Software Engineering G

Transcription

1 Page 1 Software Egieerig G Sessio 6 - Sub-Topic 2 Sample Eterprise Applicatio Desig Dr. Jea-Claude Frachitti New York Uiversity Computer Sciece Departmet Courat Istitute of Mathematical Scieces Best Practices i Techical Architectures for Fixed Icome Market Participats Dr. Jea-Claude Frachitti

2 Page 2 Presetatio Ageda Observatios of a Former Trader Fixed Icome Techical Architectures Architecture Developmet Methodology Fixed Icome Busiess Process Maps Fixed Icome Solutio Capabilities Matrix Derivig a Coceptual Techology Visio From the Coceptual Techology Visio to a Logical Ifrastructure From the Logical Ifrastructure to a Physical Solutio Physical Solutio Implemetatio Steps Coclusio 2 Observatios of a Former Trader

3 Page 3 Tradig Eviromet Characteristics Aoymity Liquidity Trasparecy 4 Brokers Broker Were They Efficiet? Huma factor Limited etwork of cotacts Largest firms cotrol the ivetory Regioal broker/dealers ot well serviced Difficult to uwid odd-lot positios Phatom trades Buy-side firms are ot a part of the equatio 5

4 Page 4 Where Are We Now? Automated Tradig Systems (ATS) Elimiates the Huma Factor Buy-side is ivolved More regioal bak ad foreig istitutio participatio Iteret A border-less eterprise All of which creates better Liquidity ad more Trasparecy i a Aoymous eviromet. 6 Six Drivers for Chage Istitutioal ad Retail customers Brick ad mortar sell-side istitutios Traditioal buy-side firms Broker s brokers Regulatory Etrepreeurs 7

5 Page 5 Challeges Existig legacy systems ad ewer ATS s will eed to hadle aticipated icreases i trade volume implied by the developmet of STP. Fixed Icome securities ca have complex structures. Tradig systems will eed to icorporate proper aalytics to calculate various essetial data. There are may types of Fixed Icome securities which trade i differet ways. Stadardized tradig methodologies will eed to be applied. Security iformatio repositories will eed to be large eough to hold data o millios of securities. Preset frot-ed iterfaces are o more tha cliet/server versios of legacy systems. Back-office systems are atiquated. It may ot be feasible to itegrate them if they caot support the ew ecoomy busiess. The ew Fixed Icome market of tomorrow may require a Applicatio Program Iterface (API) to a sigle Fixed Icome exchage. T+1 must be icorporated ito ew techology. 8 Architecture Developmet Methodology

6 Page 6 Cliet Sites Direct systems iterfaces System Blotter ad Services Architecture Visio Persoal Blotter ad Services Browser/streamig iterface Distributed Hubs Portal ad Service Iterfaces Message Hadlers Adapters, coectors, Message brokers, likages Distributed rules processors Order ad NOE Rules ad Routig Executio Egies Tradig ad Order Maagemet ECN s, Exchages Direct Cliets Verificatio Validatio Rules Executio Service Maager Price Subscriptios Persoalizatio Rules Price Maager Valuatios ad Market data feeds Processig Ceters Cotiuous Net Settlemet Systems Clearig ad Settlemet Rules Executio Ledger Operatios Portfolio, Trust, Asset Ledger Rules Iformatio Egies Security Master Risk, Forecast Trasfer Agecy, Custody Rules CRM, Budgets ad Rules Assets/Istitutios/Prices The ehub Securities Framework 10 Mappig Visio to Solutio Visio ad Objectives Process Model Solutio Architecture 11

7 Page 7 Fulfillig the Objectives to Support the Visio WORK STREAMS OUTPUT FUTURE STATE REALIZATION PROCESS Customer facig Iterviews Demographic research Extractio of Capabilities IT aalysis ad desig Busiess processes Curret IT state assessmet Architecture desig/collaboratio Curret busiess process assessmet Operatig model desig/ collaboratio Prelimiary Future State Model Prelimiary IT Architecture Desig Prelimiary Busiess Process Desig Competitive aalysis Regulatory aalysis Accoutig ad fiscal aalysis Regioal competitive assessmet (icludig Web site evaluatio) Demographic research Deal structure assessmet Regioal regulatory aalysis for operatig model Tax assessmet Global aalysis of tax implicatios for operatig model Refiemets Costraits Iterative Busiess case Documetatio of reveue ad cost driver Fiacial model developmet Validatio JV ad partership aalysis Documet fidigs from due diligece coversatios Develop geeral terms ad coditios of JV/partership Fial Future State Model Future State IT Architecture Desig Go-to-market strategy Documet itegratio pla for all work streams Strategic pla Future State Busiess Process Desig 12 Architecture Desig Methodology Applicatio Model Busiess model Data Model Cotet Model Orgaizatio Locatio Process Logical Data Priciples Assumptios Costraits Web Iterface Presetatio Navigatio Look ad Feel Busiess Costraits Logical Applicatio Model Global Frot Ed System Cliet Hadler Core Compoets Services Evets Persistece Messagig Exteralizatio Domai Specific Cliet API EFI Executio Iterface Executio & Market Systems EFI Executio Systems Cliet Iterface Compoets Cliet to Core compoets Hadler Licesig Reportig Namig Security Commo Facilities XML POP Moitorig Trasactio Chaels FX Executio Iterface Market Istrumet Referece data FX Executio Systems Market Systems Error Hadlig Backup / Recovery Performace Tuig System Admi Markets Help XML MOM Query / Search Portal iterfaces Prefereces ad Operatig Costraits Techology Ifrastructure Model Global Frot Ed System Cliet Workstatio Cliet Services Admiistrator XML, SWIFT, FIX, , Fax System Admi & Support Cliet Hadler Web Servlets & JSP Streamig (https & http) Su E220/Solaris 2.6 Cipher SSL accelerator Websphere: - HTTP svr - servlet egie - jsp egie Su E220/Solaris 2.6 TIBCO Streamig Svr Cipher SSL accelerator Su E420/Solaris 2.6 Websphere MQseries Applicatio Database Su E4500/Solaris GB Disk Array Sybase Core Compoets Security & Etitlemets Srv Admi/Reportig Su E420/Solaris 2.6 ecommerce GetAccess 50GB Disk Array Su E420/Solaris GB raid5 Disk Array iplaet Eterprise Svr Webtreds Executio & Market Systems Istrumet Repository Foreig Exchage Euro Fixed Icome Market Systems 13

8 Page 8 Right to Left Thikig... Architecture Developmet Map Domai Idepedet As iformatio is collected, work effort, estimates ad solutio becomes cocrete Cliet Prefereces Ifrastructure Techology & Software Cocrete Costs Frameworks - Wi XP/ UNIX -Broadvisio - SAP - Applicatio Physical Ifrastructure Techical Solutio Developmet Questios? Logical Ifrastructure Abstract Costs Coceptual Ifrastructure Aalysis Architectural Styles - Trasactio Processig - Persistece -OSA Iformatio Not Specific to Domai Questios? Customer Iformatio Gatherig (Busiess, Customer, Usability, Prefereces Domai Applicatio Domai Depedet Applicatio For every 1M visitors, 40% do t retur due to KITS icomplete Cocrete Costs cotet; lost cost of their lifetime value is $2.8M Techical Solutio Developmet Cocrete Applicatio Productio (Approach/ Assembly/ Delivery) Applicatio: -Data - Busiess Logic - Cotet (Screes) Proposal Ed Poit Techical Solutio Developmet Patters Questios? Techical Solutio Developmet Abstract Costs Applicatio Model - Data Model - Busiess Model - Cotet Model Domai Aalysis $1.5M-$2.1M wasted o Aalysis site Domai redesigs Models that do t fix Iitial Costs the right problem Abstract Customer Iformatio Gatherig Questios? Taxoomy Domai Specific Iformatio Customer & Busiess Models 14 Architecture Desig Approach Object-Orieted Aalysis ad Desig UML models ad diagrams Desig Assumptios Architectural capabilities are based o a limited set of busiess ad techical requiremets Simplicity, elegace, itelligibility, well-defied levels of abstractio, ad clear separatio betwee iterface ad implemetatio at all levels Architecture Object Model Applicatio architecture model Applicatio ifrastructure Applicatio Framework Techology ifrastructure model Physical architecture istace(s) 15

9 Page 9 Architecture Desig Approach (cotiued) Logical View Implemetatio View Use Case Use Case View Process View Deploymet View 4+1 Architecture View Model Architecture View Model 4+1 Architecture View Model Describes the Architectural Visio Model helps represet the various costraits o the architecture Provides multiple perspectives to represet the system Logical view Static ad dyamic aspects Implemetatio view Orgaizatio of modules withi the developmet eviromet Process view Decompositio i terms of executio flows, ad flow sychroizatio Deploymet view Describes hardware resources ad associated software deploymet Use case view Motivates ad justifies the architectural choices (i.e., the glue ) 17

10 Page 10 Applicatio Architecture Overview Eterprise Applicatio Suite Chaels Web Portal Web Iterface Web View Web Cotroller Eterprise Services Applicatio Eterprise Services Busiess Cotroller Cliet Iterface Cliet Hadler Compoet Maager Busiess Object Model Ifrastructure Services Commo Facilities Domai Specific Facilities 18 Architecture Desig Summary Drivig Forces: Fuctioal Requiremets documet Iteral desig guidelies Techology Prefereces Software Architecture = Elemets + Patters + Motivatios View Model Model View Cotroller (MVC) Cocept 19

11 Page 11 Fixed Icome Busiess Process Hierarchies ad Maps Geeric Tradig Busiess Model Brokerage Sales / Marketig Order Room Purchase & Sales New Accouts Stock Record Customer Acquisitio Place Orders Clearig & Settlemet Ope Accouts Accout Numberig Product Determiatio Recocilemet Customer Cofirmatio Accout Maiteace Audit Product Promotio Cofirm GTC Orders Bookig Security Movemets Campaig Strategy Orgaize Pedig Orders Figuratio Recordig Margi Accoutig Proxy & Capital Reorg Cash / Securities Ivetory Divided Accout Maiteace Bookkeepig Proxy Votig Receive & Deliver Cash Divideds Sales Support Daily Cash Record Aual Reports, etc. Bak Loa Stock Splits Clear Issuace of Checks Adjusted Trial Balace Vaultig Due Bills Items Due Profit & Loss Statemet Stock Loa/Borrow Bod Iterest Extesios Trial Balace Trasfer Close Outs Establish Accouts Reorgaizatio Delivery of Securities Leged: Primary Process Group Itermediate Group Process Thread Process Thread - does ot curretly exist 21

12 Page 12 Average Preset Day Solutio Fixed Icome Tradig Process Map Cliet Cliet Places Order Cliet Cofirmatio Mailed to the customer Submits Order "Not a valid order" Sales Desk Calls Cliet Validate Order at Sales Desk NO Update customer accout Frot/Back Office Valid yes Record Order Route to Tradig Desk Cofirm Executio (price Qty, Etc.) "Electroic pass through" Electroic Executio? Moitor Executio Yes No OTC Market Electroic submissio executio No Automated Executio 22 Sample Target Busiess Process Hierarchy Brokerage * * * * Sales / Marketig Customer Acquisitio Product Determiatio Product Promotio Campaig Strategy Order Room Purchase & Sales New Accouts Stock Record * * Place Orders Clearig & Settlemet Ope Accouts Accout Numberig * * Recocilemet Customer Cofirmatio Accout Maiteace Audit * * Cofirm GTC Orders Bookig Security Movemets Orgaize Pedig Orders Figuratio Recordig Margi Accout Maiteace Sales Support * Accoutig Proxy & Capital Reorg Cash / Securities Ivetory Divided Bookkeepig Proxy Votig Receive & Deliver Cash Divideds Daily Cash Record Aual Reports, etc. Bak Loa Stock Splits Clear Issuace of Checks Adjusted Trial Balace Vaultig Due Bills Items Due Profit & Loss Statemet Stock Loa/Borrow Bod Iterest Extesios Trial Balace Trasfer Close Outs Establish Accouts Reorgaizatio Delivery of Securities Leged: Primary Process Group Itermediate Group Process Thread Process Thread - does ot curretly exist impacted by BSCHBroker solutio * 23

13 Page 13 Resultig Solutio Fixed Icome Tradig Process Map Cliet Cliet logs i Cliet Calls i Order Cliet "Persoalized " Web Page Submits Order "Not a valid order" "Real-time alert" Sales Desk Cotacts Cliet Validate Order * NO Record Order No Maual Review Needed Yes Update customer accout Frot/Back Office Valid yes Is it Domestic No Yes Trigger FX Is this a product i your ivetory or available o ECN. Yes Electroic Tradig Available No Route to Tradig Desk Cofirm Executio (price Qty, Etc..) Cofirmatio FX Process "Electroic pass through" Electroic Executio? Moitor Executio Yes No OTC Market Electroic submissio executio No Automated Executio 24 Typical Fixed Icome Legacy Systems Order Process Clearig/Settlemet System Rossi (OPICS) S.A.M. SIOPEL CRYL EUROCLEAR CEDEL Fuctioality Used for accoutig purposes Order routig system System that shows the market The cetral clearig system for Argetia fixed icome products A clearig vehicle for iteratioal trades A clearig vehicle for iteratioal trades Custody Rossi Performs Custody role for retail fixed icome products System Fuctioality Order Process OPICS Order routig system Clearig/Settlemet INDEVAL The cetral clearig system for Mexica Securities Custody OPICS Performs Custody role for retail fixed icome products 25

14 Page 14 Fixed Icome Solutio Capabilities Matrix Prelimiary Capabilities Matrix Capabilities Drivers Techical Competitive Customer Customizatio / Persoalizatio Customer Relatioship Maagemet Efficiet cross- ad iter-eterprise commuicatio Fast, cost-efficiet data liks with parters True itegratio Cotiuously available hardware platform (24 x 7) Flexibility Global portal (multi brad, multi chael) Localizatio Ope, extesible, flexible architecture Global etradig busiess applicatio support Best-of-breed global e-tradig solutio Secure trasactios Collaboratio (olie chat) Real-time quotes, fiacial ews, research Olie help ad traiig Alerts Aalytics ( what if scearios) Olie operatio (order status, billig & pricig, accoutig, portfolio maagemet, etc.) 27

15 Page 15 Derivig a Coceptual Techology Visio Usig a Architecture Framework Busiess Processes Applicatio Suites Applicatio Ifrastructure Security Persoalizatio Commuity Cotet Maagemet Catalogs Eterprise Applicatio Frameworks /s Other Applicatio Frameworks /s Commerce Iformatio Access Operatios Systems Maagemet Hardware/Operatig Software Hostig Services 29

16 Page 16 Operatios & Techology Support Visio Techology support should support a visio that will guaratee a uique experiece for e-tradig customers aywhere i the world. Cetral Office Coutry Offices FI E-Tradig Customers Leged: Users Fuctios Coectivity Frot Office I/Fs Eterprise Services Maagemet CEO Visio & Strategy Web / VPN / Phoe Legal Tradig Order Mgmt Accoutig Web / VPN / Phoe Global Accout Mgmt Global Frot- Itegrated Value Chai Web / VPN / Phoe Ed Marketig/ Customer Support System Support System Sales Customer Profilig Web / VPN / Aalytics Phoe Admiistratio IT Developmet Brach Support Call Ceter Marketig/Sales IT Settlemet, Operatios & Accoutig Coutry CEO Retail Cliets / Advisors Support A/C Ope Kiosks Customer Relatioship Maagemet Coutry Campaigs Olie Tradig Research Commuity/Chat Educatio Web / VPN / Phoe VPN / Phoe Web / IVR / Fax back Web / VPN / Phoe Techical Support VPN / Phoe Customer & Street-Side operatios & VPN / Phoe accoutig Coutry maagemet VPN / Phoe Web / / Chat / Phoe / PDAs / VPN VPN: Virtual Private Network I/Fs: Iterfaces ECNs: Electroic Commuicatio Networks Local Back-Office Systems 3rd Party Services 3rd Party System I/Fs 3rd Party Broker Systems Remote E-Brokers Data Repositories Itegrated Tradig Data Warehouse Local Databases Exchages ECNs Data Providers, etc. 30 Sample Tradig Process Techology M e Order gets routed locally Local Office Staff Mai Office Staff Order Routig Order Cofirmatio s s a g e B r Iteret Local Office Staff Order Placemet o k e r Retail Cliet Iteret Leged: Global Frot Ed System Itegrated Value Chai Support Systems Local Back-Office System Third Party Services 31

17 IVR Wi NT Wi 98 Faxback Wi NT Wi 98 IVR Wi 98 (Mai ad Coutry Offices) (Icomig Call Moitorig Aget) (Call Ceter Support: Fiacial & Systems) (Same as for BSCH Customer below) (ACD, Flex-Routig, Call Ceter Mgmt.) Accout Mgmt.) (Market Facig Applicatios) (XML/SWIFT/FIX, , Browser) (Browsers, PDAs, WAPs) (tutorials, olie help) (Forums, etc.) Teleweb / Web Itegratio Services (Cosolidated Messagig, Telephoe-Based Web Services, Video Cof., etc.) Page 17 (web, ftp, & ews servers) (Firewall / Proxy ) (Cust. Service, Help Desk, Sales Automatio, QA) (e.g., order book mgmt.) (Updates Stagig ) (future) (Performace Reports, Performace Measuremet Aalysis, Tred Aalysis ad Forecasts, etc.) (FI, Equity, Fuds, Others) (straight through processig support software) (local exchages, OTC, ECNs) (Corporate Mail, etc.) From a Coceptual Techology Visio to a Logical Ifrastructure Logical Architecture Diagram Busiess Fuctios Users Coectivity Web & Eterprise Itegratio Portal Eterprise Services & Back Office Applicatios Itegrated Data Architecture Layer (Aggregated & Detailed Data) Office Frot Office Iterfaces Itegrated Value Chai Support System Data Repositories PBX-Based Service Web Subet PBX-Based Services Call Forwardig, Telecoferecig, etc. Iteret Iteret Services Search Egie Security Desktop Filesystems (BSCH LAO office(s)) Maagemet Operatios IT Mai Office Staff (office / virtual) Brach Support Call Ceter Marketig/Sales IT Settlemet, Operatios & Accoutig Coutry CEO Coutry Offices Staff (office / virtual) XML, SWIFT, FIX, , Fax Customer Olie Tradig Research Commuity/Chat Educatio Retail or Istitutioal Cliets/Advisors Frot Office Apps Office Itraet Ft Off. & Web Apps (via VPN) Telephoy Svcs Frot Office Apps Office Itraet Ft Off. & Web Apps "Lights Out" Services Telephoy Svcs Web Applicatios Iteret Remote Access Frot Office Apps Fiacial Applicatios Maiteace Apps MaiOffice oly Data Miig Software / Global Cotet Moitorig / Backup Web-Eabled Applicatios Commuicatio Busiess Itelligece (Customer Aalysis, Supply Chai Plaig) Customer Care Services Collaborative Applicatios "Lights Out" Svcs SWIFT, FIX, XML Fax Egies E-Tradig Customer Iterfaces Telephoy-Based Services Customer Calls Hadlig CSR Assisted Services (Product Support, Issue Resolutio, Proactive Web-Eabled Applicatios Fiacial Applicatios Iteret-Based Services Persoalizatio Iterface Cotet Mgmt. Iterface Self Care Services Remote Traiig Iterface T1, 64K, etc. BSCH Global Commuicatio Network (LANs & WAN) (Etheret, TCP/IP) Remote Office LANs Eterprise Applicatio Itegrated Tradig Itegratio (EAI) Data Warehouse XML Parsig & Traslatio Trasactio Namig Service Service Metadata Repository Messagig Data Itegr. Service Service OLAP & Stagig Egies Relatioship Commerce Applicatio (distributed -tier architecture) Persoalizatio Process Automatio & Dyamic Cotet Mgmt. Sessio/State Mgmt. Cotet Maagemet System Image/Graphics Documet Mgmt. Mgmt. DataWarehouse-Drive Decisio Processig Applicatio Package DataWarehouse Iformatio Template Aalytical Applicatios Customer Care Services Fiacial Apps Logic Site Developmet Svc. Video DataWarehouse Iterface I-CoutryTradig & Back Office Support Systems Legacy Operatioal Systems Regulatory Maagemet Order Maagemet & Accoutig Order Fulfillmet Risk Maagemet Clearig / Settlemet Custody Maagemet XML-based presetatio orieted publishig templates Cotet-Mgmt Repository Customer Profile User type Customer Activity B Best Practice Ifo, Svc. Level KPIs u Market Treds s etc. i Customer Iformatio Database (Itegrated Customer View) e s s Third party research News I etc. Third Party Data f o r m a Global order book data Global accouts data t Global stock symbols i Local Data o Replicas W a r Research ifo idexes Time critical iformatio e h I Memory Database o u s e Local order book data Local accouts data etc. Operatioal Data Store (detailed busiess data) Virtual DataCube (aggregated busiess data for BI applicatios) MetaData Repository Leged: Implemeted Uimplemeted PDA/WAP Applicatios Collaborative Applicatios Real Time Services (Fiacial Web Chaels, Chat, TV Evets, etc.) Voice/Data Itegratio Iteret Research Mgmt. Legacy Itegratio Middleware Tradig & 3rd Party Iterfaces Corporate Actios Mgmt. Legacy Operatioal Data 33

18 (Mai ad Coutry Offices) (Same as for BSCH Customer below) (ACD, Flex-Routig, Call Ceter Mgmt.) Accout Mgmt.) (Market Facig Applicatios) (XML/SWIFT/FIX, , Browser) (Browsers, PDAs, WAPs) (Forums, etc.) Teleweb / Web Itegratio Services (Cosolidated Messagig, Telephoe-Based Web Services, Video Cof., etc.) Page 18 (web, ftp, & ews servers) (FI, Equity, Fuds, Others) (straight through processig support software) (local exchages, OTC, ECNs) (e.g., order book mgmt.) (Updates Stagig ) (Corporate Mail, etc.) (future) Architecture Eabled Capabilities Web & Eterprise Itegratio Portal Eterprise Services & Back Office Applicatios Voice/Data Itegratio Frot Office Iterfaces 24x7 Services Itegrated Value Chai Support System Secure Olie Trasactios PBX-Based Service Web Subet Accout Mgmt, Order Mgmt, Portfolio Mgmt System ad Applicatio Maiteace & Support Call Forwardig, Telecoferecig, etc. Remote Access Frot Office Apps Fiacial Applicatios Maiteace Apps BSCH LAO Office oly Busiess Applicatios Support Iteret Services Eterprise Applicatio Itegratio (EAI) XML Parsig & Traslatio Trasactio Namig Service Service Messagig Data Itegr. Service Service Search Egie Security (Firewall / Proxy ) Itegrated Tradig Data Warehouse Metadata Repository OLAP & Stagig Egies Research, News & Iformatio Global etradig Data Miig Software / Global Cotet Moitorig / Backup Web-Eabled Applicatios Commuicatio (Icomig Call Moitorig Aget) Busiess Itelligece (Customer Aalysis, Supply Chai Plaig) Customer Care Services (Call Ceter Support: Fiacial & Systems) Localizatio ad Customizatio Cotet Mgmt Secure Sessio & State Mgmt. Relatioship Commerce Applicatio (distributed -tier architecture) Persoalizatio Customer Care Services (Cust. Service, Help Desk, Sales Automatio, QA) Process Automatio & Dyamic Cotet Mgmt. Sessio/State Mgmt. Fiacial Apps Logic Site Developmet Svc. Cotet Maagemet System Global etradig System ad Applicatio Maiteace & Support Commuity Collaborative Applicatios Documet Mgmt. Image/Graphics Mgmt. Video 24x7 Services Customer Relatioship Mgmt Accout Mgmt., Customer Relatioship Mgmt "Lights Out" Svcs SWIFT, Fax FIX, XML E-Tradig Customer Iterfaces Telephoy-Based Services Customer Calls Hadlig CSR Assisted Services (Product Support, Issue Resolutio, Proactive News & Iformatio, Research, PDFformatted reports ad statemets DataWarehouse-Drive Decisio Processig Applicatio Package DataWarehouse Iformatio Template Aalytical Applicatios (Performace Reports, Performace Measuremet Aalysis, Tred Aalysis ad Forecasts, etc.) DataWarehouse Iterface News & Iformatio Archives Alerts Web-Eabled Applicatios Fiacial Applicatios Iteret-Based Services Global etradig, Accout Mgmt, Order Mgmt, Portfolio Mgmt, Fiacial Plaig, Fiacial Statemets Tradig & Back Office Support Systems Legacy Operatioal Systems Regulatory Maagemet Localizatio ad Customizatio Persoalizatio Iterface Cotet Mgmt. Iterface Self Care Services Help, Tutorials, etc. Order Maagemet & Accoutig Order Fulfillmet Risk Maagemet Cotet Mgmt, Research, News & Iformatio Alerts Remote Traiig Iterface Collaborative Applicatios Real Time Services (Fiacial Web Chaels, Chat, TV Evets, etc.) Voice/Data Itegratio Educatio, Games Commuity Clearig / Settlemet Custody Maagemet Research Mgmt. Corporate Actios Mgmt. Legacy Itegratio Middleware Tradig & 3rd Party Iterfaces 34 Architecture Scalability Features Statelessess Subject-based distributed queues (EAI) Load distributio Fault-tolerace Notificatio: Primary/Secodary failover Recovery Verificatio agaist state sigature True Hot Stadby 35

19 Page 19 Architecture Support for Fixed Icome Market Ivetory Role-based market views Pre ad post-trade workflow supported All Fixed Icome istrumets supported 36 Architecture Support for Cliet Access Local, specialized user iterfaces API s Iteret access Legacy order streams 37

20 Page 20 Architecture Security Features Ecryptio stadards: 128 bit RSA: RVDS X.509 compliat certificates: TIBCA Level 5 firewall architecture 38 Architecture Support for Legacy Order Stream Legacy messagig iterfaces see as a user of the system Iteroperates with existig users Ca act as a bridge betwee deployed hubs 39

21 Page 21 From a Logical Ifrastructure to a Physical Solutio Cosiderig Maistream Tools Applicatios Compoets Frameworks Platforms Custom Itegratio ad/or Itegrated Applicatios (SAP, Baa, Lotus Notes, PeopleSoft) Security: Firewalls Axet, Cybercop, Firewall-1 Ecryptio Security Dyamics/RSA, Verisig Certificates Etrust, GTE/Cybertrust, Thawte Verisig LDAP Microsoft, Netscape Other Netegrity/SiteMider, Platium/Security Persoalizatio: Accipter, Adromedia, Aptex, ATG, BroadViso, DoubleClick, Egage, Netgravity, Net Perceptios, Vigette/Story Commuity: Acuity/iChat, AT&T, Brightware, eshare, Geeral Iteractive, Lexis-Nexis, Lotus/Domio, Microsoft/NetMeeti g, Netscape/Collabra, Podium, Revet/UityMail, Siebel, Vative Web Applicatio Frameworks Allaire/ColdFusio, Apple/WebObjects, ATG/Dyamo, Bluestoe/Sapphire Web, BroadVisio, HAHT/HAHTSite, IBM/WebSphere, Microsoft/Site (Eterprise Editio), NetObjects/Fusio, Pramati Techologies/Proto, SilverStream, Vigette Cotet Maagemet: ATG, BroadVsio, Documetum, FactPoit, FutureTese, H- P/OpePix, Iso/Dyabase, Iterwove, Lotus Notes, Ope Text, RealNetworks/Real Audio-Video, Vigette Catalog: Aspect, ATG, BroadVisio, icat, OpeMarket/LiveC ommerce, Saqquara Busiess Applicatio Frameworks CSC/M-Lyx, BEA WebLogic, Iprise, IONA/Orbix, Microsoft/MTS, Netscape Applicatio, Oracle Applicatio, Pervasive Software/Tago Eterprise, Su/NetDyamics Commerce: ATG, Atlatic Trasactio Services, Ariba, BroadVisio, ComerceOe, CoectIc, CyberCash, ECCubed, H-P/VeriFoe, IBM/et.commerce, IterWorld, Microsoft/SiteServe rcommerce Editio, MOAI, Netscape/*Xperts, Ope Market/Trasact, OpeSite, Sterlig, Tradex,Tradiat, Tradium, TradigDyamics, Traspoit Iformatio Access: ATG, BroadVisio, CrossWorlds, Fulcrum, H- P/ChageEgie, Iktomi, Microsoft/ Search, Objectspace, Verity Database Iformix, MS- SQL, Oracle, Sybase Iter-Eterprise: data exchage (XML/EDI): CardoNet, EpiCeter, Extricity, MBA, ODisplay, Sterlig, WebMethods Systems Maagemet Hardware/ Software Systems Maagemet BMC/Patrol, HeadsUp, Testig RadView/WebLoad, RSW/e-test, LoadRuer, Hewlett-Packard/HPOpeView, Maage.com, Su, SystemHealth NT/Itel - Compaq, Data Geeral, Dell, GateWay, H-P Network - ArrowPoit, 3Com, Cisco Usage Reportig Adromedia, WebTreds, WidDace UNIX - Hewlett-Packard/HPUX, IBM/AIX, RedHat/Liix, Sparc/Solaris Hostig Hostig - Digex, EMC, Exodus, GlobalCeter.com, GTE Iteretworkig, HostPro, MCI, Navisite, PSIet, UUet Typically read as Vedor/Product Name 41

22 Page 22 Evaluatig Alteratives Evaluatio Criteria (1) Web Eabled Legacy (2) Combied Vedor Packages (3) Compoet Web Speed to Busiess Log-Term Viability Cost of Owership Aligmet with Visio Busiess Risk Simplicity/Ease of Use Overall Ratig Worst Good Best 42 Physical Architecture (Example 1) CSC Systems & Network Maagemet Eviromet CSC Maagemet Firewall Iteret Router HSRP Router Coects to all devices below Cliet Iterfaces - Cliets Web-Eabled Applicatios Flowbiz Cliet Iterface Cliet Cliet Services Workstatio Admiistrator Iteret Based Services Persoalizatio Iterface XML, SWIFT, FIX, , Fax Chaels Iterface Itrusio Detectio Firewall Firewall Itrusio Detectio NFR Flight Recorder Remote-1 Su E220/Solaris 2.6 Checkpoit Firewall-1 Stoebeat NFR Flight Recorder Remote-1 LAN (dual) Load Balacers Alteo AC3 Streamig (https) Streamig (http) Firewall with IIOP Su E220/Solaris 2.6 Checkpoit Firewall-1 Stoebeat IONA Woderwall Web Servlets & JSP Su E220/Solaris 2.6 TIBCO Streamig Svr Cipher SSL accelerator TIB/RV Cliet Hadler Su E220/Solaris 2.6 Cipher SSL accelerator Websphere: - HTTP svr - servlet egie - jsp egie Cliet Hadler Cliet Hadler Servlets: - sessio hadler - price request hadler - profile hadler - order hadler - persoalizatio hadler - ews hadler - accout hadler - XML MOM/POP hadler TIC Cache LAN (dual) Compoet Maager Applicatio Su E420/Solaris 2.6 Websphere MQseries Security & Etitlemets Srv Database Firewall Su E220/Solaris 2.6 Checkpoit Firewall-1 Stoebeat Itrusio Detectio NFR Flight Recorder Remote-1 Tape Silo Veritas Network Backup (shared service) Su E420/Solaris 2.6 ecommerce GetAccess 50GB Disk Array Su E4500/Solaris GB Disk Array Sybase Fiacial Apps Logic Blotter Price Order Message Broker Cliet & System Admi Etitlemet & Security Coectors FX, Euro, FI, MIH, RDS(MQ) Support Services XML Core Services Sessio/State/EOD Mgmt Process Automatio Dyamic Cotet Mgmt Site Developmet Service Su E420/Solaris GB raid5 Disk Array iplaet Eterprise Svr Webtreds Admi/Reportig Itrusio Detectio JPM Itraet Markets Market Systems ECN's Exchages Market & Price Data Third Pary Services (e.g. News) Executio Systems Executio Systems Logi, Autheticatio, No-Repudiatio Flowbiz RDS (Istrumet data ad Dictioary Iterface) Flowbiz Market Istrumet Hub (MIH) Foreig Exchage Euro Fixed Icome Cliet Iterfaces - Office Web-Eabled Applicatios Flowbiz Cliet & System Cliet Services Admiistratio Admiistrator Iterfaces System Admi & Support Market Data 43

23 Page 23 Physical Architecture (Example 2) SVB (Broker Dealer) Existig Web Solutio Stratus Iformix DB (sessio ad user ifo) Web Browser Web (Su E5500) HTML Templates CGI Applicatios (tradig, research, fuds scorig, etc.) Maiframe System SCLV Exchage MQ Series Custody Proposed Architecture Web Browser PDA ACD, CDI, etc. Call Ceter Database Oracle (Su E5500) Servlets, EJBs, JSP SNA (LU0) Maiframe (OS 390) RETO MQ Series Net Asset Values, Customer Ifo Orders Fuds Broker (DEC Alpha) EAI Message Trasport WAP (Su E4500) Web (JWS) (Su E6500) App Websphere (Su E5500) Maiframe (OS 390) Istitutioal Fuds Portfolio Mgmt Future Web Solutio DMZ EAI (Su E5500) Research Maagemet Private Fuds Back office Web Browser Brach Offices Web Web Farm Persoalizatio (Su E5500) Farm (data miig, cotet mgmt, EAI) Sample Fixed Icome Architecture 44 Techology Ifrastructure Productio Farm Iteret Proxy Local Director Applicatio EAI Database Stagig & Cotigecy Admi Productio Support Screeig Router Firewall Outside Network Web Private Network Firewall Iteral Network Developmet Farm Local Director Web Applicatio EAI Existig BSCH Systems Database Bastio Host DMZ Iside Bastio Host IBM Maiframe UNIX-based NT-based 45

24 Page 24 Physical Solutio Implemetatio Steps Developmet Methodology Stages Discover Desig Develop Deploy Busiess System Developmet Busiess Modelig User Experiece Practice Areas Cotet Developmet Applicatio Architecture ad Developmet Techical Architecture ad Developmet Blocks Maagemet ad Quality Testig Performace Egieerig Program/Project Maagemet Cofiguratio Maagemet 47

25 Page 25 Idetifyig Domais of Chage Implemetatio team Traiig team Orgaizatio Busiess Process Projects creatio ad update Projects approval KPI creatio Project iformatio retrieval System admiistratio Data coversio Supplied volume data Data Techology Applicatio Site avigatio desig Site cotet desig Reusable compoets Security workflow Help Hardware Stadard system software Reportig software Ad-hoc spreadsheet fuctios Security ad performace Locatio Office hostig developmet 48 Addig Iteratios Developmet is a iterative process, where for each subset of requiremets, compoets must be aalyzed, desiged, developed ad deployed Release 3... Deploy Develop Desig Discover Release 2 Develop Deploy Desig Requiremets Aalysis Discover Release 1 Desig Develop Deploy Discover Proposed Project Lifecycle 49

26 Page 26 Coclusio Feature Summary Ubiquitous Cliet Access Pushes Status i Real-time Framework Iter-operates with Legacy Support for Curret ad Emergig Stadards Scales i Capacity ad Fuctio Optimizatio of Itegrated Services Secure, Missio-Critical Ifrastructure 51

27 Page 27 Addressig the Challeges Existig legacy systems ad ewer ATS s will still eed to hadle aticipated icreases i trade volume implied by the developmet of STP. Fixed Icome securities ca have complex structures. Tradig systems ca plug ad play aalytics to calculate various essetial data. There are may types of Fixed Icome securities which trade i differet ways. Stadardized tradig methodologies will eed to be applied. Security iformatio repositories will eed to be large eough to hold data o millios of securities. Preset frot-ed iterfaces are o more tha cliet/server versios of legacy systems. Back-office systems are atiquated. It may ot be feasible to itegrate them if they caot support the ew ecoomy busiess. The ew Fixed Icome market of tomorrow may require a Applicatio Program Iterface ( API ) to a sigle Fixed Icome exchage. T+1 must be icorporated ito ew techology. 52