I recently read this article by Philip Howard at Bloor Research, “What’s happening with Event Processing?“, where he mentions the conflation of CEP (my words) with other technologies by the big vendors. Many of them (sans a few) are recognizing that Complex Event Processing is not really a standalone product, but is most effective when combined with complementary technologies when it come to constructing a platform that best meets the demands of businesses and the solutions they need.
From my point of view, the large vendors simply toss every conceivable technology together under the guise of a stack, with the assumption that customers will find “some” combination of products they can use to build the solutions they’re after. Then of course they parade in an army of professional services people to wire-up, band-aid and otherwise combine those industry-neutral generic products to some eventual outcome. The task is often a struggle, expensive (professional services work is costly and quickly mounts over and above that initial license fee) and the result is often fragile and simply a one-off solution lacking true robustness, fault tolerance or extensibility.
So I completely concur with Philip with one important, noteworthy point. Here at OneMarketData we have always known that CEP is best complemented with another technology, specifically tick data management. That’s why the two have been designed and built together in a seamless, harmonious manner from the beginning in our product OneTick.
OneTick is a single-point solution for financial CEP and Tick data management. By eliminating the divide between them applications you build in one environment using historical market data seamlessly work in the other, real-time streaming market data.
The OneTick product can store 1 month or 20 years of market data of any asset class; Equities, Fixed Income, Foreign Exchange, Options, Futures… It can also store Order Executions, derived data such as 1 minute bars, even unstructured data such as market news. It has the performance to capture the full Opra feed in real-time, and provide the latest tick at query speeds of 5 million ticks/second.
Of course all that capacity and lighting fast access doesn’t mean a lot unless you also have the in-built business logic your industry is looking for. OneTick is designed by Capital Market professionals for Capital Market professionals. It is a single point solution built around a singularity of vision for finance. It is not simply a ‘stack’ of generic products (with a bit of fairy dust) masquerading as a solution. Here at OneMarketData we have a clear understanding of the trading life cycle and the people and skill sets involved. Whether it’s the Quant’s hunt for Alpha and Algo trade signaling or a Portfolio Manager doing transaction cost analysis, OneTick provides the high-performance componentry to be able to construct the purposed applications or queries necessary. For example, Show me the prevailing quote at the time of the trade, a simple 3-line query in OneTick. With over 100 in-built primitives for; aggregations, portfolio repricing, rolling futures, handling corrections, cancellations or symbol changes and dozens of other functions, it’s unlikely you will have to resort to coding in a low-level language (although it certainly allows such an option). It can re-calculate an aggregated Order Book sourced from multiple Exchanges starting in the middle of the day with microsecond latency. Using specialized internal algorithms for stitching together historical and realtime data without missing or duplicating a tick.
Still want to leverage your knowledge and experience in MATLAB or R? No problem… both of these are embedded directly in OneTick’s own analytical engine. And as I mentioned, these OneTick applications or simply queries as they’re known can seamlessly move from the request/reply database mode to continuous query CEP mode with no code changes whatsoever.
So are other vendors finally seeing the light as Philip points out? Will CEP be an embedded, enabling technology? I think so, but at what cost and what value? After you as a customer buy the software licenses, are you still left with “now what do I do, where do I start?” Vendors will gladly march in teams of professional services talent and write a bunch of integration and application code, and charge dearly for it too. Those hidden costs in both dollars and just as important time can doom a project.
So if you’re looking for a Capital Markets product where you can hit-the-ground running, get the seamless integration of real-time CEP, historical tick data from the same broad set of analytics all with a low total cost of ownership, well you know where to turn: http://www.onetick.com
Once again thanks for reading.
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