Exegy and Neeve Research unveil market data platform

Source: Exegy

Exegy Inc., a leading provider of managed services and low-latency technology for market data normalization and distribution, and Neeve Research LLC, the provider of an industry-first, memory-oriented transaction processing platform for extreme enterprise applications, announced today the availability of Viper – a high-availability platform for latency-critical applications driven by real-time market data.

By tightly integrating the Exegy Client API (XCAPI) and the X Platform from Neeve Research, Viper abstracts applications from the complexities of delivering low-latency performance and ensuring mission-critical resiliency. The result is a greatly simplified environment for developers of applications for the financial front office such as Smart Order Routers (SORs), Order Management Systems (OMSs), and market making strategies. “Our goal is to enable the development of new memory-oriented applications in minutes, without compromising on performance, reliability or operational integrity,” says Neeve Research chief executive officer Girish Mutreja. Viper addresses the technical challenge of providing a no-compromise blend of resiliency, event delivery guarantees, extreme performance and synchronization between messages and market data that allows developers to focus exclusively on business logic. “Microsecond latencies, extreme throughput, zero data loss, always up – Viper takes care of that for you,” adds Mutreja.

Front office applications are increasingly multi-agent, memory-oriented, transactional, and latency sensitive. They consume events from multiple sources such as market data feeds and messages from other applications or agents. They perform work, update state information in memory, and produce messages. In order to be competitive and trustworthy, businesses require that these applications be fast and resilient. Market data must be delivered in a matter of microseconds and transactions must be reliably handed off among multiple agents just as quickly. If an application experiences a fault, a backup instance of the application must take over instantly and seamlessly. In-memory state must be synchronized, transactional decisions must be consistent, and no events can be lost in the process. “The key feature of Viper is providing synchronization guarantees between real-time market data and in-flight events without impacting application capacity or latency. Traditional high-availability platforms either provide high-throughput or low-latency or synchronization guarantees, but not all three,” says Exegy chief technology officer David Taylor.

Exegy and Neeve Research expect Viper to be attractive to market participants that have a zero downtime mandate for their electronic trading infrastructure. This includes market makers, broker dealers, and sell-side banks with agency execution businesses, as well as exchange and Alternative Trading System (ATS) operators that are subject to Regulation Systems Compliance and Integrity (Reg SCI). Both firms emphasize that Viper represents an integration of already proven products in the financial front office. “A major international sell-side bank is already using the X Platform to achieve the high-availability and extreme performance that their electronic trading infrastructure requires,” states Mutreja. “Resiliency and automated failover have been foundational features of Exegy products, ever since we introduced the first hardware-accelerated market data appliance to the market in 2006. Viper allows us to extend resiliency guarantees to the business logic driven by market data without compromising on the performance levels that have long been our calling card,” adds Taylor.

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