Market Data Works includes the following latency-specific functions:

• Monitor latency between points on the distribution infrastructure and from the exchange
• Audit latency to review latency over periods in the past
• Send alerts when latency limits are exceeded
• Chart latency

A key aspect of the solution is its low cost and ease of use, allowing users with minimal market data background to set up and monitor latency from their desktop.

"In today's markets, monitoring latency from the exchange and across your RMDS distribution infrastructure is critical to ensure that you are not trading behind the markets," says Howard Pein, Chief Executive Officer of CodeStreet.

"In addition, regulatory requirements demand that you be able to verify that your systems do not compromise execution quality as a result of excessive latency. These new features allow you to do this at a fraction of the cost of competing solutions."

Besides monitoring latency across RMDS, the solution now allows users to track the latency from the exchange to the monitored end point. In addition, users can audit latency so that they can go back in time to verify compliance or investigate issues. The software is wizard driven, and the user simply specifies the symbols of interest and the tool then provides the latency numbers over periodic intervals.

The latency monitoring and auditing facilities are part of the Market Data Metrics component within Market Data Works. Market Data Works is the first comprehensive suite of market data tools specifically designed to meet the critical requirements of those building systems that consume real-time market data. It addresses key issues facing developers, administrators and analysts, who work with real-time data in a world of low latency, exploding update rates, algorithmic trading and offshore development. As a suite, Market Data Works offers a range of tools for developers, business users and market data managers that include the following benefits and features:

• Provide 24x7 market data
• Dramatically reduce market data development costs and exchange fees
• Record and replay market data by simulating an RMDS platform
• Perform RMDS capacity planning exercises with repeatable stress tests
• Provide off-shore developers with easy access to market data
• Capture tick history in a database in real-time
• Synthesize arbitrary market data scenarios for replay
• View and audit market data
• Stress test applications with accelerated market data update rates
• Import and export market data to CSV
• Import Reuters tick history for replay
• Automate market data testing
• Drive MS Excel with synthesized market data scenarios

Market Data Works consists of three components:

Market Data Studio supports developers who need to create precise, repeatable market data scenarios for testing and development. It is particularly useful for offshore development because it can simulate an RMDS environment without feeds or RMDS components allowing for 24x7 development. Market Data Studio replicates users' own market data hubs, allowing them to control the data content and rate of updates flowing into their applications under test. It significantly reduces development costs by shortening time to market and extending developer efficiencies.

Market Data Metrics is the front end interface to a recording backbone that allows administrators and engineers to easily stress test, trouble-shoot, monitor latency, plan for capacity upgrades and provide real-time market data to developers in a timely and cost-efficient manner.

Market Data Warehouse supports business users who require historical, tick-by-tick and intervalized (bar) data in a relational database. Market Data Warehouse allows users to capture data within custom table formats, as well as pre-processing and filtering the data to be stored. It is the logical starting point for any project that requires market data to be stored for subsequent processing by a user or software application. By standardizing around Market Data Warehouse, a scalable, affordable and redundant solution exists out of the box that can be made operational in minutes.