commercial technology unit of NYSE Euronext (NYX) and operator of the global Secure Financial Transaction Infrastructure (SFTI®) network, announced that it is making significant enhancements to its SFTI® network [Helpful hint: it’s pronounced “safety.” — Ed.]. Top broker dealer matching facilities and new cloud services for financial institutions will be available over the SFTI network. In addition, the core bandwidth of the network will double, going from 10 to 20Gb. NYSE Technologies also has added remote access via the Internet and a new self service portal for SFTI network customers. Current SFTI® clients can register for free access to this support resource at http://www.nyxdata.com/connectivity.

“Financial services companies who want the industry’s best connectivity solutions are finding the SFTI® network to be a more attractive choice every day. We have a fast-growing business community here, used by more members than ever because of its combination of reach, reliability and speed,” said Ken Barnes, Vice President, Global Connectivity, NYSE Technologies. “A single path connects you to nearly every displayed market - not just the NYSE’s - in the US, and now to the top broker dealer execution facilities, and hosted order routing, market data and computer services as well. More importantly, we’ve made substantial improvements to our customer service operations which are resulting in faster implementations and more intelligent and responsive customer service. Although we’re far from done, we are proud of the results we have begun to deliver with this offering.”

The NYSE Technologies’ SFTI platform continues to be a leader in low-latency connectivity for U.S. trading markets and has aggressively expanded its presence in key trading markets in Europe and Asia. The SFTI network is NYSE Euronext’s highly resilient, ultra low-latency communications backbone created for the use of financial industry participants. It offers connectivity to multiple exchanges, market centers and financial services content providers, including all of the National Market System markets and over 1,300 market participants in the U.S. and others throughout Europe and Asia. The SFTI FIX protocol provides open, standards-based access for data and trading transactions. The SFTI network’s dynamic routing capabilities, supported by the OMS neutral FIX router, enable our members to interact with any destination on the SFTI network through the ease and simplicity of a single FIX connection.

NYSE Technologies will be hosting an informative webinar on Oct. 29 on these latest enhancements to the SFTI network. Please register for “SFTI® Americas: Connectivity Options for an Evolving Marketplace” at http://nysetechnologies.webex.com.

So hey (hey) you (you), get onto our cloud-accessing network. (Forgive me that, Mick and Keith.) Or at least stop by our booth at the show or check out our webinar.

Hope you’re having a wonderful Wednesday. A little hisotical trivia for you:

Today in NYSE History
21 Oct. 1931 — Great Britain abandoned the gold standard, prompting the closing of almost every important European stock exchange.

Also on this day (NYTimes.com): Edison invented the light bulb (in 1879; check out the Times article featuring the classic subheadline, “Conflicting Statements As To Its Utility.” Also, today is the birthday of Steve Cropper of Booker T and the MGs (happy 68th) and Whitey Ford (still looking good at Old Timers’ Days at 81!).

It’s not every day that we bring you news datelined from a booth at a trade show, so I thought I’d share this:

NYSE Technologies Continues to Enhance SFTI Network
-Customers Enjoying More Destinations, More Capacity, Easier Access and Better Customer Service-

Oct. 21, 2009, Chicago, Futures & Options Expo, Booth #327 – NYSE Technologies, the commercial technology unit of NYSE Euronext (NYX) and operator of the global Secure Financial Transaction Infrastructure (SFTI®) network, announced that it is making significant enhancements to its SFTI® network [Helpful hint: it’s pronounced “safety.” — Ed.]. Top broker dealer matching facilities and new cloud services for financial institutions will be available over the SFTI network. In addition, the core bandwidth of the network will double, going from 10 to 20Gb. NYSE Technologies also has added remote access via the Internet and a new self service portal for SFTI network customers. Current SFTI® clients can register for free access to this support resource at http://www.nyxdata.com/connectivity.

“Financial services companies who want the industry’s best connectivity solutions are finding the SFTI® network to be a more attractive choice every day. We have a fast-growing business community here, used by more members than ever because of its combination of reach, reliability and speed,” said Ken Barnes, Vice President, Global Connectivity, NYSE Technologies. “A single path connects you to nearly every displayed market - not just the NYSE’s - in the US, and now to the top broker dealer execution facilities, and hosted order routing, market data and computer services as well. More importantly, we’ve made substantial improvements to our customer service operations which are resulting in faster implementations and more intelligent and responsive customer service. Although we’re far from done, we are proud of the results we have begun to deliver with this offering.”

The NYSE Technologies’ SFTI platform continues to be a leader in low-latency connectivity for U.S. trading markets and has aggressively expanded its presence in key trading markets in Europe and Asia. The SFTI network is NYSE Euronext’s highly resilient, ultra low-latency communications backbone created for the use of financial industry participants. It offers connectivity to multiple exchanges, market centers and financial services content providers, including all of the National Market System markets and over 1,300 market participants in the U.S. and others throughout Europe and Asia. The SFTI FIX protocol provides open, standards-based access for data and trading transactions. The SFTI network’s dynamic routing capabilities, supported by the OMS neutral FIX router, enable our members to interact with any destination on the SFTI network through the ease and simplicity of a single FIX connection.

NYSE Technologies will be hosting an informative webinar on Oct. 29 on these latest enhancements to the SFTI network. Please register for “SFTI® Americas: Connectivity Options for an Evolving Marketplace” at http://nysetechnologies.webex.com.

So hey (hey) you (you), get onto our cloud-accessing network. (Forgive me that, Mick and Keith.) Or at least stop by our booth at the show or check out our webinar.

Hope you’re having a wonderful Wednesday. A little hisotical trivia for you:

Today in NYSE History
21 Oct. 1931 — Great Britain abandoned the gold standard, prompting the closing of almost every important European stock exchange.

Also on this day (NYTimes.com): Edison invented the light bulb (in 1879; check out the Times article featuring the classic subheadline, “Conflicting Statements As To Its Utility.” Also, today is the birthday of Steve Cropper of Booker T and the MGs (happy 68th) and Whitey Ford (still looking good at Old Timers’ Days at 81!).

From the press release we just issued:

NEW YORK, Oct. 20, 2009 – NYSE Euronext (NYX) announced that beginning next month, it will provide a means for participating broker-dealers’ alternative trading systems (ATSs) and off-exchange market centers to create transparency regarding volume and individual “dark pool” activity by allowing the firms to “print” trades on the FINRA/NYSE Trade Reporting Facility (TRF) and display the daily activity of each trading venue on NYSE.com.

“This is an example of NYSE Euronext and the industry working together to develop a positive solution to address the lack of understanding regarding the extent and nature of ‘dark pool’ trading, which has been a concern for regulators and legislators,” said Joseph Mecane, NYSE Euronext’s Executive Vice President and Chief Administrative Officer for U.S. Markets. “We believe this will bring requisite and appropriate sunlight to alternative trading systems and other sources of off-exchange liquidity, and also help standardize the way their trading volumes are reported.”

NYSE Euronext has been discussing the idea with a number of firms that operate ATSs and off-exchange trading venues, and Barclays Capital, GETCO, Goldman Sachs Execution & Clearing, L.P., Knight Equity Markets, L.P. and UBS Investment Bank have volunteered to begin reporting their respective venues’ activity to the FINRA/NYSE TRF in November 2009. Other firms have indicated an interest in NYSE Euronext’s transparency initiative and are establishing the necessary technology to begin participating in the program in the coming weeks.

“This initiative is an important step toward the standardization of trade volume reporting across ATS venues,” said Frank Troise, Head of Equities Electronic Product at Barclays Capital. “Industry participants will be able to make more informed order placement decisions and thereby improve their execution quality.”

“We need to maintain the right balance between vibrant public price discovery and individual execution preference,” said Jon Ross head of GETCO Execution Services. “This initiative is an important first step in collecting the data critical to analyzing and preserving that balance.”

“We’re looking forward to the launch of NYSE Euronext’s ATS -transparency initiative,” said Greg Tusar, Head of Electronic Trading in the Americas at Goldman Sachs. “By publishing trading volume on its website, NYSE Euronext has spearheaded an industry-driven solution which provides a public source for evaluating broker-dealer ATS volumes.”

“Knight is pleased to work with NYSE Euronext to increase transparency among off exchange liquidity providers through their FINRA/NYSE Trade Reporting Facility,” said Jamil Nazarali, Managing Director, Knight Equity Markets. “This new facility will enable market participants to better evaluate and compare competing pools of liquidity to make more informed routing decisions.”

Charlie Susi, Head of Direct Execution for the Americas at UBS Investment Bank, said, “The way the industry has advertised non-displayed volumes and crossing rates has been highly inconsistent – which makes it very difficult for clients to get a clear picture of liquidity. This initiative is something we’re pleased to see, because it will establish better objectivity and clarity. We encourage all of our peers to join us in participating.”

The daily trading activity volume published by the FINRA/NYSE TRF will be based on trades reported to the FINRA/NYSE TRF, which follow FINRA’s trade-reporting rules. Basing the published volume strictly on trade reports will address some of the problems associated with voluntary reporting by ATSs of their own volume, such as counting both sides of a trade, and counting trades that are routed by not executed. Trades reported to FINRA/NYSE TRF will be single-counted and matched-only. All ATS trades are currently reported to an industry TRF, which in turn drives the various “time and sales” market data feeds. This initiative attributes the volumes to the matching destination.

Each trade reporting facility provides a mechanism for the reporting of transactions effected otherwise than on an exchange. While each TRF is affiliated with a registered national securities exchange, each TRF is a FINRA facility and is subject to FINRA’s registration as a national securities association.

From the press release we just issued:

NEW YORK, Oct. 20, 2009 – NYSE Euronext (NYX) announced that beginning next month, it will provide a means for participating broker-dealers’ alternative trading systems (ATSs) and off-exchange market centers to create transparency regarding volume and individual “dark pool” activity by allowing the firms to “print” trades on the FINRA/NYSE Trade Reporting Facility (TRF) and display the daily activity of each trading venue on NYSE.com.

“This is an example of NYSE Euronext and the industry working together to develop a positive solution to address the lack of understanding regarding the extent and nature of ‘dark pool’ trading, which has been a concern for regulators and legislators,” said Joseph Mecane, NYSE Euronext’s Executive Vice President and Chief Administrative Officer for U.S. Markets. “We believe this will bring requisite and appropriate sunlight to alternative trading systems and other sources of off-exchange liquidity, and also help standardize the way their trading volumes are reported.”

NYSE Euronext has been discussing the idea with a number of firms that operate ATSs and off-exchange trading venues, and Barclays Capital, GETCO, Goldman Sachs Execution & Clearing, L.P., Knight Equity Markets, L.P. and UBS Investment Bank have volunteered to begin reporting their respective venues’ activity to the FINRA/NYSE TRF in November 2009. Other firms have indicated an interest in NYSE Euronext’s transparency initiative and are establishing the necessary technology to begin participating in the program in the coming weeks.

“This initiative is an important step toward the standardization of trade volume reporting across ATS venues,” said Frank Troise, Head of Equities Electronic Product at Barclays Capital. “Industry participants will be able to make more informed order placement decisions and thereby improve their execution quality.”

“We need to maintain the right balance between vibrant public price discovery and individual execution preference,” said Jon Ross head of GETCO Execution Services. “This initiative is an important first step in collecting the data critical to analyzing and preserving that balance.”

“We’re looking forward to the launch of NYSE Euronext’s ATS -transparency initiative,” said Greg Tusar, Head of Electronic Trading in the Americas at Goldman Sachs. “By publishing trading volume on its website, NYSE Euronext has spearheaded an industry-driven solution which provides a public source for evaluating broker-dealer ATS volumes.”

“Knight is pleased to work with NYSE Euronext to increase transparency among off exchange liquidity providers through their FINRA/NYSE Trade Reporting Facility,” said Jamil Nazarali, Managing Director, Knight Equity Markets. “This new facility will enable market participants to better evaluate and compare competing pools of liquidity to make more informed routing decisions.”

Charlie Susi, Head of Direct Execution for the Americas at UBS Investment Bank, said, “The way the industry has advertised non-displayed volumes and crossing rates has been highly inconsistent – which makes it very difficult for clients to get a clear picture of liquidity. This initiative is something we’re pleased to see, because it will establish better objectivity and clarity. We encourage all of our peers to join us in participating.”

The daily trading activity volume published by the FINRA/NYSE TRF will be based on trades reported to the FINRA/NYSE TRF, which follow FINRA’s trade-reporting rules. Basing the published volume strictly on trade reports will address some of the problems associated with voluntary reporting by ATSs of their own volume, such as counting both sides of a trade, and counting trades that are routed by not executed. Trades reported to FINRA/NYSE TRF will be single-counted and matched-only. All ATS trades are currently reported to an industry TRF, which in turn drives the various “time and sales” market data feeds. This initiative attributes the volumes to the matching destination.

Each trade reporting facility provides a mechanism for the reporting of transactions effected otherwise than on an exchange. While each TRF is affiliated with a registered national securities exchange, each TRF is a FINRA facility and is subject to FINRA’s registration as a national securities association.

From Feargal O’Sullivan, Managing Director, High Performance Messaging at NYSE Technologies:

As promised in my last blog entry, we are ready to show our “Trading-In-A-Box” demo again at the FIA Options Conference in Chicago this week, so if you are in the neighborhood we’d love to see you drop by and check it out. Here are the details:

FIA 25th Annual Futures & Options Expo (October 20-22)
Hilton Chicago, 720 South Michigan Avenue, Chicago
NYSE Technologies at ~ Booth #327 ~
http://www.futuresindustry.org/expo-2009.asp

This time around, Intel gave us an improved, beta-version of a Nehalem-EX server with 32-CPU Cores, and it’s getting us even closer to meeting that high-frequency trading nirvana I was talking about. Using NYSE Technologies Data Fabric Local Direct Memory (LDMA) Transport and a combination of Market Data Platform V5 and Universal feed handlers, we successfully got all North-American equities feeds and OPRA running on the one server. Then we added some mock algorithmic trading engines and two Market Access Gateways. We also re-jigged the display GUI to show the processor utilization better although this time Intel asked us to “hide” the latency results because they want to save the big news for the official launch in Q1 next year.

Finally, I would be totally remiss to not mention our 10Gigabit Ethernet demo too, so here’s where I mention it: We will also show a live demonstration of NYSE Technologies Data Fabric publishing between six servers over 10Gigabit Ethernet using Remote Direct Memory Access, and this time we added a TCP comparison test (remember, we support LDMA, RDMA, TCP, RV and LBM all transparently under the MAMA API). Intel’s NetEffect team helped set this one up and will be on hand to answer all your questions also. If you still had any doubt as to the performance penalty an application takes when relying on an IP-based middleware, then this is the demo for you.

So please, if you are anywhere near the Hilton Chicago, drop by the show and come and check out these two revolutionary demonstrations. Hope to see you there!

- Feargal

P.S. Contact your NYSE Technologies Sales Rep if you need a show pass!