RUSSOFT » Success Stories » ITCI » Real Time Enablement of Fixed Income Market Data System

Project Title: Real Time Enablement of Fixed Income Market Data System

Client (Country):Major US rating agency providing market pricing/rating services

Duration, months:12

Total Effort, person/months:170

Total Views:7637

The Challenge

As a phase of strategic initiative, to architect, design and develop the intra-day system, which will contain market data information pertaining to fixed income instruments, such as municipal, corporate and government issued bonds. The new system should have the capability to accept and process any changes, updates to detailed fixed income description data for security master files, trading, risk analysis, clearance and settlement systems. It should function within the minimal process time allowed and at the moment these changes materialize.

The Solution

The primary business objective of the Intra-Day Project is to support the industry demand for real-time delivery of fixed income securities data. With the advent of new technologies and increased globalization of the securities industry there has been developed a need for decreased lead-time for securities settlement. The market regulators have required that fixed income securities settle within one business day of trade (T+1), which action is a precursor to the anticipated move to Straight Through Processing (STP) and same day settlement.

The intra-day fixed income project delivered a significant enhancement to the fixed income product line. Significant changes to the process that moves data from the warehouse database (Reference file hosted on an IBM3090, DB2) to the product delivery database (currently SQNT10, Oracle), were implemented. In addition, improvements to the workflow within the research group (responsible for data updates) were implemented. Overall system assures that reference and pricing data for key fixed income asset classes such as municipals, corporate and government bonds, are represented in a versatile, customizable and extensible manner. These changes further integrated the data supplied in the system feeds into the day-to-day operations of system subscribers, using web technologies.

The new system fully met business requirements and clients’ needs. Currently the system is handling multitude of securities and provides up-to-date, fast, customizable, flexible, extensible and scalable product delivery mechanisms and services, in a near-real time manner. It also has a capacity to respond quickly and efficiently to changes in industry. Its flexible design and low-cost addition and integration mechanism allows to build additional data types and asset classes to its repository and produce customized deliveries to subscribers.

Tools and Technologies

J2EE, XML/XSL, Tibco Messaging, Oracle, EMS

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