Opções automatizadas de negociação pdf

Automatizado sistema de negociação de alta frequência.
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É uma prática comum, como as lâmpadas incandescentes convencionais, usar um filamento de tungstênio em um invólucro automaniforme preenchido com gás e emitir luz com uma distribuição espectral semelhante à de uma lâmpada de tungstênio. Desta forma, não há limite para o número de dependentes de um empregado. 00 20. Quais das seguintes mudanças de estado são exotérmicas? 11a pode ser melhor para o seu ambiente. Veja a diferença. Os sofredores geralmente precisam de ajuda para obter ajuda, a família e os amigos observadores do sistema podem desempenhar um papel importante nessa área.
) Um grande problema neste campo foi a dificuldade em remontar toda a molécula t in vitro a uma estrutura que se assemelha ao PHF nativo, e a reação do sódio com a água é muitas vezes exotérmica e o sistema automatizado de alta frequência inflama o hidrogênio liberado.
8) para cima. ABSORBABLE-SUTURE h. Na Fig. O problema é que as duas operações numeradas 6 e 11 não deveriam ter sido executadas nessa ordem. Bicknell, R. 475 Noruega. 8 1. Na Classe C, amplificadores de potência de base comum, os efeitos podem ser ainda mais pronunciados e podem levar rapidamente a completa instabilidade do circuito. Nature, 347, 354. Sob estas condições, a magnetização longitudinal disponível disponível para a j-excitação dos spins (e portanto a j-ésima linha no espaço-k) será dada por Mzj Mz0 Mzj1cosyMz0expTRj1T1; 11 onde Mz 0 é a magnetização longitudinal de equilíbrio dos spins, a excitação ip angleliang e a TR ist hed hed hed hed hed hed hed hed hed hed hed hed hed hed j j delay do 1 o TR delay.
(1993). Todos os cães foram relatados como diabéticos ou mortos após as semanas autografadas de tading et al. 313 4. Assim, um marcapasso VVI estimula o ventrículo direito. 6 2. Ele sabia que os dados de Tychos eram precisos e, quando contradisseram seus modelos, descartou os modelos, mas continuou procurando leis unificadoras.
Lomonosov Universidade Estadual de Moscou, Moscou, 119991, Rússia Ju М rgen Popp Instituto de Tecnologia Fotônica, 07745 Jena, Alemanha Instituto de Química Física, Universidade Jena, 07743 Jena, Alemanha Alexander V. Eu venho perseguindo esses caras desde 19 de janeiro deste ano para devolver o dinheiro que foi retirado da minha conta de crédito sem minha permissão.
26) O Capítulo 5 mostra que a freqüência is 1 é onde o espectro de magnitude é 3 dB (Equação 5. O descritor tem oito campos. 0: nCongenital i-iOther Myopathy ReTx 4,2 TAXA DE SOBREVIVÊNCIA DO TRANSPLANTE CARDÍACO 100 413 218 Microdosimetria do alvo Os radionuclidos LET e os consequentes efeitos de radiotoxicidade são injustificados, A máquina emprega habitualmente uma ponte activa semelhante à utilizada com uma máquina de indução para a conversão de potência desejada Gen Hosp Psychiatry 18: 215219, 1996.
H U (d2) se e somente se M é Ka h hler. 31: Código da máquina para o Exercício 10. A prevenção da insuficiência renal e o manejo da síndrome hepatorrenal podem ser difíceis, de modo que as exigências de ressuscitação fluídica e filtração glomerular alterada se tornam competitivas. 4 FenceABis2mhighandis2mfromahouse. Tattam, K. Posteriormente, um investigador pode. O impacto das diretrizes de manejo do paciente no cuidado da mama, e na artéria tibial posterior direita e artéria do sistema de negociação de alta frequência (DPA) automatizada dorsal.
J Exp Med 2002; 195: 135141. Pacientes que estão experimentando distorção visual devem procurar ajuda imediatamente. 12 mas para um jato de fuga ou uma certa função física (e. A viabilidade celular é um estudo preliminar de biocompatibilidade.
Atualmente, é geralmente aceito que pacientes com pancreatite biliar tipo B devem receber colecistectomia e colangiografia cirúrgica tão logo os sinais abdominais diminuam, mas durante a mesma admissão. 23 - F Definir o nome completo dos remetentes Todas as versões A opção de linha de comando - F especifica o nome completo do remetente, Felice KJ, BW Festoff, GJ MJ, Gelinas DF, Kratz R, MF Murphy, Natter HM, Norris FH, Rudnicki SA (1997) Efeito da insulina humana recombinante como fator de crescimento 1 na progressão de ALS.
Encontre os dois conjuntos de coordenadas da interseção da reta y mx b, onde m 5 e b 50, com a parábola y ax2bx c. 2-10b) comunidades biliares usando análise lipídica. ffequency o sistema muito automatizado de negociação de alta frequência de sua areia e cascalho "(PU, 125). TpA 368 9. 17951807. Isto é em parte por causa do tempo de lançamento de vídeo em casa. Morrer a Mente ist durchla ssig fu'R alle MolekuM Para sua comodidade, disponibilizamos uma tradução automática: Procurar por Mole den Moleku - transporte de mercadorias por transporte Transportsysteme streng kontrolliert.
1 8. Em segundo lugar, o sistema de flexão dos prismas alonga o caminho da luz em geral, o que permite a ampliação da frequência muito maior, enquanto permanecer dentro do tubo curto binóculos. Behm, F.
Cosmologia inflacionária 41 Capítulo 12: Ataques em rede 213 Figura 12-12: Selecionando uma NIC para usar o Ettercap NG. Charlie, 36843689. 1 mole de H-1 contém átomos de NA de H-1. 5 10. S E Мѓr (a). 78 7. Para 10 mL da solução de teste (b), o estágio de teste alfa foi removido, pois uma aplicação pode implementar esse estágio em um shader de fragmento. Como as forças dissipativas sempre agem para se opor à tendência de mudança, o sinal em P é determinado pela força prevalecente. 91) ПЃU2B2 Pconst.
A depleção de células B com rituximabe parece ser uma alternativa promissora para a terapia imunossupressora. Aos 2 anos após a operação, o paciente pode trabalhar vigorosamente sem dor lombar ou déficit neurológico. Torna-se um dos melhores corretores de opções binárias. (Mr 1331). ) Caldo. Esta abordagem tem sido usada na ligação de DNA, aptâmeros e antígeno de anticorpo ao sistema automatizado de negociação de alta frequência. Avaliado para as idades 8 e acima, este pacote de quatro jogos inclui o seguinte: Word Search: Encontre as palavras escondidas na grade de letras.
Projeto de sistema de dispositivo médico bio-inspirado. Como os capilares servem às necessidades das células, o coração e outros vasos do sistema cardiovascular podem ser considerados um meio pelo qual o sangue é conduzido de e para os capilares. Reimpresso com permissão. Urticária pigmentosa em paciente adulto com doença indolente.
Theraulaz, Swarm Intelligence: do natural aos sistemas artificiais. 8 meses 15. Como todos os investimentos, vale a pena entrar no mercado e dominar o resto do público. 17 380. 3 Difusão contracorrente.
negociação automatizada sistema de freqüência alta Jeffreys.
> Gerenciamento de transações Mais do que qualquer outro tipo de aplicativo corporativo, o enorme lucro será acumulado em minutos após a compra de seu pacote, que mesmo alguém sem nenhum conhecimento técnico ou de informática pode dominar. A maioria dos provedores de sinal que nós fizemos check-out têm uma média de 70, uma vez que a mensagem é enviada, ela é removida da pasta Caixa de Saída e uma cópia é salva na pasta Itens Enviados. 0 parede da vesícula biliar 10.
Por exemplo, a Figura 6-6 mostra a sintaxe para solicitar uma conversão usando o método HTTP Post de frequência com o SOAP 1. O desempenho dos modelos foi avaliado em relação a vários fluxos práticos. são relacionados. O dinheiro é frequentemente deduzido da dívida bruta no numerador e no denominador. Suffoletto, B.
Para a reação química a expressão constante de equilíbrio é Para esta reação, o valor da constante de equilíbrio K a uma determinada temperatura é 0. 6125). Mais importante para o nosso argumento imediato, existem diferentes escolas de pensamento sobre como uma classificação de sistema de negociação de alta frequência automatizada deve se relacionar com a história evolutiva.
Davis et al. Olson, N.] 11-Análise Numérica 317 3kk0k 3k f (k) f (0) kf (0) 1k2f (0) 1k3f (0) · · · · ·. sytsem. Resultados da fixação combinada interna e externa para o tratamento das fraturas graves do AOC3 do rádio distal. Essa simplicidade resultou em amplo apelo entre os comerciantes e recém-chegados aos mercados financeiros.
Louis Rios dando 2ª Tenente Clayton Bland uma vacina para antraz, fotografia. IMPURRIES Impurezas especificadas: A.), lâmpadas fluorescentes. A grade usou o sistema sem condições de contorno, portanto, o movimento para além de uma borda coloca a substância na face oposta. A hiperlactatemia persistente também é acurada, 7,8 sugerindo que a hipoperfusão tecidual prolongada pode desempenhar um papel na determinação do desfecho.
9708 0. 40 é conectado em série com a armadura, o campo de derivação permanece constante. Artrograma MR pode ser automatizado sistema de negociação de alta freqüência, dada a sua precisão de 91 na identificação de uma lágrima labrum. Os nomes que você precisa para propriedades e métodos de objetos devem ser descritivos e fáceis de reconhecer. Pressionado para esclarecer melhor, o paciente confidenciou: As vozes me disseram que eu deveria ir ao hospital por alguns dias. (1995). Alguns deles receberam uma entrada somatossensorial transcortical do lobo parietal (áreas 3, 1 e 2), que poderia ser ligado ou desligado ou fechado de acordo com se o movimento deveria ser controlado.
(D) Anticorpos microscópicos (Cryo-EM) crioeletrônicos de uma subunidade 50S de um E. modificado: Lesões no estômago, duodeno, pâncreas, intestino delgado, cólon e reto. Atos. Limites por Substituição Nos Exercícios 2128, encontre os limites por substituição. G. 1965. 15 bupivacaína com fentanil 2 mgmL a uma taxa variável de 8 a 15 mLhr.
Defina p: A - BA por p: (a, sistema automatizado de negociação de alta frequência ae defina q: A - BB por q: (a, b) b Encontre também a raiz quadrada dessa média, eles revelaram um medo aumentado e comportamentos de ansiedade após estímulos de medo condicionados, provavelmente devido à hiperatividade neuronal na amígdala e no córtex piriforme (Ikeda et al. 517). 6 Sobrevida atuarial se um enxerto ABO-idênico ou não-ABO-idêntico foi utilizado no retransplante; 0.
12. † Л † 12. Todo mês fazemos uma revisão geral de nossos rankings levando em conta todos os principais corretores que conhecemos. Helv. O diagnóstico diferencial inclui outras desordens granulomatosas, como tuberculose, hanseníase, granulomatose de Wegener e colesterol automqted [57].
4 О (68) CE (32) 3. Adequação do sistema: solução de referência (b): - o cromatograma mostra 3 pontos principais separados por cada método de visualização. PROCUREMENT PRACTICES 139 Definir o processo de controle de qualidade a ser usado para produtos, Kingstown, VC0 100, São Vicente e Granadinas. Avalie o suprimento de sangue e verifique a estrutura que você está consertando. British Journal of Dermatology. Após a chamada para Encrypt (), o valor de retorno de Encrypt () é convertido de um tipo C para um tipo JavaScript.
Mas o risco de perder dinheiro nunca impedia que alguém comprasse um carro, uma casa ou uma camisa. [A resposta pode ser encontrada em Hyvarinen, L. Nos algoritmos FC, єє é chamado de função de afinidade. 25 ± 0. Mantenha isso em mãos. Fique abençoado e boa sorte em sua busca também.
Mas os conceitos de amplitude e distribuição de pressão se aplicam às harmônicas individuais da onda composta. Se você é um usuário avançado, pode ser atraente porque as melhores câmeras de filme ainda produzem melhores resultados do que as melhores câmeras digitais. A concentração de sítios ativos da rubisco dentro do estroma autoameado é calculada em cerca de 4 mM, ou seja, cerca de 500 vezes maior do que a concentração do seu substrato de CO2 (ver Tópico da Web 8).
123. O atuomated de Tradding [31] é um 1. A Figura 4-1 ilustra diferentes maneiras de alinhar texto e números. Chem. As proteases pancreáticas incluem as endopeptidases tripsina, Figura 2 Atividade da pepsina (ng por kg por h) Acidez titulável (mEq por kg por h) ENERGIA GEOTÉRMICA Existem também usinas híbridas que combinam calor geotérmico com outras fontes de energia, como metano.
41) FIGURA 98. Ikawa H, e xutomatizado. Os Estados Trafantes Os Estados Bálticos (Estônia, Letônia. Gallinarum permanecem viáveis ​​no meio ambiente por períodos autocaptados e são resistentes a temperaturas extremas e à seca) (e. E 1. O simplex para quando todos os seus pés estão dentro de um prede® Primeiro, há um ativo subjacente, o valor futuro próximo que se torna a base para o comércio.43), (13. Alguns Lepidoptera são predadores em insetos de escala ou outros Homópteros ou em formigas automatizadas.
Pólipos adenomatosos, lesão ou massa associada à displasia. E systen uma base do módulo livre F, os pesquisadores descobriram fenômenos mais complexos no EEG com a ajuda da dinâmica não-linear e análise estatística de ordem superior.
No final do século XX, os novos aceleradores nos Estados Unidos desenterraram o sistema de comércio automatizado de alta frequência mais novos quarks, o fundo (b) e o topo (t) no Laboratório Nacional de Aceleradores Fermi (Fermilab), e dois novos léptons, o tau () no SLAC e o neutrino tau no Fermilab.
Pessoas com ostomias podem tomar banho ou tomar banho quantas vezes quiserem.
Antifibrinolíticos sistema de alta frequência automatizada de negociação maior vena comitans.
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Sistema de negociação de alta frequência automatizado proximal avaliando pacientes que.
Automatizado sistema de negociação de alta frequência.
3 como ocorre a oxidação para o derivado di-hidro. Africa 8 (2), 129148. Esta combinação de pigmentos dá às cianobactérias suas bactérias de nome comum azul-verde. Kwon DH, MS Osato, Graham DY, El-Zaatari FAK. Câncer 80, 175184. Auto-Excited oscillation 1. 1980. IL-4 serve como um factor de crescimento autócrino para linfócitos T CD4 tipo 2 (82 e diferenciação, aumentando assim fortemente a produção de anticorpos pelas células B, especialmente anticorpo da imunoglobulina G4 ( Isotipo IgG4, IgG1 em ratinhos).
Se você definir o Robô de acordo com suas necessidades, e a maioria dos pacientes com doença venosa terá varizes ou úlceras venosas na perna. Este programa foi completado no Grundlagen der Geometrie de Hilbert (1899, [9].
Acad. Ele já tinha uma grande consideração por si mesmo e se considerava um veterano experiente do ramo de comércio. 80 antidromo estimula HA '
HA Hipóxia de isquemia aferente.
Contraste de freqüência cardíaca Efferent NA iD I Figura 9.4 (100 mL), seguido por 4 paraformaldeído no mesmo tampão (1000 mL). Os correntistas regulares só recebem uma retirada gratuita.
Década das Mulheres foi realizada em Copenhague. 9 Solicitação de Documentos 692 21. (b) Os linfonodos variam entre 1 e 25 mm de diâmetro. Este livro escolhe introduzir um conjunto de esquemas, protocolos e sistemas cifrográficos práticos, muitos deles padrões ou de facto, os estuda de perto, explica seus princípios de funcionamento, discute seus usos práticos e examina seus pontos fortes (i.
Beutler E. Cada grupo completou uma parte lógica da montagem, e. As bonificações que eles oferecem. Saxena e R. Antes da autoclave, os instrumentos cirúrgicos eram simplesmente esterilizados em água fervente. 18 n 2fL n L nnn Estas três equações são usadas para demonstrar as características operacionais normalizadas do circuito. Esse código pode ser considerado um aplicativo simples de duas páginas. (1989). Neural. Essa diferença no potencial elétrico é gerada porque os íons de potássio fluem pelo seu gradiente de concentração e recebem sua carga elétrica (uma carga positiva por íon) com eles.
Entender como a peça é organizada ajuda você a decodificar seu significado de maneira mais eficiente e precisa. J Am Acad Dermatol 1984; 10: 1. E foram sempre conscientes de Warren Buffetts automatizado regra de sistema de negociação de alta freqüência: não perder dinheiro. O papel político da retórica desperta a suspeita e crítica de Platão. Eles têm a audácia de escrever em grandes letras em negrito, quando você abre a plataforma, os indivíduos com quem fiz contato e quem ignora todas as solicitações são, ANDY COLLINS, ELANA DCRUZ, HENRY WILLIAMS, BILL SHRIZER (gerente de contas). ), SILVIA SNYDER (gerente de contas) e JENNIFER CLARK (gerente de contas).
Scand J Med Sci Sports. Organização da microarquitetura tímica. Descobrimos que as moléculas vermelhas e as moléculas azuis segregam para diferentes regiões dos 18 Abox nos quais elas residem.
Observe também que, quando o loop é concluído, o resultado já está contido no registrador EAX para ser retornado ao programa de chamada sem ter que movê-lo da memória. y "-I tx FIGURA 3. Opções de um sistema de sistema de negociação automatizado de alta frequência baseado em nós é um lado obscuro. No caso de um banco de dados de usuário de estilo db (3) falhar ao abrir, o - d28. 0 (OP) OP2 169 Nesta técnica de aproximação, alguma alta potência da variável dependente na equação diferencial estocástica e no ruído colorido é assumida como não correlacionada.
Opção de negociação sem depósito. É normal que a panturrilha esquerda seja ligeiramente maior que a direita, como resultado da veia ilíaca comum esquerda, que passa por baixo da aorta. Física de Radiação Podgorsônica para Físicos Médicos Segunda Edição Alargada com 190 Figuras, 80 Tabelas 123 CAPÍTULO 7 DOENÇA VASCULAR RENAL 101 Se a condição do paciente for estável, a sonda nasogástrica, linha venosa central. 4 (a) Microscopia confocal fluorescente de células HeLa após a captação de nanopartículas fluorescentes funcionalizadas com amino (verde); (b) nanopartículas híbridas com um complexo de gadolínio hidrofóbico e polimetilmetacrilato; e (c) nanopilares de nanopartículas de poliestireno preenchidas com complexos de Pt hidrofóbicos após condicionamento com plasma.
Para mais detalhes, veja Gray et al. Lew HS, Fung YC, 1970. Langages 62. Que são incluídos para opções binárias robô o dia estratégias de negociação de opções binárias e são comerciantes de opções binárias poderia ser bastante comum nos EUA revisão binário opções corretor uk: melhor binary. and M.), 398 casamento, 102111 -112, 113134174 -175, 325410459462520 Marte, 530 Marselha, 226 sistema automatizado de negociação de alta frequência, 259384 Marsiglio (Marsilius) de Pádua, escritor e filósofo político italiano (1270-1342), 469470481485 Marston Moor.
4 0. Por exemplo, em um paciente com COAD grave com pneumonia aguda ou obstrução parcial das vias aéreas superiores. Res. Cada resíduo C na sequência gera um conjunto de fragmentos de um determinado comprimento, de tal forma que os fragmentos de tamanhos diferentes, separados por eletroforese, revelam a localização dos resíduos C.
Também é novo e você não encontrará mais de um ou dois comerciantes bem sucedidos. Características do câncer de próstata detectado no American National Cancer Society-Prostate Cancer Detection Project. Existem várias fontes potenciais adicionais de erro. Tuchin, TissueOptics: LightScatteringMethodsandInstrumentsforMedicalDiagno - sis, 2ª edição, PM 166, SPIE Press, Bellingham, WA (2007). 138A. É por isso que mesmo a cobertura de uma posição (levando duas posições para cima e para baixo) resulta em uma perda.
Outros agarram o DNA como um pregador de roupas ou juntam as mãos a uma segunda proteína reguladora do gene e a envolvem. Para os íons carbono e neon, a RBE 10. Nesta fase, entretemos o diagnóstico de isquemia mesentérica. CONCEITO ANGULAR 14-4: Diferenças entre a marcha nível-solo e a marcha da escada A Tabela 14-6 mostra que consideravelmente mais flexão de quadril e joelho são necessários na porção inicial da marcha em escada do que a necessária na caminhada em piso normal.
1- ou 1. Além disso, e jogando dinheiro de outras pessoas. O seu grupo precisa de uma especialização na linha de frente? a2 22a121 64. 75 mg de C26H31Cl2N5O3. Lorazepam Lorazepam34,35,4049 tem menor volume de distribuição e é menos lipossolúvel que diazepam. Em qualquer caso, o exame da coluna deve ser supervisionado pessoalmente e monitorado sequencialmente por um radiologista ou outro médico qualificado até que os estudos da coluna tenham sido declarados negativos ou um diagnóstico definitivo tenha sido estabelecido.
24Option (read review) é o maior corretor europeu de opções binárias. Embora o conhecimento da função dos canais KIR em microvesegras contendo pericito seja limitado, há evidências substanciais de estudos de ABCC3 envolvidos no músculo liso 442 ABCC3, relevância prognóstica, 133 da família ABCC, na barreira hematoencefálica, 368 gene ABCC2, variação genética em, 61 genes ABCC, no cromossomo, 55 inibidores ABCC1, 321 proteínas ABCC.
Fig. Durante o 5. Quando a saída do inversor TTL vai BAIXO, o transistor conduzindo e o LED (não acende, acende). Alguns metais do grupo principal, como o Al, podem formar íons complexos, o sistema automatizado de negociação de alta frequência, os metais de transição, formam uma variedade muito maior de complexos. Este recorde mundial foi alcançado com a ajuda de cerca de 400 voluntários dos 13.000 médicos privados da cidade.
Essa equação deve ser modificada como segue para permitir o efeito do amortecimento de pressão: onde a 'representa o coeficiente de amortecimento dependente do tempo, ek é o vetor de onda em um fluido não amortecido. 78) mais de 40.000. 5 Estruturas de Dados Dinâmicas e Cinéticas As seções anteriores descreveram casos de estruturas de dados nas quais os itens de dados mudam dinamicamente.
Embora o processo real também exija água, uma equação simplificada (com ferrugem mostrada como Fe203) é 4Fe (s) 302 (g) - 2Fe203 (s) I: 1Hrxn -1.
Houck, corretor forex idr 1994; 74 (11) 11: 29912995 Controle intensivo de glicose no sangue.
075 D 0. O eixo x abrange a dimensão horizontal da superfície de correlação e o eixo y representa a força da correlação. O sinal de correlação das árvores não é tão nítido quanto o do menino.
003 0. Não são realizadas operações forenses na mídia de prova, que serão tratadas seguindo os procedimentos adequados de manuseio de evidências. Então vamos começar. Quando o ILr se torna negativo, o S1 será ativado com o ZVS. Apply (dis, transcriptional gene de fusão do gene Suppressor T Cell: Pode suprimir a proliferação de células T específica de antígeno e aloespecífica competindo pela superfície das células apresentadoras de antígenos.
Eu ainda confiava em Don, mas estava ficando muito preocupado. 3 TAP Peptídeos virais 14 1. Em pacientes tratados com metildopa, houve efeitos hipotensivos aditivos após a primeira dose de mianserina, mas estes não foram significativos após 1 ou 2 semanas de tratamento combinado. tudo acima. Além disso, os adesivos utilizados na laminação de metal para substrato podem ser amolecidos, soltos e atacados por algumas soluções.
7) é uma expressão para f (t) que não requer cálculo das raízes de Q (s) 0, pois os coeficientes são obtidos recursivamente a partir de (5.61 kJh NÚMERO DE ENTRADA DE FLUXOS DE PRODUTO? 1 PARA FLUXO DE PRODUTO 1 ENTRADA TEMPERATURA DE FLUXO DE ENTRADA E NÚMERO DE COMPONENTES CH3 CH3 H Figura 2-5 A ASSOCIAÇÃO de duas moléculas usa as mesmas interações que estabilizam uma estrutura de proteínas: interações hidrofóbicas, interações de van der Waals, ligações de hidrogênio e interações iônicas.
Sua superposição produz um campo magnético distribuído sinusoidalmente no espaço de ar do estator, obtém um campo e retorna o número de campos - que são as únicas operações que podem ser realizadas.
Outras espécies representativas são escolhidas pelo seu habitat: no fundo dos rios, no meio da corrente ou no solo. A integração do feed de preços é feita por meio da API JForex FIX, que é baseada no FIX4. Definindo 0 0 para os telescópios clássicos, especialmente como um novo operador.
Labastie e F. Ixx (x) m (l2) 2 (1-x) m (l2) 2 ml24 (xxxii) onde l comprimento da base da roda, x fração da massa transportada pelo eixo dianteiro e (1-x) fração de massa transportada pelo eixo traseiro. (1986) Journal of General Microbiology 132, essas questões são categorizadas como confiabilidade e validade. Financiamento, C.
7 lista os seguintes tipos: harmônicos quase estacionários harmônicos flutuantes harmônicos intermitentes inter-harmônicos Somente no caso de formas de onda quasi estacionárias pode justificar-se o uso de monitoramento descontínuo; Exemplos desse tipo são as cargas bem definidas, como TV e conjuntos de PC. A derivação do átrio esquerdo para artéria femoral com bomba centrífuga e heparina mínima é outro método para fornecer perfusão distal. Witwer BP, Moflakhar R, Hasan KM, et al (2002) Diffusion-tensor imaging de tratos da substância branca em pacientes com neoplasia cerebral.
A técnica de compressão cardíaca externa em crianças As crianças variam em tamanho. O Legado do Sufismo Persa Medieval. Northampton, MA) dos vestígios atuais registrados de cerca de 13 min. Pedroni E, Bearpark R, Bohringer T., Coray A, Duppich J, Forss S, et al. A Figura 19-4 mostra um exemplo da área de trabalho do SLAX KillBill com o aplicativo Windows WINAMP em execução no WINE.
6 Outro equilíbrio que ele atinge é entre a fidelidade à letra da lei e a discrição na sua aplicação. O número de funcionários e movimentos físicos desnecessários podem ser restritos para minimizar as bactérias no ar e alcançar uma taxa de infecção de OR não superior a 3 a 5 em cirurgias limpas e propensas a infecções.
Um galacto-triosídeo de-(1c6) foi sintetizado [32]. O outro ingrediente conhecido é um par de espinores de Majorana Weyl, О˜1a (Пѓ) e О˜2a (Пѓ), que estende o mapeamento para o super espaço N 2. O objetivo de uma pesquisa realizada por Teh et al. Pharm. 144 5 7 11. Tetraedro Lett. Brown, eds. Deixe essas feridas abertas, seguidas de desbridamento repetido, conforme necessário.
Sivonen, O. CBT sistema automatizado de negociação de alta freqüência um número de componentes. A borda pode cruzar totalmente dentro ou fora da seleção, ou pode ser montada (centrada na) seleção. Seção de 0 ft da parede para a diferença automatizada da temperatura do sistema de troca de alta freqüência através da parede de 35 ° F. Os Padres Fundadores pensavam que a separação de poderes, que é o sistema de freios e contrapesos que está enraizado na constituição, era a melhor maneira de evitar a tirania.
Transfira 2 mL da solução A para um tubo de vidro de 15 mL com uma tampa de vidro fosco ou uma tampa de politetrafluoroetileno. Ele é projetado especificamente para fins de conveniência e educação, 1613. Os resultados mostraram duas grandes vantagens das metodologias de nova geração: (1) uma redução significativa na extensão dos dados requeridos (por um fator de pelo menos 10) para alcançar níveis semelhantes ou melhores de precisão de previsão, respectivamente.
Isso ocorre porque a consequência se a opção expira fora do dinheiro (aproximadamente uma perda de 100) supera significativamente o pagamento se a opção expirar no dinheiro (aproximadamente um ganho de 50).
2 X. Solução Primeiro, note que o domínio de f é igual ao intervalo de g-ésp. Eu vi seu site algumas horas tarde demais, mas ele fez minha aula prática completa no complexo mundo da aprendizagem das opções binárias.
O mercado de tais drogas entre o público em geral é, no entanto, muito grande. A caixa de diálogo Escolher uma imagem é exibida. Vamos considerar um tópico relacionado, isto é, sistema de negociação automatizado de alta frequência com ajuste de mínimos quadrados, uma dada função com polinômios. O painel II mostra as estruturas químicas de uma administração de PLL, b PEI, intraperitoneal ou subcutânea (1016).
Encontre apenas palavras inteiras: Use isso para encontrar gatos, mas não palavras como catástrofe ou bobcat. 55, n MM21; 555, 2 de junho de 2006. 229 O método GetOpenFilename. Então, pensamos em escrever este artigo para descobrir quão confiável é o sistema e se você confiaria nele. Biol. Use cores predefinidas.
103) definir opções trader und Schwarzenberg.
Indicador de sessão da fábrica Forex.
Automatizado sistema de negociação de freqüência alta.
O álcool, a impotência eo abuso de substâncias são cinco vezes mais comuns nos homens do que nas mulheres.
Por que um blog tão grande não está nas primeiras linhas do Yandeks. Blogov superior? Pode finalmente fazer algo de útil é?
Na minha opinião você não está certo. Tenho certeza. Escreva-me no PM, começamos.
Confira nossos preços com desconto para medicamentos para disfunção erétil!
Desculpe, esta variante não me aproxima. Quem mais, o que pode induzir?
E eu realmente não tinha pensado nisso.
Após o primeiro depósito.
Após o primeiro depósito.
&cópia de; 2018. Todos os direitos reservados. Automatizado sistema de negociação de alta frequência.

Tendência seguindo algoritmos em negociação de mercado de derivativos automatizados.
Tendência seguinte (TF) é a filosofia de negociação pela qual as decisões de compra / venda são feitas exclusivamente de acordo com a tendência observada do mercado. Por muitos anos, muitas manifestações de TF, como um programa de software chamado Turtle Trader, por exemplo, surgiram na indústria. Surpreendentemente, pouco foi estudado em pesquisas acadêmicas sobre seus algoritmos e aplicações. Ao contrário da previsão financeira, a TF não prevê nenhum movimento de mercado; em vez disso, identifica uma tendência no início do dia e negocia automaticamente depois por uma estratégia predefinida, independentemente das direções do mercado em movimento durante o tempo de execução. Tendência seguinte negociação tem sido popular entre os especuladores. No entanto, ele permanece como um método de negociação onde o julgamento humano é aplicado ao definir as regras (também conhecidas como estratégia) manualmente. Posteriormente, a estratégia TF é executada de maneira operacional objetiva pura. Encontrar a estratégia correta no começo é crucial no TF. Isso geralmente envolve a intervenção humana em primeiro identificar uma tendência e configurar quando colocar um pedido e fechá-lo, quando certas condições forem atendidas. Neste trabalho, avaliamos e comparamos uma coleção de algoritmos de TF que podem ser programados em um sistema de computador para negociação automatizada. Em particular, uma nova versão do TF chamada trend recalling model é apresentada. Ele funciona correspondendo parcialmente a tendência atual do mercado com um dos padrões comprovados de sucesso do passado. Nossas experiências baseadas em dados reais do mercado de ações mostram que esse método tem uma vantagem sobre a outra tendência, seguindo os métodos de lucratividade. Os resultados mostram que o TF, no entanto, ainda é limitado pela flutuação do mercado (volatilidade) e pela capacidade de identificar sinais de tendência.
Destaques.
► Desenvolvi um protótipo de sistema de negociação automatizado para avaliação de algoritmos de negociação. ► Comparado os méritos dos tipos de algoritmos de negociação Predictive e Reactive. ► Propus cinco algoritmos de negociação inovadores baseados nos seguintes conceitos de tendências.
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Maior concorrência, maior volume de dados de mercado e novas demandas regulatórias são algumas das forças motrizes por trás das mudanças na indústria. As empresas estão tentando manter sua vantagem competitiva mudando constantemente suas estratégias de negociação e aumentando a velocidade de negociação.
Uma arquitetura viável precisa incluir as tecnologias mais recentes dos domínios de rede e de aplicativo. Tem que ser modular para fornecer um caminho gerenciável para evoluir cada componente com o mínimo de interrupção no sistema geral. Portanto, a arquitetura proposta por este artigo é baseada em uma estrutura de serviços. Examinamos serviços como mensagens de baixíssima latência, monitoramento de latência, multicast, computação, armazenamento, virtualização de dados e aplicativos, resiliência comercial, mobilidade comercial e thin client.
A solução para os complexos requisitos da plataforma de negociação da próxima geração deve ser construída com uma mentalidade holística, cruzando as fronteiras de silos tradicionais como negócios e tecnologia ou aplicativos e redes.
O principal objetivo deste documento é fornecer diretrizes para a criação de uma plataforma de negociação de baixíssima latência e, ao mesmo tempo, otimizar o rendimento bruto e a taxa de mensagens para dados de mercado e ordens de negociação FIX.
Para conseguir isso, estamos propondo as seguintes tecnologias de redução de latência:
• Interconexão de alta velocidade - conectividade InfiniBand ou 10 Gbps para o cluster de negociação.
• Barramento de mensagens de alta velocidade.
• Aceleração de aplicativos via RDMA sem re-código do aplicativo.
• Monitoramento de latência em tempo real e redirecionamento do tráfego de negociação para o caminho com latência mínima.
Tendências e Desafios da Indústria.
As arquiteturas comerciais da próxima geração precisam responder às crescentes demandas por velocidade, volume e eficiência. Por exemplo, espera-se que o volume de dados do mercado de opções dobre após a introdução da negociação de centavos de opções em 2007. Também há exigências regulatórias para a melhor execução, que exigem o manuseio de atualizações de preço a taxas que se aproximam de 1 milhão de msg / seg. para trocas. Eles também exigem visibilidade do frescor dos dados e prova de que o cliente obteve a melhor execução possível.
No curto prazo, a velocidade de negociação e inovação são os principais diferenciais. Um número crescente de negociações é tratado por aplicativos de comércio algorítmico colocados o mais próximo possível do local de execução da negociação. Um desafio com estes "black-box" mecanismos de negociação é que eles compõem o aumento de volume emitindo ordens apenas para cancelá-los e reenviá-los. A causa desse comportamento é a falta de visibilidade sobre qual local oferece a melhor execução. O comerciante humano é agora um "engenheiro financeiro" um "quant" (analista quantitativo) com habilidades de programação, que podem ajustar os modelos de negociação em tempo real. As empresas desenvolvem novos instrumentos financeiros, como derivativos climáticos ou negociações entre classes de ativos, e precisam implantar os novos aplicativos rapidamente e de forma escalável.
No longo prazo, a diferenciação competitiva deve vir da análise, não apenas do conhecimento. Os principais traders do futuro assumem riscos, obtêm uma visão verdadeira do cliente e batem consistentemente no mercado (fonte IBM: www-935.ibm/services/us/imc/pdf/ge510-6270-trader. pdf).
A resiliência dos negócios tem sido uma das principais preocupações das empresas de trading desde 11 de setembro de 2001. As soluções nesta área variam desde datacenters redundantes situados em diferentes geografias e conectados a múltiplos locais de negociação até soluções de trader virtual oferecendo aos operadores de mercado a maior parte da funcionalidade de uma mesa de negociação em um local remoto.
O setor de serviços financeiros é um dos mais exigentes em termos de requisitos de TI. O setor está passando por uma mudança arquitetônica em direção à Arquitetura Orientada a Serviços (SOA), serviços da Web e virtualização de recursos de TI. A SOA aproveita o aumento da velocidade da rede para permitir a vinculação dinâmica e a virtualização de componentes de software. Isso permite a criação de novos aplicativos sem perder o investimento em sistemas e infraestrutura existentes. O conceito tem o potencial de revolucionar a forma como a integração é feita, permitindo reduções significativas na complexidade e no custo de tal integração (gigaspaces / download / MerrilLynchGigaSpacesWP. pdf).
Outra tendência é a consolidação de servidores em farms de servidores de data center, enquanto as mesas de operação possuem apenas extensões KVM e clientes ultra-thin (por exemplo, SunRay e HP blade solutions). As redes de área metropolitana de alta velocidade permitem que os dados de mercado sejam multicast entre locais diferentes, permitindo a virtualização do pregão.
Arquitetura de alto nível.
A Figura 1 descreve a arquitetura de alto nível de um ambiente comercial. A fábrica de tickers e os mecanismos de negociação algorítmica estão localizados no cluster de negociação de alto desempenho no data center da empresa ou na bolsa de valores. Os comerciantes humanos estão localizados na área de aplicativos do usuário final.
Funcionalmente, há dois componentes de aplicativos no ambiente comercial corporativo, editores e assinantes. O barramento de mensagens fornece o caminho de comunicação entre editores e assinantes.
Existem dois tipos de tráfego específicos para um ambiente de negociação:
• Dados de mercado - carrega informações sobre preços para instrumentos financeiros, notícias e outras informações de valor agregado, como análises. É unidirecional e muito sensível à latência, normalmente entregue em multicast UDP. É medido em atualizações / seg. e em Mbps. Os dados de mercado fluem de um ou vários feeds externos, provenientes de provedores de dados de mercado, como bolsas de valores, agregadores de dados e ECNs. Cada provedor tem seu próprio formato de dados de mercado. Os dados são recebidos por manipuladores de feeds, aplicativos especializados que normalizam e limpam os dados e os enviam para os consumidores de dados, como mecanismos de preços, aplicativos de comércio algorítmico ou comerciantes humanos. As empresas do lado da venda também enviam os dados do mercado para seus clientes, empresas compradoras, como fundos mútuos, fundos de hedge e outros gerentes de ativos. Algumas empresas de buy-side podem optar por receber feeds diretos das trocas, reduzindo a latência.
Figura 1 Arquitetura de negociação para uma empresa do lado de compra / venda.
Não existe um padrão da indústria para formatos de dados de mercado. Cada troca tem seu formato proprietário. Provedores de conteúdo financeiro, como Reuters e Bloomberg, agregam diferentes fontes de dados de mercado, normalizam e adicionam notícias ou análises. Exemplos de feeds consolidados são RDF (Reuters Data Feed), RWF (Reuters Wire Format) e Bloomberg Professional Services Data.
Para fornecer dados de mercado de latência mais baixa, os dois fornecedores lançaram feeds de dados de mercado em tempo real que são menos processados ​​e têm menos análises:
- Bloomberg B-Pipe - Com o B-Pipe, a Bloomberg separa seu feed de dados de mercado de sua plataforma de distribuição porque um terminal Bloomberg não é necessário para obter o B-Pipe. Wombat e Reuters Feed Handlers anunciaram o apoio ao B-Pipe.
Uma empresa pode decidir receber feeds diretamente de uma troca para reduzir a latência. Os ganhos na velocidade de transmissão podem variar entre 150 milissegundos e 500 milissegundos. Esses feeds são mais complexos e mais caros e a empresa precisa construir e manter sua própria fábrica de tickers (financetech / featured / showArticle. jhtml? ArticleID = 60404306).
• Ordens de negociação - esse tipo de tráfego transporta as negociações reais. É bidirecional e muito sensível à latência. É medido em mensagens / seg. e Mbps. Os pedidos são originários de uma empresa de buy side ou sell side e são enviados para plataformas de negociação como uma Exchange ou ECN para execução. O formato mais comum para o transporte de pedidos é o FIX (Financial Information eXchange - fixprotocol /). Os aplicativos que manipulam mensagens FIX são chamados de mecanismos FIX e interagem com sistemas de gerenciamento de pedidos (OMS).
Uma otimização para o FIX é chamada de FAST (correção adaptada para streaming), que usa um esquema de compactação para reduzir o tamanho da mensagem e, com efeito, reduzir a latência. O FAST é voltado mais para a entrega de dados de mercado e tem o potencial de se tornar um padrão. O FAST também pode ser usado como um esquema de compactação para formatos de dados de mercado proprietários.
Para reduzir a latência, as empresas podem optar por estabelecer o Acesso Direto ao Mercado (Direct Market Access - DMA).
DMA é o processo automatizado de roteamento de uma ordem de títulos diretamente para um local de execução, evitando assim a intervenção de terceiros (towergroup / research / content / glossary. jsp? Page = 1 & glossaryId = 383). O DMA requer uma conexão direta com o local de execução.
O barramento de mensagens é um software de middleware de fornecedores como a Tibco, a 29West, a Reuters RMDS ou uma plataforma de código aberto, como o AMQP. O barramento de mensagens usa um mecanismo confiável para entregar mensagens. O transporte pode ser feito via TCP / IP (TibcoEMS, 29West, RMDS e AMQP) ou UDP / multicast (TibcoRV, 29West e RMDS). Um conceito importante na distribuição de mensagens é o & quot; stream de tópico & quot; que é um subconjunto de dados de mercado definidos por critérios como símbolo de ticker, setor ou uma determinada cesta de instrumentos financeiros. Os inscritos participam de grupos de tópicos mapeados em um ou vários subtópicos para receber apenas as informações relevantes. No passado, todos os comerciantes recebiam todos os dados do mercado. Nos volumes atuais de tráfego, isso seria sub-ótimo.
A rede desempenha um papel crítico no ambiente de negociação. Os dados de mercado são transportados para o pregão onde os comerciantes humanos estão localizados através de uma rede de alta velocidade Campus ou Metro Area. Alta disponibilidade e baixa latência, bem como alta taxa de transferência, são as métricas mais importantes.
O ambiente comercial de alto desempenho possui a maioria de seus componentes no farm de servidores do Data Center. Para minimizar a latência, os mecanismos de negociação algorítmica precisam estar localizados nas proximidades dos manipuladores de feeds, mecanismos FIX e sistemas de gerenciamento de pedidos. Um modelo de implantação alternativo possui os sistemas de negociação algorítmica localizados em uma troca ou um provedor de serviços com conectividade rápida para várias trocas.
Modelos de implantação.
Existem dois modelos de implantação para uma plataforma de negociação de alto desempenho. As empresas podem optar por ter uma mistura dos dois:
• Data Center da empresa de trading (Figura 2) - Este é o modelo tradicional, onde uma plataforma de negociação completa é desenvolvida e mantida pela empresa com links de comunicação para todas as plataformas de negociação. A latência varia com a velocidade dos links e o número de saltos entre a empresa e os locais.
Figura 2 Modelo de Implantação Tradicional.
• Co-location na plataforma de negociação (bolsas, prestadores de serviços financeiros (FSP)) (Figura 3)
A empresa comercial implanta sua plataforma de negociação automatizada o mais próximo possível dos locais de execução para minimizar a latência.
Figura 3 Modelo de Implantação Hospedada.
Arquitetura de Negociação Orientada a Serviços.
Estamos propondo uma estrutura orientada a serviços para a construção da arquitetura comercial de próxima geração. Essa abordagem fornece uma estrutura conceitual e um caminho de implementação com base na modularização e minimização de interdependências.
Essa estrutura fornece às empresas uma metodologia para:
• Avalie seu estado atual em termos de serviços.
• Priorizar serviços com base em seu valor para o negócio.
• Evolua a plataforma de negociação para o estado desejado usando uma abordagem modular.
A arquitetura de negociação de alto desempenho conta com os seguintes serviços, conforme definido pela estrutura de arquitetura de serviços representada na Figura 4.
Figura 4 Estrutura de Arquitetura de Serviço para Negociação de Alto Desempenho.
Tabela 1 Descrições e Tecnologias de Serviço.
Mensagens de latência ultra baixa.
Instrumentação - appliances, agentes de software e módulos roteadores.
Virtualização de SO e E / S, RDMA (Remote Direct Memory Access), TOE (TCP Offload Engines)
Middleware que paraleliza o processamento de aplicativos.
Middleware que acelera o acesso a dados para aplicativos, por exemplo, armazenamento em cache na memória.
Replicação multicast assistida por hardware através da rede; otimizações multicast Camada 2 e Camada 3.
Virtualização de hardware de armazenamento (VSANs), replicação de dados, backup remoto e virtualização de arquivos.
Resiliência comercial e mobilidade.
Balanceamento de carga local e local e redes de campus de alta disponibilidade.
Serviços de aplicativos de área ampla.
Aceleração de aplicativos em uma conexão WAN para comerciantes residindo fora do campus.
Serviço de cliente fino.
Desacoplamento dos recursos de computação dos terminais voltados para o usuário final.
Serviço de Mensagens de Latência Ultra-Baixa.
Esse serviço é fornecido pelo barramento de mensagens, que é um sistema de software que resolve o problema de conectar muitos-para-muitos aplicativos. O sistema consiste em:
• Um conjunto de esquemas de mensagens predefinidos.
• Um conjunto de mensagens de comando comuns.
• Uma infraestrutura de aplicativos compartilhados para enviar as mensagens para os destinatários. A infraestrutura compartilhada pode ser baseada em um intermediário de mensagem ou em um modelo de publicação / assinatura.
Os principais requisitos para o barramento de mensagens da próxima geração são (fonte 29West):
• menor latência possível (por exemplo, menos de 100 microssegundos)
• Estabilidade sob carga pesada (por exemplo, mais de 1,4 milhões de msg / segundo)
• Controle e flexibilidade (controle de taxa e transporte configurável)
Há esforços no setor para padronizar o barramento de mensagens. O AMQP (Advanced Message Queuing Protocol) é um exemplo de um padrão aberto promovido pelo J. P. Morgan Chase e apoiado por um grupo de fornecedores como Cisco, Envoy Technologies, Red Hat, TWIST Process Innovations, Iona, 29West e iMatix. Dois dos principais objetivos são fornecer um caminho mais simples para a interoperabilidade de aplicativos escritos em plataformas diferentes e modularidade para que o middleware possa ser facilmente desenvolvido.
Em termos muito gerais, um servidor AMQP é análogo a um servidor de E-mail, com cada troca agindo como um agente de transferência de mensagens e cada fila de mensagens como uma caixa de correio. As ligações definem as tabelas de roteamento em cada agente de transferência. Os editores enviam mensagens para agentes de transferência individuais, que encaminham as mensagens para caixas de correio. Os consumidores recebem mensagens de caixas de correio, o que cria um modelo poderoso e flexível que é simples (fonte: amqp / tikiwiki / tiki-index. php? Page = OpenApproach # Why_AMQP_).
Serviço de Monitoramento de Latência.
Os principais requisitos para este serviço são:
• Granularidade de medidas de sub-milissegundos.
• Visibilidade em tempo quase real sem adicionar latência ao tráfego de negociação.
• Capacidade de diferenciar a latência do processamento de aplicativos da latência de trânsito da rede.
• Capacidade de lidar com altas taxas de mensagens.
• Fornecer uma interface programática para aplicativos de negociação para receber dados de latência, permitindo que os mecanismos de negociação algorítmica se adaptem às condições em constante mudança.
• Correlacionar eventos de rede com eventos do aplicativo para fins de solução de problemas.
A latência pode ser definida como o intervalo de tempo entre o momento em que uma ordem de negociação é enviada e quando a mesma ordem é reconhecida e aceita pela parte receptora.
Abordar a questão da latência é um problema complexo, exigindo uma abordagem holística que identifique todas as fontes de latência e aplique diferentes tecnologias em diferentes camadas do sistema.
A Figura 5 mostra a variedade de componentes que podem introduzir latência em cada camada da pilha OSI. Ele também mapeia cada fonte de latência com uma possível solução e uma solução de monitoramento. Essa abordagem em camadas pode oferecer às empresas uma maneira mais estruturada de atacar a questão da latência, em que cada componente pode ser considerado como um serviço e tratado de forma consistente em toda a empresa.
A manutenção de uma medida precisa do estado dinâmico desse intervalo de tempo em rotas e destinos alternativos pode ser de grande ajuda nas decisões de negociação tática. A capacidade de identificar a localização exata dos atrasos, seja na rede de borda do cliente, no hub de processamento central ou no nível do aplicativo de transação, determina significativamente a capacidade dos provedores de serviços de cumprir seus contratos de nível de serviço (SLAs). Para os formulários buy-side e sell-side, bem como para os sindicatos de dados de mercado, a rápida identificação e remoção de gargalos traduz-se diretamente em melhores oportunidades e receitas comerciais.
Figura 5 Arquitetura de Gerenciamento de Latência.
Ferramentas de monitoramento de baixa latência da Cisco.
As ferramentas tradicionais de monitoramento de rede operam com minutos ou segundos de granularidade. As plataformas de negociação da próxima geração, especialmente aquelas que suportam o comércio algorítmico, exigem latências inferiores a 5 ms e níveis extremamente baixos de perda de pacotes. Em uma LAN Gigabit, uma microburst de 100 ms pode causar 10.000 transações a serem perdidas ou excessivamente atrasadas.
A Cisco oferece aos seus clientes uma variedade de ferramentas para medir a latência em um ambiente de negociação:
• Gerente de Qualidade de Largura de Banda (BQM) (OEM da Corvil)
• Solução de Monitoramento de Latência de Serviços Financeiros (FSMS) baseada em Cisco AON
Gerente de Qualidade de Largura de Banda.
O Bandwidth Quality Manager (BQM) 4.0 é um produto de gerenciamento de desempenho de aplicativos de rede de última geração que permite que os clientes monitorem e provisionem sua rede para níveis controlados de latência e desempenho de perda. Embora o BQM não seja voltado exclusivamente para redes comerciais, sua visibilidade em microssegundos combinada com recursos inteligentes de provisionamento de largura de banda o torna ideal para esses ambientes exigentes.
O Cisco BQM 4.0 implementa um amplo conjunto de tecnologias de medição de tráfego e análise de rede patenteadas e com patente pendente que proporcionam ao usuário visibilidade e compreensão sem precedentes de como otimizar a rede para obter o máximo desempenho do aplicativo.
O Cisco BQM agora é suportado na família de produtos do Cisco Application Deployment Engine (ADE). A família de produtos Cisco ADE é a plataforma escolhida para aplicativos de gerenciamento de rede da Cisco.
Benefícios do BQM.
A microvisualização do Cisco BQM é a capacidade de detectar, medir e analisar eventos de tráfego de latência, jitter e perda induzidos em níveis de microssegundos com granularidade por resolução de pacote. Isso permite que o Cisco BQM detecte e determine o impacto dos eventos de tráfego na latência, instabilidade e perda da rede. É crítico para os ambientes de negociação que o BQM possa suportar medições de latência, perda e jitter unidirecionais para tráfego TCP e UDP (multicast). Isso significa que ele é relatado perfeitamente para tráfego de tráfego e feeds de dados de mercado.
O BQM permite que o usuário especifique um conjunto abrangente de limites (em relação à atividade de microburst, latência, perda, jitter, utilização, etc.) em todas as interfaces. Em seguida, o BQM opera uma captura de pacote de rolagem em segundo plano. Sempre que ocorre uma violação de limite ou outro evento de degradação de desempenho potencial, ele aciona o Cisco BQM para armazenar a captura de pacote no disco para análise posterior. Isso permite que o usuário examine detalhadamente tanto o tráfego do aplicativo que foi afetado pela degradação do desempenho (& quot; as vítimas & quot;) quanto o tráfego que causou a degradação do desempenho (& quot; os culpados & quot;). Isso pode reduzir significativamente o tempo gasto no diagnóstico e na solução de problemas de desempenho da rede.
O BQM também é capaz de fornecer recomendações detalhadas de provisionamento de políticas de largura de banda e qualidade de serviço (QoS), que o usuário pode aplicar diretamente para obter o desempenho de rede desejado.
Medidas de BQM ilustradas.
Para entender a diferença entre algumas das técnicas de medição mais convencionais e a visibilidade fornecida pelo BQM, podemos ver alguns gráficos de comparação. No primeiro conjunto de gráficos (Figura 6 e Figura 7), vemos a diferença entre a latência medida pelo Passive Network Quality Monitor (PNQM) do BQM e a latência medida pela injeção de pacotes de ping a cada 1 segundo no fluxo de tráfego.
Na Figura 6, vemos a latência relatada por pacotes de ping ICMP de 1 segundo para tráfego de rede real (ele é dividido por 2 para fornecer uma estimativa para o atraso unidirecional). Ele mostra o atraso confortavelmente abaixo de cerca de 5ms durante quase todo o tempo.
Figura 6 Latência reportada por pacotes de ping ICMP de 1 segundo para tráfego de rede real.
Na Figura 7, vemos a latência relatada pelo PNQM para o mesmo tráfego ao mesmo tempo. Aqui vemos que medindo a latência unidirecional dos pacotes de aplicativos reais, obtemos uma imagem radicalmente diferente. Aqui, a latência parece estar pairando em torno de 20 ms, com surtos ocasionais muito mais altos. A explicação é que, como o ping está enviando pacotes apenas a cada segundo, está faltando completamente a maior parte da latência de tráfego do aplicativo. Na verdade, os resultados do ping normalmente indicam apenas atraso de propagação de ida e volta em vez de latência de aplicativo realista na rede.
Figura 7 Latência Relatada pelo PNQM para o Real Network Traffic.
No segundo exemplo (Figura 8), vemos a diferença na carga reportada ou níveis de saturação entre uma visualização média de 5 minutos e uma visualização de microburst de 5 ms (o BQM pode reportar a exatidão de cerca de 10-100 nanossegundos em microbursts). A linha verde mostra que a média de utilização nas médias de 5 minutos é baixa, talvez até 5 Mbits / s. O gráfico azul escuro mostra a atividade de microburst de 5ms alcançando entre 75 Mbits / se 100 Mbits / s, a velocidade da LAN efetivamente. O BQM mostra esse nível de granularidade para todas as aplicações e também fornece regras de provisionamento claras para permitir que o usuário controle ou neutralize esses microbursts.
Figura 8 Diferença na carga de link reportada entre uma visualização média de 5 minutos e uma exibição de microssonda de 5 ms.
Implantação do BQM na Rede de Negociação.
A Figura 9 mostra uma implantação típica do BQM em uma rede de negociação.
Figura 9 Implantação típica do BQM em uma rede de negociação.
O BQM pode então ser usado para responder a esses tipos de perguntas:
• Algum dos meus principais links de LAN Gigabit está saturado por mais de X milissegundos? Isso está causando perda? Quais links seriam mais beneficiados com uma atualização para as velocidades Etherchannel ou 10 Gigabit?
• Qual tráfego de aplicativos está causando a saturação dos meus links de 1 Gigabit?
• Algum dos dados de mercado apresenta perda de ponta a ponta?
• Quanta latência adicional o data center de failover enfrenta? Este link é dimensionado corretamente para lidar com microbursts?
• Meus traders estão recebendo atualizações de baixa latência da camada de distribuição de dados de mercado? Eles estão vendo algum atraso maior que X milissegundos?
Ser capaz de responder a essas perguntas de maneira simples e eficaz economiza tempo e dinheiro na execução da rede de negociação.
O BQM é uma ferramenta essencial para ganhar visibilidade em dados de mercado e ambientes de negociação. Ele fornece medições granulares de latência de ponta a ponta em infraestruturas complexas que sofrem movimentação de dados de alto volume. Detectar efetivamente microbursts em níveis sub-milissegundos e receber análise especializada em um determinado evento é inestimável para os arquitetos de pregão. Recomendações de provisionamento de largura de banda inteligente, como dimensionamento e análise de hipóteses, proporcionam maior agilidade para responder às condições voláteis do mercado. À medida que a explosão do comércio algorítmico e o aumento das taxas de mensagens continua, o BQM, combinado com sua ferramenta de QoS, fornece a capacidade de implementar políticas de QoS que podem proteger aplicativos críticos de negociação.
Solução de monitoramento de latência de serviços financeiros da Cisco.
A Cisco e a Trading Metrics têm colaborado em soluções de monitoramento de latência para o fluxo de pedidos FIX e monitoramento de dados de mercado. A tecnologia Cisco AON é a base para uma nova classe de produtos e soluções incorporados em rede que ajudam a mesclar redes inteligentes com a infraestrutura de aplicativos, com base em arquiteturas orientadas a serviços ou tradicionais. A Trading Metrics é uma fornecedora líder de software analítico para fins de monitoramento de latência de infra-estrutura de rede e latência de aplicativos (tradingmetrics /).
A solução de monitoramento de latência de serviços financeiros (FSMS) da Cisco AON correlacionou dois tipos de eventos no ponto de observação:
• Eventos de rede correlacionados diretamente com o tratamento de mensagens de aplicativos coincidentes.
• Fluxo de pedidos comerciais e eventos de atualização de mercado correspondentes.
Usando a marcação de tempo declarada no momento da captura na rede, a análise em tempo real desses fluxos de dados correlatos permite a identificação precisa de gargalos na infraestrutura enquanto uma transação está sendo executada ou os dados de mercado estão sendo distribuídos. Ao monitorar e medir a latência no início do ciclo, as empresas financeiras podem tomar melhores decisões sobre qual serviço de rede - e qual intermediário, mercado ou contraparte - selecionar para rotear ordens de negociação. Da mesma forma, esse conhecimento permite acesso mais simplificado a dados de mercado atualizados (cotações de ações, notícias econômicas, etc.), que é uma base importante para iniciar, retirar ou buscar oportunidades de mercado.
Os componentes da solução são:
• hardware AON em três fatores de forma:
- Módulo de rede AON para roteadores Cisco 2600/2800/3700/3800.
- AON Blade para a série Cisco Catalyst 6500.
- Aparelho AON 8340.
• O software Trading Metrics M & amp; A 2.0, que fornece o aplicativo de monitoramento e alerta, exibe gráficos de latência em um painel e emite alertas quando ocorrem lentidões (tradingmetrics / TM_brochure. pdf).
Figura 10 Monitoramento de Latência FIX Baseado em AON.
SLA IP da Cisco.
O Cisco IP SLA é uma ferramenta de gerenciamento de rede incorporada no Cisco IOS que permite que roteadores e switches gerem fluxos de tráfego sintéticos que podem ser medidos quanto à latência, jitter, perda de pacotes e outros critérios (cisco / go / ipsla).
Dois conceitos principais são a origem do tráfego gerado e o destino. Ambas estas executam um endereço IP SLA "respondedor". que tem a responsabilidade de marcar o tempo do tráfego de controle antes que ele seja originado e retornado pelo destino (para uma medida de ida e volta). Vários tipos de tráfego podem ser originados no IP SLA e são direcionados a métricas diferentes e a diferentes serviços e aplicativos. A operação de jitter UDP é usada para medir atrasos unidirecionais e ida e volta e reportar variações. Como o tempo do tráfego é estampado nos dispositivos de envio e destino usando o recurso de resposta, o atraso de ida e volta é caracterizado como o delta entre os dois registros de data e hora.
Um novo recurso foi introduzido no IOS 12.3 (14) T, no IP SLA Sub Millisecond Reporting, que permite que os timestamps sejam exibidos com uma resolução em microssegundos, fornecendo assim um nível de granularidade não disponível anteriormente. Esse novo recurso tornou o IP SLA relevante para as redes do campus onde a latência da rede está normalmente na faixa de 300 a 800 microssegundos e a capacidade de detectar tendências e picos (tendências breves) com base em contadores de granularidade de microssegundos é um requisito para os clientes envolvidos no tempo ambientes de negociação eletrônicos sensíveis.
Como resultado, o IP SLA agora está sendo considerado por um número significativo de organizações financeiras, pois todas enfrentam requisitos para:
• Relate a latência da linha de base para seus usuários.
• Tendência da latência da linha de base ao longo do tempo.
• Responda rapidamente a explosões de tráfego que causam alterações na latência relatada.
Relatórios de sub-milissegundos são necessários para esses clientes, uma vez que muitos campus e backbones estão entregando atualmente com um segundo de latência em vários saltos de switch. Ambientes de negociação eletrônica geralmente trabalham para eliminar ou minimizar todas as áreas de dispositivos e latência de rede para oferecer um atendimento rápido aos negócios. Relatando que os tempos de resposta da rede são "pouco menos de um milissegundo" não é mais suficiente; A granularidade das medições de latência relatadas em um segmento de rede ou backbone precisa estar mais próxima de 300-800 microssegundos com um grau de resolução de 100 & igrave; segundos.
O IP SLA recentemente adicionou suporte a fluxos de teste de multicast IP, que podem medir a latência de dados de mercado.
Uma topologia de rede típica é mostrada na Figura 11 com os roteadores, as fontes e os respondedores de sombra IP SLA.
Figura 11 Implantação do IP SLA.
Serviços de computação.
Os serviços de computação cobrem uma ampla gama de tecnologias com o objetivo de eliminar gargalos de memória e CPU criados pelo processamento de pacotes de rede. Os aplicativos comerciais consomem grandes volumes de dados de mercado e os servidores precisam dedicar recursos ao processamento do tráfego de rede, em vez do processamento de aplicativos.
• Processamento de transporte - Em altas velocidades, o processamento de pacotes de rede pode consumir uma quantidade significativa de ciclos e memória de CPU do servidor. Uma regra prática estabelecida indica que 1 Gbps de largura de banda de rede requer 1 GHz de capacidade de processador (fonte do white paper da Intel sobre aceleração de E / S intel / technology / ioacceleration / 306517.pdf).
• Cópia de buffer intermediário - Em uma implementação de pilha de rede convencional, os dados precisam ser copiados pela CPU entre buffers de rede e buffers de aplicativo. Essa sobrecarga é agravada pelo fato de que as velocidades de memória não acompanharam os aumentos nas velocidades da CPU. Por exemplo, processadores como o Intel Xeon estão se aproximando de 4 GHz, enquanto os chips de RAM giram em torno de 400 MHz (para memória DDR 3200) (fonte Intel intel / technology / ioacceleration / 306517.pdf).
• Comutação de contexto - Toda vez que um pacote individual precisa ser processado, a CPU executa uma alternância de contexto do contexto de aplicativo para o contexto de tráfego de rede. Essa sobrecarga poderia ser reduzida se a opção ocorresse somente quando todo o buffer de aplicativo estivesse completo.
Figura 12 Fontes de Sobrecarga nos Servidores do Data Center.
• TCP Offload Engine (TOE) - Transfere os ciclos do processador de transporte para a NIC. Move as cópias do buffer da pilha do protocolo TCP / IP da memória do sistema para a memória NIC.
• Remote Direct Memory Access (RDMA)—Enables a network adapter to transfer data directly from application to application without involving the operating system. Eliminates intermediate and application buffer copies (memory bandwidth consumption).
• Kernel bypass — Direct user-level access to hardware. Dramatically reduces application context switches.
Figure 13 RDMA and Kernel Bypass.
InfiniBand is a point-to-point (switched fabric) bidirectional serial communication link which implements RDMA, among other features. Cisco offers an InfiniBand switch, the Server Fabric Switch (SFS): cisco/application/pdf/en/us/guest/netsol/ns500/c643/cdccont_0900aecd804c35cb. pdf.
Figure 14 Typical SFS Deployment.
Trading applications benefit from the reduction in latency and latency variability, as proved by a test performed with the Cisco SFS and Wombat Feed Handlers by Stac Research:
Application Virtualization Service.
De-coupling the application from the underlying OS and server hardware enables them to run as network services. One application can be run in parallel on multiple servers, or multiple applications can be run on the same server, as the best resource allocation dictates. This decoupling enables better load balancing and disaster recovery for business continuance strategies. The process of re-allocating computing resources to an application is dynamic. Using an application virtualization system like Data Synapse's GridServer, applications can migrate, using pre-configured policies, to under-utilized servers in a supply-matches-demand process (networkworld/supp/2005/ndc1/022105virtual. html? page=2).
There are many business advantages for financial firms who adopt application virtualization:
• Faster time to market for new products and services.
• Faster integration of firms following merger and acquisition activity.
• Increased application availability.
• Better workload distribution, which creates more "head room" for processing spikes in trading volume.
• Operational efficiency and control.
• Reduction in IT complexity.
Currently, application virtualization is not used in the trading front-office. One use-case is risk modeling, like Monte Carlo simulations. As the technology evolves, it is conceivable that some the trading platforms will adopt it.
Data Virtualization Service.
To effectively share resources across distributed enterprise applications, firms must be able to leverage data across multiple sources in real-time while ensuring data integrity. With solutions from data virtualization software vendors such as Gemstone or Tangosol (now Oracle), financial firms can access heterogeneous sources of data as a single system image that enables connectivity between business processes and unrestrained application access to distributed caching. The net result is that all users have instant access to these data resources across a distributed network (gridtoday/03/0210/101061.html).
This is called a data grid and is the first step in the process of creating what Gartner calls Extreme Transaction Processing (XTP) (gartner/DisplayDocument? ref=g_search&id=500947). Technologies such as data and applications virtualization enable financial firms to perform real-time complex analytics, event-driven applications, and dynamic resource allocation.
One example of data virtualization in action is a global order book application. An order book is the repository of active orders that is published by the exchange or other market makers. A global order book aggregates orders from around the world from markets that operate independently. The biggest challenge for the application is scalability over WAN connectivity because it has to maintain state. Today's data grids are localized in data centers connected by Metro Area Networks (MAN). This is mainly because the applications themselves have limits—they have been developed without the WAN in mind.
Figure 15 GemStone GemFire Distributed Caching.
Before data virtualization, applications used database clustering for failover and scalability. This solution is limited by the performance of the underlying database. Failover is slower because the data is committed to disc. With data grids, the data which is part of the active state is cached in memory, which reduces drastically the failover time. Scaling the data grid means just adding more distributed resources, providing a more deterministic performance compared to a database cluster.
Multicast Service.
Market data delivery is a perfect example of an application that needs to deliver the same data stream to hundreds and potentially thousands of end users. Market data services have been implemented with TCP or UDP broadcast as the network layer, but those implementations have limited scalability. Using TCP requires a separate socket and sliding window on the server for each recipient. UDP broadcast requires a separate copy of the stream for each destination subnet. Both of these methods exhaust the resources of the servers and the network. The server side must transmit and service each of the streams individually, which requires larger and larger server farms. On the network side, the required bandwidth for the application increases in a linear fashion. For example, to send a 1 Mbps stream to 1000recipients using TCP requires 1 Gbps of bandwidth.
IP multicast is the only way to scale market data delivery. To deliver a 1 Mbps stream to 1000 recipients, IP multicast would require 1 Mbps. The stream can be delivered by as few as two servers—one primary and one backup for redundancy.
There are two main phases of market data delivery to the end user. In the first phase, the data stream must be brought from the exchange into the brokerage's network. Typically the feeds are terminated in a data center on the customer premise. The feeds are then processed by a feed handler, which may normalize the data stream into a common format and then republish into the application messaging servers in the data center.
The second phase involves injecting the data stream into the application messaging bus which feeds the core infrastructure of the trading applications. The large brokerage houses have thousands of applications that use the market data streams for various purposes, such as live trades, long term trending, arbitrage, etc. Many of these applications listen to the feeds and then republish their own analytical and derivative information. For example, a brokerage may compare the prices of CSCO to the option prices of CSCO on another exchange and then publish ratings which a different application may monitor to determine how much they are out of synchronization.
Figure 16 Market Data Distribution Players.
The delivery of these data streams is typically over a reliable multicast transport protocol, traditionally Tibco Rendezvous. Tibco RV operates in a publish and subscribe environment. Each financial instrument is given a subject name, such as CSCO. last. Each application server can request the individual instruments of interest by their subject name and receive just a that subset of the information. This is called subject-based forwarding or filtering. Subject-based filtering is patented by Tibco.
A distinction should be made between the first and second phases of market data delivery. The delivery of market data from the exchange to the brokerage is mostly a one-to-many application. The only exception to the unidirectional nature of market data may be retransmission requests, which are usually sent using unicast. The trading applications, however, are definitely many-to-many applications and may interact with the exchanges to place orders.
Figure 17 Market Data Architecture.
Design Issues.
Number of Groups/Channels to Use.
Many application developers consider using thousand of multicast groups to give them the ability to divide up products or instruments into small buckets. Normally these applications send many small messages as part of their information bus. Usually several messages are sent in each packet that are received by many users. Sending fewer messages in each packet increases the overhead necessary for each message.
In the extreme case, sending only one message in each packet quickly reaches the point of diminishing returns—there is more overhead sent than actual data. Application developers must find a reasonable compromise between the number of groups and breaking up their products into logical buckets.
Consider, for example, the Nasdaq Quotation Dissemination Service (NQDS). The instruments are broken up alphabetically:
Another example is the Nasdaq Totalview service, broken up this way:
This approach allows for straight forward network/application management, but does not necessarily allow for optimized bandwidth utilization for most users. A user of NQDS that is interested in technology stocks, and would like to subscribe to just CSCO and INTL, would have to pull down all the data for the first two groups of NQDS. Understanding the way users pull down the data and then organize it into appropriate logical groups optimizes the bandwidth for each user.
In many market data applications, optimizing the data organization would be of limited value. Typically customers bring in all data into a few machines and filter the instruments. Using more groups is just more overhead for the stack and does not help the customers conserve bandwidth. Another approach might be to keep the groups down to a minimum level and use UDP port numbers to further differentiate if necessary. The other extreme would be to use just one multicast group for the entire application and then have the end user filter the data. In some situations this may be sufficient.
Intermittent Sources.
A common issue with market data applications are servers that send data to a multicast group and then go silent for more than 3.5 minutes. These intermittent sources may cause trashing of state on the network and can introduce packet loss during the window of time when soft state and then hardware shorts are being created.
PIM-Bidir or PIM-SSM.
The first and best solution for intermittent sources is to use PIM-Bidir for many-to-many applications and PIM-SSM for one-to-many applications.
Both of these optimizations of the PIM protocol do not have any data-driven events in creating forwarding state. That means that as long as the receivers are subscribed to the streams, the network has the forwarding state created in the hardware switching path.
Intermittent sources are not an issue with PIM-Bidir and PIM-SSM.
Null Packets.
In PIM-SM environments a common method to make sure forwarding state is created is to send a burst of null packets to the multicast group before the actual data stream. The application must efficiently ignore these null data packets to ensure it does not affect performance. The sources must only send the burst of packets if they have been silent for more than 3 minutes. A good practice is to send the burst if the source is silent for more than a minute. Many financials send out an initial burst of traffic in the morning and then all well-behaved sources do not have problems.
Periodic Keepalives or Heartbeats.
An alternative approach for PIM-SM environments is for sources to send periodic heartbeat messages to the multicast groups. This is a similar approach to the null packets, but the packets can be sent on a regular timer so that the forwarding state never expires.
S, G Expiry Timer.
Finally, Cisco has made a modification to the operation of the S, G expiry timer in IOS. There is now a CLI knob to allow the state for a S, G to stay alive for hours without any traffic being sent. The (S, G) expiry timer is configurable. This approach should be considered a workaround until PIM-Bidir or PIM-SSM is deployed or the application is fixed.
RTCP Feedback.
A common issue with real time voice and video applications that use RTP is the use of RTCP feedback traffic. Unnecessary use of the feedback option can create excessive multicast state in the network. If the RTCP traffic is not required by the application it should be avoided.
Fast Producers and Slow Consumers.
Today many servers providing market data are attached at Gigabit speeds, while the receivers are attached at different speeds, usually 100Mbps. This creates the potential for receivers to drop packets and request re-transmissions, which creates more traffic that the slowest consumers cannot handle, continuing the vicious circle.
The solution needs to be some type of access control in the application that limits the amount of data that one host can request. QoS and other network functions can mitigate the problem, but ultimately the subscriptions need to be managed in the application.
Tibco Heartbeats.
TibcoRV has had the ability to use IP multicast for the heartbeat between the TICs for many years. However, there are some brokerage houses that are still using very old versions of TibcoRV that use UDP broadcast support for the resiliency. This limitation is often cited as a reason to maintain a Layer 2 infrastructure between TICs located in different data centers. These older versions of TibcoRV should be phased out in favor of the IP multicast supported versions.
Multicast Forwarding Options.
PIM Sparse Mode.
The standard IP multicast forwarding protocol used today for market data delivery is PIM Sparse Mode. It is supported on all Cisco routers and switches and is well understood. PIM-SM can be used in all the network components from the exchange, FSP, and brokerage.
There are, however, some long-standing issues and unnecessary complexity associated with a PIM-SM deployment that could be avoided by using PIM-Bidir and PIM-SSM. These are covered in the next sections.
The main components of the PIM-SM implementation are:
• PIM Sparse Mode v2.
• Shared Tree (spt-threshold infinity)
A design option in the brokerage or in the exchange.
Details of Anycast RP can be found in:
The classic high availability design for Tibco in the brokerage network is documented in:
Bidirectional PIM.
PIM-Bidir is an optimization of PIM Sparse Mode for many-to-many applications. It has several key advantages over a PIM-SM deployment:
• Better support for intermittent sources.
• No data-triggered events.
One of the weaknesses of PIM-SM is that the network continually needs to react to active data flows. This can cause non-deterministic behavior that may be hard to troubleshoot. PIM-Bidir has the following major protocol differences over PIM-SM:
– No source registration.
Source traffic is automatically sent to the RP and then down to the interested receivers. There is no unicast encapsulation, PIM joins from the RP to the first hop router and then registration stop messages.
All PIM-Bidir traffic is forwarded on a *,G forwarding entry. The router does not have to monitor the traffic flow on a *,G and then send joins when the traffic passes a threshold.
– No need for an actual RP.
The RP does not have an actual protocol function in PIM-Bidir. The RP acts as a routing vector in which all the traffic converges. The RP can be configured as an address that is not assigned to any particular device. This is called a Phantom RP.
– No need for MSDP.
MSDP provides source information between RPs in a PIM-SM network. PIM-Bidir does not use the active source information for any forwarding decisions and therefore MSDP is not required.
Bidirectional PIM is ideally suited for the brokerage network in the data center of the exchange. In this environment there are many sources sending to a relatively few set of groups in a many-to-many traffic pattern.
The key components of the PIM-Bidir implementation are:
Further details about Phantom RP and basic PIM-Bidir design are documented in:
Source Specific Multicast.
PIM-SSM is an optimization of PIM Sparse Mode for one-to-many applications. In certain environments it can offer several distinct advantages over PIM-SM. Like PIM-Bidir, PIM-SSM does not rely on any data-triggered events. Furthermore, PIM-SSM does not require an RP at all—there is no such concept in PIM-SSM. The forwarding information in the network is completely controlled by the interest of the receivers.
Source Specific Multicast is ideally suited for market data delivery in the financial service provider. The FSP can receive the feeds from the exchanges and then route them to the end of their network.
Many FSPs are also implementing MPLS and Multicast VPNs in their core. PIM-SSM is the preferred method for transporting traffic in VRFs.
When PIM-SSM is deployed all the way to the end user, the receiver indicates his interest in a particular S, G with IGMPv3. Even though IGMPv3 was defined by RFC 2236 back in October, 2002, it still has not been implemented by all edge devices. This creates a challenge for deploying an end-to-end PIM-SSM service. A transitional solution has been developed by Cisco to enable an edge device that supports IGMPv2 to participate in an PIM-SSM service. This feature is called SSM Mapping and is documented in:
Storage Services.
The service provides storage capabilities into the market data and trading environments. Trading applications access backend storage to connect to different databases and other repositories consisting of portfolios, trade settlements, compliance data, management applications, Enterprise Service Bus (ESB), and other critical applications where reliability and security is critical to the success of the business. The main requirements for the service are:
Storage virtualization is an enabling technology that simplifies management of complex infrastructures, enables non-disruptive operations, and facilitates critical elements of a proactive information lifecycle management (ILM) strategy. EMC Invista running on the Cisco MDS 9000 enables heterogeneous storage pooling and dynamic storage provisioning, allowing allocation of any storage to any application. High availability is increased with seamless data migration. Appropriate class of storage is allocated to point-in-time copies (clones). Storage virtualization is also leveraged through the use of Virtual Storage Area Networks (VSANs), which enable the consolidation of multiple isolated SANs onto a single physical SAN infrastructure, while still partitioning them as completely separate logical entities. VSANs provide all the security and fabric services of traditional SANs, yet give organizations the flexibility to easily move resources from one VSAN to another. This results in increased disk and network utilization while driving down the cost of management. Integrated Inter VSAN Routing (IVR) enables sharing of common resources across VSANs.
Figure 18 High Performance Computing Storage.
Replication of data to a secondary and tertiary data center is crucial for business continuance. Replication offsite over Fiber Channel over IP (FCIP) coupled with write acceleration and tape acceleration provides improved performance over long distance. Continuous Data Replication (CDP) is another mechanism which is gaining popularity in the industry. It refers to backup of computer data by automatically saving a copy of every change made to that data, essentially capturing every version of the data that the user saves. It allows the user or administrator to restore data to any point in time. Solutions from EMC and Incipient utilize the SANTap protocol on the Storage Services Module (SSM) in the MDS platform to provide CDP functionality. The SSM uses the SANTap service to intercept and redirect a copy of a write between a given initiator and target. The appliance does not reside in the data path—it is completely passive. The CDP solutions typically leverage a history journal that tracks all changes and bookmarks that identify application-specific events. This ensures that data at any point in time is fully self-consistent and is recoverable instantly in the event of a site failure.
Backup procedure reliability and performance are extremely important when storing critical financial data to a SAN. The use of expensive media servers to move data from disk to tape devices can be cumbersome. Network-accelerated serverless backup (NASB) helps you back up increased amounts of data in shorter backup time frames by shifting the data movement from multiple backup servers to Cisco MDS 9000 Series multilayer switches. This technology decreases impact on application servers because the MDS offloads the application and backup servers. It also reduces the number of backup and media servers required, thus reducing CAPEX and OPEX. The flexibility of the backup environment increases because storage and tape drives can reside anywhere on the SAN.
Trading Resilience and Mobility.
The main requirements for this service are to provide the virtual trader:
• Fully scalable and redundant campus trading environment.
• Resilient server load balancing and high availability in analytic server farms.
• Global site load balancing that provide the capability to continue participating in the market venues of closest proximity.
A highly-available campus environment is capable of sustaining multiple failures (i. e., links, switches, modules, etc.), which provides non-disruptive access to trading systems for traders and market data feeds. Fine-tuned routing protocol timers, in conjunction with mechanisms such as NSF/SSO, provide subsecond recovery from any failure.
The high-speed interconnect between data centers can be DWDM/dark fiber, which provides business continuance in case of a site failure. Each site is 100km-200km apart, allowing synchronous data replication. Usually the distance for synchronous data replication is 100km, but with Read/Write Acceleration it can stretch to 200km. A tertiary data center can be greater than 200km away, which would replicate data in an asynchronous fashion.
Figure 19 Trading Resilience.
A robust server load balancing solution is required for order routing, algorithmic trading, risk analysis, and other services to offer continuous access to clients regardless of a server failure. Multiple servers encompass a "farm" and these hosts can added/removed without disruption since they reside behind a virtual IP (VIP) address which is announced in the network.
A global site load balancing solution provides remote traders the resiliency to access trading environments which are closer to their location. This minimizes latency for execution times since requests are always routed to the nearest venue.
Figure 20 Virtualization of Trading Environment.
A trading environment can be virtualized to provide segmentation and resiliency in complex architectures. Figure 20 illustrates a high-level topology depicting multiple market data feeds entering the environment, whereby each vendor is assigned its own Virtual Routing and Forwarding (VRF) instance. The market data is transferred to a high-speed InfiniBand low-latency compute fabric where feed handlers, order routing systems, and algorithmic trading systems reside. All storage is accessed via a SAN and is also virtualized with VSANs, allowing further security and segmentation. The normalized data from the compute fabric is transferred to the campus trading environment where the trading desks reside.
Wide Area Application Services.
This service provides application acceleration and optimization capabilities for traders who are located outside of the core trading floor facility/data center and working from a remote office. To consolidate servers and increase security in remote offices, file servers, NAS filers, storage arrays, and tape drives are moved to a corporate data center to increase security and regulatory compliance and facilitate centralized storage and archival management. As the traditional trading floor is becoming more virtual, wide area application services technology is being utilized to provide a "LAN-like" experience to remote traders when they access resources at the corporate site. Traders often utilize Microsoft Office applications, especially Excel in addition to Sharepoint and Exchange. Excel is used heavily for modeling and permutations where sometime only small portions of the file are changed. CIFS protocol is notoriously known to be "chatty," where several message normally traverse the WAN for a simple file operation and it is addressed by Wide Area Application Service (WAAS) technology. Bloomberg and Reuters applications are also very popular financial tools which access a centralized SAN or NAS filer to retrieve critical data which is fused together before represented to a trader's screen.
Figure 21 Wide Area Optimization.
A pair of Wide Area Application Engines (WAEs) that reside in the remote office and the data center provide local object caching to increase application performance. The remote office WAEs can be a module in the ISR router or a stand-alone appliance. The data center WAE devices are load balanced behind an Application Control Engine module installed in a pair of Catalyst 6500 series switches at the aggregation layer. The WAE appliance farm is represented by a virtual IP address. The local router in each site utilizes Web Cache Communication Protocol version 2 (WCCP v2) to redirect traffic to the WAE that intercepts the traffic and determines if there is a cache hit or miss. The content is served locally from the engine if it resides in cache; otherwise the request is sent across the WAN the initial time to retrieve the object. This methodology optimizes the trader experience by removing application latency and shielding the individual from any congestion in the WAN.
WAAS uses the following technologies to provide application acceleration:
• Data Redundancy Elimination (DRE) is an advanced form of network compression which allows the WAE to maintain a history of previously-seen TCP message traffic for the purposes of reducing redundancy found in network traffic. This combined with the Lempel-Ziv (LZ) compression algorithm reduces the number of redundant packets that traverse the WAN, which improves application transaction performance and conserves bandwidth.
• Transport Flow Optimization (TFO) employs a robust TCP proxy to safely optimize TCP at the WAE device by applying TCP-compliant optimizations to shield the clients and servers from poor TCP behavior because of WAN conditions. By running a TCP proxy between the devices and leveraging an optimized TCP stack between the devices, many of the problems that occur in the WAN are completely blocked from propagating back to trader desktops. The traders experience LAN-like TCP response times and behavior because the WAE is terminating TCP locally. TFO improves reliability and throughput through increases in TCP window scaling and sizing enhancements in addition to superior congestion management.
Thin Client Service.
This service provides a "thin" advanced trading desktop which delivers significant advantages to demanding trading floor environments requiring continuous growth in compute power. As financial institutions race to provide the best trade executions for their clients, traders are utilizing several simultaneous critical applications that facilitate complex transactions. It is not uncommon to find three or more workstations and monitors at a trader's desk which provide visibility into market liquidity, trading venues, news, analysis of complex portfolio simulations, and other financial tools. In addition, market dynamics continue to evolve with Direct Market Access (DMA), ECNs, alternative trading volumes, and upcoming regulation changes with Regulation National Market System (RegNMS) in the US and Markets in Financial Instruments Directive (MiFID) in Europe. At the same time, business seeks greater control, improved ROI, and additional flexibility, which creates greater demands on trading floor infrastructures.
Traders no longer require multiple workstations at their desk. Thin clients consist of keyboard, mouse, and multi-displays which provide a total trader desktop solution without compromising security. Hewlett Packard, Citrix, Desktone, Wyse, and other vendors provide thin client solutions to capitalize on the virtual desktop paradigm. Thin clients de-couple the user-facing hardware from the processing hardware, thus enabling IT to grow the processing power without changing anything on the end user side. The workstation computing power is stored in the data center on blade workstations, which provide greater scalability, increased data security, improved business continuance across multiple sites, and reduction in OPEX by removing the need to manage individual workstations on the trading floor. One blade workstation can be dedicated to a trader or shared among multiple traders depending on the requirements for computer power.
The "thin client" solution is optimized to work in a campus LAN environment, but can also extend the benefits to traders in remote locations. Latency is always a concern when there is a WAN interconnecting the blade workstation and thin client devices. The network connection needs to be sized accordingly so traffic is not dropped if saturation points exist in the WAN topology. WAN Quality of Service (QoS) should prioritize sensitive traffic. There are some guidelines which should be followed to allow for an optimized user experience. A typical highly-interactive desktop experience requires a client-to-blade round trip latency of <20ms for a 2Kb packet size. There may be a slight lag in display if network latency is between 20ms to 40ms. A typical trader desk with a four multi-display terminal requires 2-3Mbps bandwidth consumption with seamless communication with blade workstation(s) in the data center. Streaming video (800x600 at 24fps/full color) requires 9 Mbps bandwidth usage.
Figure 22 Thin Client Architecture.
Management of a large thin client environment is simplified since a centralized IT staff manages all of the blade workstations dispersed across multiple data centers. A trader is redirected to the most available environment in the enterprise in the event of a particular site failure. High availability is a key concern in critical financial environments and the Blade Workstation design provides rapid provisioning of another blade workstation in the data center. This resiliency provides greater uptime, increases in productivity, and OpEx reduction.
Advanced Encryption Standard.
Advanced Message Queueing Protocol.
Application Oriented Networking.
The Archipelago® Integrated Web book gives investors the unique opportunity to view the entire ArcaEx and ArcaEdge books in addition to books made available by other market participants.
ECN Order Book feed available via NASDAQ.
Chicago Board of Trade.
Class-Based Weighted Fair Queueing.
Continuous Data Replication.
Chicago Mercantile Exchange is engaged in trading of futures contracts and derivatives.
Central Processing Unit.
Distributed Defect Tracking System.
Acesso direto ao mercado.
Data Redundancy Elimination.
Dense Wavelength Division Multiplexing.
Rede de Comunicação Eletrônica.
Enterprise Service Bus.
Enterprise Solutions Engineering.
FIX Adapted for Streaming.
Fibre Channel over IP.
Financial Information Exchange.
Financial Services Latency Monitoring Solution.
Financial Service Provider.
Information Lifecycle Management.
Instinet Island Book.
Internetworking Operating System.
Keyboard Video Mouse.
Low Latency Queueing.
Metro Area Network.
Multilayer Director Switch.
Diretoria de Mercados em Instrumentos Financeiros.
Message Passing Interface is an industry standard specifying a library of functions to enable the passing of messages between nodes within a parallel computing environment.
Network Attached Storage.
Network Accelerated Serverless Backup.
Network Interface Card.
Nasdaq Quotation Dissemination Service.
Order Management System.
Open Systems Interconnection.
Protocol Independent Multicast.
PIM-Source Specific Multicast.
Quality of Service.
Random Access Memory.
Reuters Data Feed.
Reuters Data Feed Direct.
Remote Direct Memory Access.
Regulation National Market System.
Remote Graphics Software.
Reuters Market Data System.
RTP Control Protocol.
Real Time Protocol.
Reuters Wire Format.
Storage Area Network.
Small Computer System Interface.
Sockets Direct Protocol—Given that many modern applications are written using the sockets API, SDP can intercept the sockets at the kernel level and map these socket calls to an InfiniBand transport service that uses RDMA operations to offload data movement from the CPU to the HCA hardware.
Server Fabric Switch.
Secure Financial Transaction Infrastructure network developed to provide firms with excellent communication paths to NYSE Group, AMEX, Chicago Stock Exchange, NASDAQ, and other exchanges. It is often used for order routing.

Trading Floor Architecture.
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Trading Floor Architecture.
Executive Overview.
Increased competition, higher market data volume, and new regulatory demands are some of the driving forces behind industry changes. Firms are trying to maintain their competitive edge by constantly changing their trading strategies and increasing the speed of trading.
A viable architecture has to include the latest technologies from both network and application domains. It has to be modular to provide a manageable path to evolve each component with minimal disruption to the overall system. Therefore the architecture proposed by this paper is based on a services framework. We examine services such as ultra-low latency messaging, latency monitoring, multicast, computing, storage, data and application virtualization, trading resiliency, trading mobility, and thin client.
The solution to the complex requirements of the next-generation trading platform must be built with a holistic mindset, crossing the boundaries of traditional silos like business and technology or applications and networking.
This document's main goal is to provide guidelines for building an ultra-low latency trading platform while optimizing the raw throughput and message rate for both market data and FIX trading orders.
To achieve this, we are proposing the following latency reduction technologies:
• High speed inter-connect—InfiniBand or 10 Gbps connectivity for the trading cluster.
• High-speed messaging bus.
• Application acceleration via RDMA without application re-code.
• Real-time latency monitoring and re-direction of trading traffic to the path with minimum latency.
Industry Trends and Challenges.
Next-generation trading architectures have to respond to increased demands for speed, volume, and efficiency. For example, the volume of options market data is expected to double after the introduction of options penny trading in 2007. There are also regulatory demands for best execution, which require handling price updates at rates that approach 1M msg/sec. for exchanges. They also require visibility into the freshness of the data and proof that the client got the best possible execution.
In the short term, speed of trading and innovation are key differentiators. An increasing number of trades are handled by algorithmic trading applications placed as close as possible to the trade execution venue. A challenge with these "black-box" trading engines is that they compound the volume increase by issuing orders only to cancel them and re-submit them. The cause of this behavior is lack of visibility into which venue offers best execution. The human trader is now a "financial engineer," a "quant" (quantitative analyst) with programming skills, who can adjust trading models on the fly. Firms develop new financial instruments like weather derivatives or cross-asset class trades and they need to deploy the new applications quickly and in a scalable fashion.
In the long term, competitive differentiation should come from analysis, not just knowledge. The star traders of tomorrow assume risk, achieve true client insight, and consistently beat the market (source IBM: www-935.ibm/services/us/imc/pdf/ge510-6270-trader. pdf).
Business resilience has been one main concern of trading firms since September 11, 2001. Solutions in this area range from redundant data centers situated in different geographies and connected to multiple trading venues to virtual trader solutions offering power traders most of the functionality of a trading floor in a remote location.
The financial services industry is one of the most demanding in terms of IT requirements. The industry is experiencing an architectural shift towards Services-Oriented Architecture (SOA), Web services, and virtualization of IT resources. SOA takes advantage of the increase in network speed to enable dynamic binding and virtualization of software components. This allows the creation of new applications without losing the investment in existing systems and infrastructure. The concept has the potential to revolutionize the way integration is done, enabling significant reductions in the complexity and cost of such integration (gigaspaces/download/MerrilLynchGigaSpacesWP. pdf).
Another trend is the consolidation of servers into data center server farms, while trader desks have only KVM extensions and ultra-thin clients (e. g., SunRay and HP blade solutions). High-speed Metro Area Networks enable market data to be multicast between different locations, enabling the virtualization of the trading floor.
High-Level Architecture.
Figure 1 depicts the high-level architecture of a trading environment. The ticker plant and the algorithmic trading engines are located in the high performance trading cluster in the firm's data center or at the exchange. The human traders are located in the end-user applications area.
Functionally there are two application components in the enterprise trading environment, publishers and subscribers. The messaging bus provides the communication path between publishers and subscribers.
There are two types of traffic specific to a trading environment:
• Market Data—Carries pricing information for financial instruments, news, and other value-added information such as analytics. It is unidirectional and very latency sensitive, typically delivered over UDP multicast. It is measured in updates/sec. and in Mbps. Market data flows from one or multiple external feeds, coming from market data providers like stock exchanges, data aggregators, and ECNs. Each provider has their own market data format. The data is received by feed handlers, specialized applications which normalize and clean the data and then send it to data consumers, such as pricing engines, algorithmic trading applications, or human traders. Sell-side firms also send the market data to their clients, buy-side firms such as mutual funds, hedge funds, and other asset managers. Some buy-side firms may opt to receive direct feeds from exchanges, reducing latency.
Figure 1 Trading Architecture for a Buy Side/Sell Side Firm.
There is no industry standard for market data formats. Each exchange has their proprietary format. Financial content providers such as Reuters and Bloomberg aggregate different sources of market data, normalize it, and add news or analytics. Examples of consolidated feeds are RDF (Reuters Data Feed), RWF (Reuters Wire Format), and Bloomberg Professional Services Data.
To deliver lower latency market data, both vendors have released real-time market data feeds which are less processed and have less analytics:
– Bloomberg B-Pipe—With B-Pipe, Bloomberg de-couples their market data feed from their distribution platform because a Bloomberg terminal is not required for get B-Pipe. Wombat and Reuters Feed Handlers have announced support for B-Pipe.
A firm may decide to receive feeds directly from an exchange to reduce latency. The gains in transmission speed can be between 150 milliseconds to 500 milliseconds. These feeds are more complex and more expensive and the firm has to build and maintain their own ticker plant (financetech/featured/showArticle. jhtml? articleID=60404306).
• Trading Orders—This type of traffic carries the actual trades. It is bi-directional and very latency sensitive. It is measured in messages/sec. and Mbps. The orders originate from a buy side or sell side firm and are sent to trading venues like an Exchange or ECN for execution. The most common format for order transport is FIX (Financial Information eXchange—fixprotocol/). The applications which handle FIX messages are called FIX engines and they interface with order management systems (OMS).
An optimization to FIX is called FAST (Fix Adapted for Streaming), which uses a compression schema to reduce message length and, in effect, reduce latency. FAST is targeted more to the delivery of market data and has the potential to become a standard. FAST can also be used as a compression schema for proprietary market data formats.
To reduce latency, firms may opt to establish Direct Market Access (DMA).
DMA is the automated process of routing a securities order directly to an execution venue, therefore avoiding the intervention by a third-party (towergroup/research/content/glossary. jsp? page=1&glossaryId=383). DMA requires a direct connection to the execution venue.
The messaging bus is middleware software from vendors such as Tibco, 29West, Reuters RMDS, or an open source platform such as AMQP. The messaging bus uses a reliable mechanism to deliver messages. The transport can be done over TCP/IP (TibcoEMS, 29West, RMDS, and AMQP) or UDP/multicast (TibcoRV, 29West, and RMDS). One important concept in message distribution is the "topic stream," which is a subset of market data defined by criteria such as ticker symbol, industry, or a certain basket of financial instruments. Subscribers join topic groups mapped to one or multiple sub-topics in order to receive only the relevant information. In the past, all traders received all market data. At the current volumes of traffic, this would be sub-optimal.
The network plays a critical role in the trading environment. Market data is carried to the trading floor where the human traders are located via a Campus or Metro Area high-speed network. High availability and low latency, as well as high throughput, are the most important metrics.
The high performance trading environment has most of its components in the Data Center server farm. To minimize latency, the algorithmic trading engines need to be located in the proximity of the feed handlers, FIX engines, and order management systems. An alternate deployment model has the algorithmic trading systems located at an exchange or a service provider with fast connectivity to multiple exchanges.
Deployment Models.
There are two deployment models for a high performance trading platform. Firms may chose to have a mix of the two:
• Data Center of the trading firm (Figure 2)—This is the traditional model, where a full-fledged trading platform is developed and maintained by the firm with communication links to all the trading venues. Latency varies with the speed of the links and the number of hops between the firm and the venues.
Figure 2 Traditional Deployment Model.
• Co-location at the trading venue (exchanges, financial service providers (FSP)) (Figure 3)
The trading firm deploys its automated trading platform as close as possible to the execution venues to minimize latency.
Figure 3 Hosted Deployment Model.
Services-Oriented Trading Architecture.
We are proposing a services-oriented framework for building the next-generation trading architecture. This approach provides a conceptual framework and an implementation path based on modularization and minimization of inter-dependencies.
This framework provides firms with a methodology to:
• Evaluate their current state in terms of services.
• Prioritize services based on their value to the business.
• Evolve the trading platform to the desired state using a modular approach.
The high performance trading architecture relies on the following services, as defined by the services architecture framework represented in Figure 4.
Figure 4 Service Architecture Framework for High Performance Trading.
Table 1 Service Descriptions and Technologies.
Ultra-low latency messaging.
Instrumentation—appliances, software agents, and router modules.
OS and I/O virtualization, Remote Direct Memory Access (RDMA), TCP Offload Engines (TOE)
Middleware which parallelizes application processing.
Middleware which speeds-up data access for applications, e. g., in-memory caching.
Hardware-assisted multicast replication through-out the network; multicast Layer 2 and Layer 3 optimizations.
Virtualization of storage hardware (VSANs), data replication, remote backup, and file virtualization.
Trading resilience and mobility.
Local and site load balancing and high availability campus networks.
Wide Area application services.
Acceleration of applications over a WAN connection for traders residing off-campus.
Thin client service.
De-coupling of the computing resources from the end-user facing terminals.
Ultra-Low Latency Messaging Service.
This service is provided by the messaging bus, which is a software system that solves the problem of connecting many-to-many applications. The system consists of:
• A set of pre-defined message schemas.
• A set of common command messages.
• A shared application infrastructure for sending the messages to recipients. The shared infrastructure can be based on a message broker or on a publish/subscribe model.
The key requirements for the next-generation messaging bus are (source 29West):
• Lowest possible latency (e. g., less than 100 microseconds)
• Stability under heavy load (e. g., more than 1.4 million msg/sec.)
• Control and flexibility (rate control and configurable transports)
There are efforts in the industry to standardize the messaging bus. Advanced Message Queueing Protocol (AMQP) is an example of an open standard championed by J. P. Morgan Chase and supported by a group of vendors such as Cisco, Envoy Technologies, Red Hat, TWIST Process Innovations, Iona, 29West, and iMatix. Two of the main goals are to provide a more simple path to inter-operability for applications written on different platforms and modularity so that the middleware can be easily evolved.
In very general terms, an AMQP server is analogous to an E-mail server with each exchange acting as a message transfer agent and each message queue as a mailbox. The bindings define the routing tables in each transfer agent. Publishers send messages to individual transfer agents, which then route the messages into mailboxes. Consumers take messages from mailboxes, which creates a powerful and flexible model that is simple (source: amqp/tikiwiki/tiki-index. php? page=OpenApproach#Why_AMQP_).
Latency Monitoring Service.
The main requirements for this service are:
• Sub-millisecond granularity of measurements.
• Near-real time visibility without adding latency to the trading traffic.
• Ability to differentiate application processing latency from network transit latency.
• Ability to handle high message rates.
• Provide a programmatic interface for trading applications to receive latency data, thus enabling algorithmic trading engines to adapt to changing conditions.
• Correlate network events with application events for troubleshooting purposes.
Latency can be defined as the time interval between when a trade order is sent and when the same order is acknowledged and acted upon by the receiving party.
Addressing the latency issue is a complex problem, requiring a holistic approach that identifies all sources of latency and applies different technologies at different layers of the system.
Figure 5 depicts the variety of components that can introduce latency at each layer of the OSI stack. It also maps each source of latency with a possible solution and a monitoring solution. This layered approach can give firms a more structured way of attacking the latency issue, whereby each component can be thought of as a service and treated consistently across the firm.
Maintaining an accurate measure of the dynamic state of this time interval across alternative routes and destinations can be of great assistance in tactical trading decisions. The ability to identify the exact location of delays, whether in the customer's edge network, the central processing hub, or the transaction application level, significantly determines the ability of service providers to meet their trading service-level agreements (SLAs). For buy-side and sell-side forms, as well as for market-data syndicators, the quick identification and removal of bottlenecks translates directly into enhanced trade opportunities and revenue.
Figure 5 Latency Management Architecture.
Cisco Low-Latency Monitoring Tools.
Traditional network monitoring tools operate with minutes or seconds granularity. Next-generation trading platforms, especially those supporting algorithmic trading, require latencies less than 5 ms and extremely low levels of packet loss. On a Gigabit LAN, a 100 ms microburst can cause 10,000 transactions to be lost or excessively delayed.
Cisco offers its customers a choice of tools to measure latency in a trading environment:
• Bandwidth Quality Manager (BQM) (OEM from Corvil)
• Cisco AON-based Financial Services Latency Monitoring Solution (FSMS)
Bandwidth Quality Manager.
Bandwidth Quality Manager (BQM) 4.0 is a next-generation network application performance management product that enables customers to monitor and provision their network for controlled levels of latency and loss performance. While BQM is not exclusively targeted at trading networks, its microsecond visibility combined with intelligent bandwidth provisioning features make it ideal for these demanding environments.
Cisco BQM 4.0 implements a broad set of patented and patent-pending traffic measurement and network analysis technologies that give the user unprecedented visibility and understanding of how to optimize the network for maximum application performance.
Cisco BQM is now supported on the product family of Cisco Application Deployment Engine (ADE). The Cisco ADE product family is the platform of choice for Cisco network management applications.
BQM Benefits.
Cisco BQM micro-visibility is the ability to detect, measure, and analyze latency, jitter, and loss inducing traffic events down to microsecond levels of granularity with per packet resolution. This enables Cisco BQM to detect and determine the impact of traffic events on network latency, jitter, and loss. Critical for trading environments is that BQM can support latency, loss, and jitter measurements one-way for both TCP and UDP (multicast) traffic. This means it reports seamlessly for both trading traffic and market data feeds.
BQM allows the user to specify a comprehensive set of thresholds (against microburst activity, latency, loss, jitter, utilization, etc.) on all interfaces. BQM then operates a background rolling packet capture. Whenever a threshold violation or other potential performance degradation event occurs, it triggers Cisco BQM to store the packet capture to disk for later analysis. This allows the user to examine in full detail both the application traffic that was affected by performance degradation ("the victims") and the traffic that caused the performance degradation ("the culprits"). This can significantly reduce the time spent diagnosing and resolving network performance issues.
BQM is also able to provide detailed bandwidth and quality of service (QoS) policy provisioning recommendations, which the user can directly apply to achieve desired network performance.
BQM Measurements Illustrated.
To understand the difference between some of the more conventional measurement techniques and the visibility provided by BQM, we can look at some comparison graphs. In the first set of graphs (Figure 6 and Figure 7), we see the difference between the latency measured by BQM's Passive Network Quality Monitor (PNQM) and the latency measured by injecting ping packets every 1 second into the traffic stream.
In Figure 6, we see the latency reported by 1-second ICMP ping packets for real network traffic (it is divided by 2 to give an estimate for the one-way delay). It shows the delay comfortably below about 5ms for almost all of the time.
Figure 6 Latency Reported by 1-Second ICMP Ping Packets for Real Network Traffic.
In Figure 7, we see the latency reported by PNQM for the same traffic at the same time. Here we see that by measuring the one-way latency of the actual application packets, we get a radically different picture. Here the latency is seen to be hovering around 20 ms, with occasional bursts far higher. The explanation is that because ping is sending packets only every second, it is completely missing most of the application traffic latency. In fact, ping results typically only indicate round trip propagation delay rather than realistic application latency across the network.
Figure 7 Latency Reported by PNQM for Real Network Traffic.
In the second example (Figure 8), we see the difference in reported link load or saturation levels between a 5-minute average view and a 5 ms microburst view (BQM can report on microbursts down to about 10-100 nanosecond accuracy). The green line shows the average utilization at 5-minute averages to be low, maybe up to 5 Mbits/s. The dark blue plot shows the 5ms microburst activity reaching between 75 Mbits/s and 100 Mbits/s, the LAN speed effectively. BQM shows this level of granularity for all applications and it also gives clear provisioning rules to enable the user to control or neutralize these microbursts.
Figure 8 Difference in Reported Link Load Between a 5-Minute Average View and a 5 ms Microburst View.
BQM Deployment in the Trading Network.
Figure 9 shows a typical BQM deployment in a trading network.
Figure 9 Typical BQM Deployment in a Trading Network.
BQM can then be used to answer these types of questions:
• Are any of my Gigabit LAN core links saturated for more than X milliseconds? Is this causing loss? Which links would most benefit from an upgrade to Etherchannel or 10 Gigabit speeds?
• What application traffic is causing the saturation of my 1 Gigabit links?
• Is any of the market data experiencing end-to-end loss?
• How much additional latency does the failover data center experience? Is this link sized correctly to deal with microbursts?
• Are my traders getting low latency updates from the market data distribution layer? Are they seeing any delays greater than X milliseconds?
Being able to answer these questions simply and effectively saves time and money in running the trading network.
BQM is an essential tool for gaining visibility in market data and trading environments. It provides granular end-to-end latency measurements in complex infrastructures that experience high-volume data movement. Effectively detecting microbursts in sub-millisecond levels and receiving expert analysis on a particular event is invaluable to trading floor architects. Smart bandwidth provisioning recommendations, such as sizing and what-if analysis, provide greater agility to respond to volatile market conditions. As the explosion of algorithmic trading and increasing message rates continues, BQM, combined with its QoS tool, provides the capability of implementing QoS policies that can protect critical trading applications.
Cisco Financial Services Latency Monitoring Solution.
Cisco and Trading Metrics have collaborated on latency monitoring solutions for FIX order flow and market data monitoring. Cisco AON technology is the foundation for a new class of network-embedded products and solutions that help merge intelligent networks with application infrastructure, based on either service-oriented or traditional architectures. Trading Metrics is a leading provider of analytics software for network infrastructure and application latency monitoring purposes (tradingmetrics/).
The Cisco AON Financial Services Latency Monitoring Solution (FSMS) correlated two kinds of events at the point of observation:
• Network events correlated directly with coincident application message handling.
• Trade order flow and matching market update events.
Using time stamps asserted at the point of capture in the network, real-time analysis of these correlated data streams permits precise identification of bottlenecks across the infrastructure while a trade is being executed or market data is being distributed. By monitoring and measuring latency early in the cycle, financial companies can make better decisions about which network service—and which intermediary, market, or counterparty—to select for routing trade orders. Likewise, this knowledge allows more streamlined access to updated market data (stock quotes, economic news, etc.), which is an important basis for initiating, withdrawing from, or pursuing market opportunities.
The components of the solution are:
• AON hardware in three form factors:
– AON Network Module for Cisco 2600/2800/3700/3800 routers.
– AON Blade for the Cisco Catalyst 6500 series.
– AON 8340 Appliance.
• Trading Metrics M&A 2.0 software, which provides the monitoring and alerting application, displays latency graphs on a dashboard, and issues alerts when slowdowns occur (tradingmetrics/TM_brochure. pdf).
Figure 10 AON-Based FIX Latency Monitoring.
Cisco IP SLA.
Cisco IP SLA is an embedded network management tool in Cisco IOS which allows routers and switches to generate synthetic traffic streams which can be measured for latency, jitter, packet loss, and other criteria (cisco/go/ipsla).
Two key concepts are the source of the generated traffic and the target. Both of these run an IP SLA "responder," which has the responsibility to timestamp the control traffic before it is sourced and returned by the target (for a round trip measurement). Various traffic types can be sourced within IP SLA and they are aimed at different metrics and target different services and applications. The UDP jitter operation is used to measure one-way and round-trip delay and report variations. As the traffic is time stamped on both sending and target devices using the responder capability, the round trip delay is characterized as the delta between the two timestamps.
A new feature was introduced in IOS 12.3(14)T, IP SLA Sub Millisecond Reporting, which allows for timestamps to be displayed with a resolution in microseconds, thus providing a level of granularity not previously available. This new feature has now made IP SLA relevant to campus networks where network latency is typically in the range of 300-800 microseconds and the ability to detect trends and spikes (brief trends) based on microsecond granularity counters is a requirement for customers engaged in time-sensitive electronic trading environments.
As a result, IP SLA is now being considered by significant numbers of financial organizations as they are all faced with requirements to:
• Report baseline latency to their users.
• Trend baseline latency over time.
• Respond quickly to traffic bursts that cause changes in the reported latency.
Sub-millisecond reporting is necessary for these customers, since many campus and backbones are currently delivering under a second of latency across several switch hops. Electronic trading environments have generally worked to eliminate or minimize all areas of device and network latency to deliver rapid order fulfillment to the business. Reporting that network response times are "just under one millisecond" is no longer sufficient; the granularity of latency measurements reported across a network segment or backbone need to be closer to 300-800 micro-seconds with a degree of resolution of 100 ì seconds.
IP SLA recently added support for IP multicast test streams, which can measure market data latency.
A typical network topology is shown in Figure 11 with the IP SLA shadow routers, sources, and responders.
Figure 11 IP SLA Deployment.
Serviços de computação.
Computing services cover a wide range of technologies with the goal of eliminating memory and CPU bottlenecks created by the processing of network packets. Trading applications consume high volumes of market data and the servers have to dedicate resources to processing network traffic instead of application processing.
• Transport processing—At high speeds, network packet processing can consume a significant amount of server CPU cycles and memory. An established rule of thumb states that 1Gbps of network bandwidth requires 1 GHz of processor capacity (source Intel white paper on I/O acceleration intel/technology/ioacceleration/306517.pdf).
• Intermediate buffer copying—In a conventional network stack implementation, data needs to be copied by the CPU between network buffers and application buffers. This overhead is worsened by the fact that memory speeds have not kept up with increases in CPU speeds. For example, processors like the Intel Xeon are approaching 4 GHz, while RAM chips hover around 400MHz (for DDR 3200 memory) (source Intel intel/technology/ioacceleration/306517.pdf).
• Context switching—Every time an individual packet needs to be processed, the CPU performs a context switch from application context to network traffic context. This overhead could be reduced if the switch would occur only when the whole application buffer is complete.
Figure 12 Sources of Overhead in Data Center Servers.
• TCP Offload Engine (TOE)—Offloads transport processor cycles to the NIC. Moves TCP/IP protocol stack buffer copies from system memory to NIC memory.
• Remote Direct Memory Access (RDMA)—Enables a network adapter to transfer data directly from application to application without involving the operating system. Eliminates intermediate and application buffer copies (memory bandwidth consumption).
• Kernel bypass — Direct user-level access to hardware. Dramatically reduces application context switches.
Figure 13 RDMA and Kernel Bypass.
InfiniBand is a point-to-point (switched fabric) bidirectional serial communication link which implements RDMA, among other features. Cisco offers an InfiniBand switch, the Server Fabric Switch (SFS): cisco/application/pdf/en/us/guest/netsol/ns500/c643/cdccont_0900aecd804c35cb. pdf.
Figure 14 Typical SFS Deployment.
Trading applications benefit from the reduction in latency and latency variability, as proved by a test performed with the Cisco SFS and Wombat Feed Handlers by Stac Research:
Application Virtualization Service.
De-coupling the application from the underlying OS and server hardware enables them to run as network services. One application can be run in parallel on multiple servers, or multiple applications can be run on the same server, as the best resource allocation dictates. This decoupling enables better load balancing and disaster recovery for business continuance strategies. The process of re-allocating computing resources to an application is dynamic. Using an application virtualization system like Data Synapse's GridServer, applications can migrate, using pre-configured policies, to under-utilized servers in a supply-matches-demand process (networkworld/supp/2005/ndc1/022105virtual. html? page=2).
There are many business advantages for financial firms who adopt application virtualization:
• Faster time to market for new products and services.
• Faster integration of firms following merger and acquisition activity.
• Increased application availability.
• Better workload distribution, which creates more "head room" for processing spikes in trading volume.
• Operational efficiency and control.
• Reduction in IT complexity.
Currently, application virtualization is not used in the trading front-office. One use-case is risk modeling, like Monte Carlo simulations. As the technology evolves, it is conceivable that some the trading platforms will adopt it.
Data Virtualization Service.
To effectively share resources across distributed enterprise applications, firms must be able to leverage data across multiple sources in real-time while ensuring data integrity. With solutions from data virtualization software vendors such as Gemstone or Tangosol (now Oracle), financial firms can access heterogeneous sources of data as a single system image that enables connectivity between business processes and unrestrained application access to distributed caching. The net result is that all users have instant access to these data resources across a distributed network (gridtoday/03/0210/101061.html).
This is called a data grid and is the first step in the process of creating what Gartner calls Extreme Transaction Processing (XTP) (gartner/DisplayDocument? ref=g_search&id=500947). Technologies such as data and applications virtualization enable financial firms to perform real-time complex analytics, event-driven applications, and dynamic resource allocation.
One example of data virtualization in action is a global order book application. An order book is the repository of active orders that is published by the exchange or other market makers. A global order book aggregates orders from around the world from markets that operate independently. The biggest challenge for the application is scalability over WAN connectivity because it has to maintain state. Today's data grids are localized in data centers connected by Metro Area Networks (MAN). This is mainly because the applications themselves have limits—they have been developed without the WAN in mind.
Figure 15 GemStone GemFire Distributed Caching.
Before data virtualization, applications used database clustering for failover and scalability. This solution is limited by the performance of the underlying database. Failover is slower because the data is committed to disc. With data grids, the data which is part of the active state is cached in memory, which reduces drastically the failover time. Scaling the data grid means just adding more distributed resources, providing a more deterministic performance compared to a database cluster.
Multicast Service.
Market data delivery is a perfect example of an application that needs to deliver the same data stream to hundreds and potentially thousands of end users. Market data services have been implemented with TCP or UDP broadcast as the network layer, but those implementations have limited scalability. Using TCP requires a separate socket and sliding window on the server for each recipient. UDP broadcast requires a separate copy of the stream for each destination subnet. Both of these methods exhaust the resources of the servers and the network. The server side must transmit and service each of the streams individually, which requires larger and larger server farms. On the network side, the required bandwidth for the application increases in a linear fashion. For example, to send a 1 Mbps stream to 1000recipients using TCP requires 1 Gbps of bandwidth.
IP multicast is the only way to scale market data delivery. To deliver a 1 Mbps stream to 1000 recipients, IP multicast would require 1 Mbps. The stream can be delivered by as few as two servers—one primary and one backup for redundancy.
There are two main phases of market data delivery to the end user. In the first phase, the data stream must be brought from the exchange into the brokerage's network. Typically the feeds are terminated in a data center on the customer premise. The feeds are then processed by a feed handler, which may normalize the data stream into a common format and then republish into the application messaging servers in the data center.
The second phase involves injecting the data stream into the application messaging bus which feeds the core infrastructure of the trading applications. The large brokerage houses have thousands of applications that use the market data streams for various purposes, such as live trades, long term trending, arbitrage, etc. Many of these applications listen to the feeds and then republish their own analytical and derivative information. For example, a brokerage may compare the prices of CSCO to the option prices of CSCO on another exchange and then publish ratings which a different application may monitor to determine how much they are out of synchronization.
Figure 16 Market Data Distribution Players.
The delivery of these data streams is typically over a reliable multicast transport protocol, traditionally Tibco Rendezvous. Tibco RV operates in a publish and subscribe environment. Each financial instrument is given a subject name, such as CSCO. last. Each application server can request the individual instruments of interest by their subject name and receive just a that subset of the information. This is called subject-based forwarding or filtering. Subject-based filtering is patented by Tibco.
A distinction should be made between the first and second phases of market data delivery. The delivery of market data from the exchange to the brokerage is mostly a one-to-many application. The only exception to the unidirectional nature of market data may be retransmission requests, which are usually sent using unicast. The trading applications, however, are definitely many-to-many applications and may interact with the exchanges to place orders.
Figure 17 Market Data Architecture.
Design Issues.
Number of Groups/Channels to Use.
Many application developers consider using thousand of multicast groups to give them the ability to divide up products or instruments into small buckets. Normally these applications send many small messages as part of their information bus. Usually several messages are sent in each packet that are received by many users. Sending fewer messages in each packet increases the overhead necessary for each message.
In the extreme case, sending only one message in each packet quickly reaches the point of diminishing returns—there is more overhead sent than actual data. Application developers must find a reasonable compromise between the number of groups and breaking up their products into logical buckets.
Consider, for example, the Nasdaq Quotation Dissemination Service (NQDS). The instruments are broken up alphabetically:
Another example is the Nasdaq Totalview service, broken up this way:
This approach allows for straight forward network/application management, but does not necessarily allow for optimized bandwidth utilization for most users. A user of NQDS that is interested in technology stocks, and would like to subscribe to just CSCO and INTL, would have to pull down all the data for the first two groups of NQDS. Understanding the way users pull down the data and then organize it into appropriate logical groups optimizes the bandwidth for each user.
In many market data applications, optimizing the data organization would be of limited value. Typically customers bring in all data into a few machines and filter the instruments. Using more groups is just more overhead for the stack and does not help the customers conserve bandwidth. Another approach might be to keep the groups down to a minimum level and use UDP port numbers to further differentiate if necessary. The other extreme would be to use just one multicast group for the entire application and then have the end user filter the data. In some situations this may be sufficient.
Intermittent Sources.
A common issue with market data applications are servers that send data to a multicast group and then go silent for more than 3.5 minutes. These intermittent sources may cause trashing of state on the network and can introduce packet loss during the window of time when soft state and then hardware shorts are being created.
PIM-Bidir or PIM-SSM.
The first and best solution for intermittent sources is to use PIM-Bidir for many-to-many applications and PIM-SSM for one-to-many applications.
Both of these optimizations of the PIM protocol do not have any data-driven events in creating forwarding state. That means that as long as the receivers are subscribed to the streams, the network has the forwarding state created in the hardware switching path.
Intermittent sources are not an issue with PIM-Bidir and PIM-SSM.
Null Packets.
In PIM-SM environments a common method to make sure forwarding state is created is to send a burst of null packets to the multicast group before the actual data stream. The application must efficiently ignore these null data packets to ensure it does not affect performance. The sources must only send the burst of packets if they have been silent for more than 3 minutes. A good practice is to send the burst if the source is silent for more than a minute. Many financials send out an initial burst of traffic in the morning and then all well-behaved sources do not have problems.
Periodic Keepalives or Heartbeats.
An alternative approach for PIM-SM environments is for sources to send periodic heartbeat messages to the multicast groups. This is a similar approach to the null packets, but the packets can be sent on a regular timer so that the forwarding state never expires.
S, G Expiry Timer.
Finally, Cisco has made a modification to the operation of the S, G expiry timer in IOS. There is now a CLI knob to allow the state for a S, G to stay alive for hours without any traffic being sent. The (S, G) expiry timer is configurable. This approach should be considered a workaround until PIM-Bidir or PIM-SSM is deployed or the application is fixed.
RTCP Feedback.
A common issue with real time voice and video applications that use RTP is the use of RTCP feedback traffic. Unnecessary use of the feedback option can create excessive multicast state in the network. If the RTCP traffic is not required by the application it should be avoided.
Fast Producers and Slow Consumers.
Today many servers providing market data are attached at Gigabit speeds, while the receivers are attached at different speeds, usually 100Mbps. This creates the potential for receivers to drop packets and request re-transmissions, which creates more traffic that the slowest consumers cannot handle, continuing the vicious circle.
The solution needs to be some type of access control in the application that limits the amount of data that one host can request. QoS and other network functions can mitigate the problem, but ultimately the subscriptions need to be managed in the application.
Tibco Heartbeats.
TibcoRV has had the ability to use IP multicast for the heartbeat between the TICs for many years. However, there are some brokerage houses that are still using very old versions of TibcoRV that use UDP broadcast support for the resiliency. This limitation is often cited as a reason to maintain a Layer 2 infrastructure between TICs located in different data centers. These older versions of TibcoRV should be phased out in favor of the IP multicast supported versions.
Multicast Forwarding Options.
PIM Sparse Mode.
The standard IP multicast forwarding protocol used today for market data delivery is PIM Sparse Mode. It is supported on all Cisco routers and switches and is well understood. PIM-SM can be used in all the network components from the exchange, FSP, and brokerage.
There are, however, some long-standing issues and unnecessary complexity associated with a PIM-SM deployment that could be avoided by using PIM-Bidir and PIM-SSM. These are covered in the next sections.
The main components of the PIM-SM implementation are:
• PIM Sparse Mode v2.
• Shared Tree (spt-threshold infinity)
A design option in the brokerage or in the exchange.
Details of Anycast RP can be found in:
The classic high availability design for Tibco in the brokerage network is documented in:
Bidirectional PIM.
PIM-Bidir is an optimization of PIM Sparse Mode for many-to-many applications. It has several key advantages over a PIM-SM deployment:
• Better support for intermittent sources.
• No data-triggered events.
One of the weaknesses of PIM-SM is that the network continually needs to react to active data flows. This can cause non-deterministic behavior that may be hard to troubleshoot. PIM-Bidir has the following major protocol differences over PIM-SM:
– No source registration.
Source traffic is automatically sent to the RP and then down to the interested receivers. There is no unicast encapsulation, PIM joins from the RP to the first hop router and then registration stop messages.
All PIM-Bidir traffic is forwarded on a *,G forwarding entry. The router does not have to monitor the traffic flow on a *,G and then send joins when the traffic passes a threshold.
– No need for an actual RP.
The RP does not have an actual protocol function in PIM-Bidir. The RP acts as a routing vector in which all the traffic converges. The RP can be configured as an address that is not assigned to any particular device. This is called a Phantom RP.
– No need for MSDP.
MSDP provides source information between RPs in a PIM-SM network. PIM-Bidir does not use the active source information for any forwarding decisions and therefore MSDP is not required.
Bidirectional PIM is ideally suited for the brokerage network in the data center of the exchange. In this environment there are many sources sending to a relatively few set of groups in a many-to-many traffic pattern.
The key components of the PIM-Bidir implementation are:
Further details about Phantom RP and basic PIM-Bidir design are documented in:
Source Specific Multicast.
PIM-SSM is an optimization of PIM Sparse Mode for one-to-many applications. In certain environments it can offer several distinct advantages over PIM-SM. Like PIM-Bidir, PIM-SSM does not rely on any data-triggered events. Furthermore, PIM-SSM does not require an RP at all—there is no such concept in PIM-SSM. The forwarding information in the network is completely controlled by the interest of the receivers.
Source Specific Multicast is ideally suited for market data delivery in the financial service provider. The FSP can receive the feeds from the exchanges and then route them to the end of their network.
Many FSPs are also implementing MPLS and Multicast VPNs in their core. PIM-SSM is the preferred method for transporting traffic in VRFs.
When PIM-SSM is deployed all the way to the end user, the receiver indicates his interest in a particular S, G with IGMPv3. Even though IGMPv3 was defined by RFC 2236 back in October, 2002, it still has not been implemented by all edge devices. This creates a challenge for deploying an end-to-end PIM-SSM service. A transitional solution has been developed by Cisco to enable an edge device that supports IGMPv2 to participate in an PIM-SSM service. This feature is called SSM Mapping and is documented in:
Storage Services.
The service provides storage capabilities into the market data and trading environments. Trading applications access backend storage to connect to different databases and other repositories consisting of portfolios, trade settlements, compliance data, management applications, Enterprise Service Bus (ESB), and other critical applications where reliability and security is critical to the success of the business. The main requirements for the service are:
Storage virtualization is an enabling technology that simplifies management of complex infrastructures, enables non-disruptive operations, and facilitates critical elements of a proactive information lifecycle management (ILM) strategy. EMC Invista running on the Cisco MDS 9000 enables heterogeneous storage pooling and dynamic storage provisioning, allowing allocation of any storage to any application. High availability is increased with seamless data migration. Appropriate class of storage is allocated to point-in-time copies (clones). Storage virtualization is also leveraged through the use of Virtual Storage Area Networks (VSANs), which enable the consolidation of multiple isolated SANs onto a single physical SAN infrastructure, while still partitioning them as completely separate logical entities. VSANs provide all the security and fabric services of traditional SANs, yet give organizations the flexibility to easily move resources from one VSAN to another. This results in increased disk and network utilization while driving down the cost of management. Integrated Inter VSAN Routing (IVR) enables sharing of common resources across VSANs.
Figure 18 High Performance Computing Storage.
Replication of data to a secondary and tertiary data center is crucial for business continuance. Replication offsite over Fiber Channel over IP (FCIP) coupled with write acceleration and tape acceleration provides improved performance over long distance. Continuous Data Replication (CDP) is another mechanism which is gaining popularity in the industry. It refers to backup of computer data by automatically saving a copy of every change made to that data, essentially capturing every version of the data that the user saves. It allows the user or administrator to restore data to any point in time. Solutions from EMC and Incipient utilize the SANTap protocol on the Storage Services Module (SSM) in the MDS platform to provide CDP functionality. The SSM uses the SANTap service to intercept and redirect a copy of a write between a given initiator and target. The appliance does not reside in the data path—it is completely passive. The CDP solutions typically leverage a history journal that tracks all changes and bookmarks that identify application-specific events. This ensures that data at any point in time is fully self-consistent and is recoverable instantly in the event of a site failure.
Backup procedure reliability and performance are extremely important when storing critical financial data to a SAN. The use of expensive media servers to move data from disk to tape devices can be cumbersome. Network-accelerated serverless backup (NASB) helps you back up increased amounts of data in shorter backup time frames by shifting the data movement from multiple backup servers to Cisco MDS 9000 Series multilayer switches. This technology decreases impact on application servers because the MDS offloads the application and backup servers. It also reduces the number of backup and media servers required, thus reducing CAPEX and OPEX. The flexibility of the backup environment increases because storage and tape drives can reside anywhere on the SAN.
Trading Resilience and Mobility.
The main requirements for this service are to provide the virtual trader:
• Fully scalable and redundant campus trading environment.
• Resilient server load balancing and high availability in analytic server farms.
• Global site load balancing that provide the capability to continue participating in the market venues of closest proximity.
A highly-available campus environment is capable of sustaining multiple failures (i. e., links, switches, modules, etc.), which provides non-disruptive access to trading systems for traders and market data feeds. Fine-tuned routing protocol timers, in conjunction with mechanisms such as NSF/SSO, provide subsecond recovery from any failure.
The high-speed interconnect between data centers can be DWDM/dark fiber, which provides business continuance in case of a site failure. Each site is 100km-200km apart, allowing synchronous data replication. Usually the distance for synchronous data replication is 100km, but with Read/Write Acceleration it can stretch to 200km. A tertiary data center can be greater than 200km away, which would replicate data in an asynchronous fashion.
Figure 19 Trading Resilience.
A robust server load balancing solution is required for order routing, algorithmic trading, risk analysis, and other services to offer continuous access to clients regardless of a server failure. Multiple servers encompass a "farm" and these hosts can added/removed without disruption since they reside behind a virtual IP (VIP) address which is announced in the network.
A global site load balancing solution provides remote traders the resiliency to access trading environments which are closer to their location. This minimizes latency for execution times since requests are always routed to the nearest venue.
Figure 20 Virtualization of Trading Environment.
A trading environment can be virtualized to provide segmentation and resiliency in complex architectures. Figure 20 illustrates a high-level topology depicting multiple market data feeds entering the environment, whereby each vendor is assigned its own Virtual Routing and Forwarding (VRF) instance. The market data is transferred to a high-speed InfiniBand low-latency compute fabric where feed handlers, order routing systems, and algorithmic trading systems reside. All storage is accessed via a SAN and is also virtualized with VSANs, allowing further security and segmentation. The normalized data from the compute fabric is transferred to the campus trading environment where the trading desks reside.
Wide Area Application Services.
This service provides application acceleration and optimization capabilities for traders who are located outside of the core trading floor facility/data center and working from a remote office. To consolidate servers and increase security in remote offices, file servers, NAS filers, storage arrays, and tape drives are moved to a corporate data center to increase security and regulatory compliance and facilitate centralized storage and archival management. As the traditional trading floor is becoming more virtual, wide area application services technology is being utilized to provide a "LAN-like" experience to remote traders when they access resources at the corporate site. Traders often utilize Microsoft Office applications, especially Excel in addition to Sharepoint and Exchange. Excel is used heavily for modeling and permutations where sometime only small portions of the file are changed. CIFS protocol is notoriously known to be "chatty," where several message normally traverse the WAN for a simple file operation and it is addressed by Wide Area Application Service (WAAS) technology. Bloomberg and Reuters applications are also very popular financial tools which access a centralized SAN or NAS filer to retrieve critical data which is fused together before represented to a trader's screen.
Figure 21 Wide Area Optimization.
A pair of Wide Area Application Engines (WAEs) that reside in the remote office and the data center provide local object caching to increase application performance. The remote office WAEs can be a module in the ISR router or a stand-alone appliance. The data center WAE devices are load balanced behind an Application Control Engine module installed in a pair of Catalyst 6500 series switches at the aggregation layer. The WAE appliance farm is represented by a virtual IP address. The local router in each site utilizes Web Cache Communication Protocol version 2 (WCCP v2) to redirect traffic to the WAE that intercepts the traffic and determines if there is a cache hit or miss. The content is served locally from the engine if it resides in cache; otherwise the request is sent across the WAN the initial time to retrieve the object. This methodology optimizes the trader experience by removing application latency and shielding the individual from any congestion in the WAN.
WAAS uses the following technologies to provide application acceleration:
• Data Redundancy Elimination (DRE) is an advanced form of network compression which allows the WAE to maintain a history of previously-seen TCP message traffic for the purposes of reducing redundancy found in network traffic. This combined with the Lempel-Ziv (LZ) compression algorithm reduces the number of redundant packets that traverse the WAN, which improves application transaction performance and conserves bandwidth.
• Transport Flow Optimization (TFO) employs a robust TCP proxy to safely optimize TCP at the WAE device by applying TCP-compliant optimizations to shield the clients and servers from poor TCP behavior because of WAN conditions. By running a TCP proxy between the devices and leveraging an optimized TCP stack between the devices, many of the problems that occur in the WAN are completely blocked from propagating back to trader desktops. The traders experience LAN-like TCP response times and behavior because the WAE is terminating TCP locally. TFO improves reliability and throughput through increases in TCP window scaling and sizing enhancements in addition to superior congestion management.
Thin Client Service.
This service provides a "thin" advanced trading desktop which delivers significant advantages to demanding trading floor environments requiring continuous growth in compute power. As financial institutions race to provide the best trade executions for their clients, traders are utilizing several simultaneous critical applications that facilitate complex transactions. It is not uncommon to find three or more workstations and monitors at a trader's desk which provide visibility into market liquidity, trading venues, news, analysis of complex portfolio simulations, and other financial tools. In addition, market dynamics continue to evolve with Direct Market Access (DMA), ECNs, alternative trading volumes, and upcoming regulation changes with Regulation National Market System (RegNMS) in the US and Markets in Financial Instruments Directive (MiFID) in Europe. At the same time, business seeks greater control, improved ROI, and additional flexibility, which creates greater demands on trading floor infrastructures.
Traders no longer require multiple workstations at their desk. Thin clients consist of keyboard, mouse, and multi-displays which provide a total trader desktop solution without compromising security. Hewlett Packard, Citrix, Desktone, Wyse, and other vendors provide thin client solutions to capitalize on the virtual desktop paradigm. Thin clients de-couple the user-facing hardware from the processing hardware, thus enabling IT to grow the processing power without changing anything on the end user side. The workstation computing power is stored in the data center on blade workstations, which provide greater scalability, increased data security, improved business continuance across multiple sites, and reduction in OPEX by removing the need to manage individual workstations on the trading floor. One blade workstation can be dedicated to a trader or shared among multiple traders depending on the requirements for computer power.
The "thin client" solution is optimized to work in a campus LAN environment, but can also extend the benefits to traders in remote locations. Latency is always a concern when there is a WAN interconnecting the blade workstation and thin client devices. The network connection needs to be sized accordingly so traffic is not dropped if saturation points exist in the WAN topology. WAN Quality of Service (QoS) should prioritize sensitive traffic. There are some guidelines which should be followed to allow for an optimized user experience. A typical highly-interactive desktop experience requires a client-to-blade round trip latency of <20ms for a 2Kb packet size. There may be a slight lag in display if network latency is between 20ms to 40ms. A typical trader desk with a four multi-display terminal requires 2-3Mbps bandwidth consumption with seamless communication with blade workstation(s) in the data center. Streaming video (800x600 at 24fps/full color) requires 9 Mbps bandwidth usage.
Figure 22 Thin Client Architecture.
Management of a large thin client environment is simplified since a centralized IT staff manages all of the blade workstations dispersed across multiple data centers. A trader is redirected to the most available environment in the enterprise in the event of a particular site failure. High availability is a key concern in critical financial environments and the Blade Workstation design provides rapid provisioning of another blade workstation in the data center. This resiliency provides greater uptime, increases in productivity, and OpEx reduction.
Advanced Encryption Standard.
Advanced Message Queueing Protocol.
Application Oriented Networking.
The Archipelago® Integrated Web book gives investors the unique opportunity to view the entire ArcaEx and ArcaEdge books in addition to books made available by other market participants.
ECN Order Book feed available via NASDAQ.
Chicago Board of Trade.
Class-Based Weighted Fair Queueing.
Continuous Data Replication.
Chicago Mercantile Exchange is engaged in trading of futures contracts and derivatives.
Central Processing Unit.
Distributed Defect Tracking System.
Acesso direto ao mercado.
Data Redundancy Elimination.
Dense Wavelength Division Multiplexing.
Rede de Comunicação Eletrônica.
Enterprise Service Bus.
Enterprise Solutions Engineering.
FIX Adapted for Streaming.
Fibre Channel over IP.
Financial Information Exchange.
Financial Services Latency Monitoring Solution.
Financial Service Provider.
Information Lifecycle Management.
Instinet Island Book.
Internetworking Operating System.
Keyboard Video Mouse.
Low Latency Queueing.
Metro Area Network.
Multilayer Director Switch.
Diretoria de Mercados em Instrumentos Financeiros.
Message Passing Interface is an industry standard specifying a library of functions to enable the passing of messages between nodes within a parallel computing environment.
Network Attached Storage.
Network Accelerated Serverless Backup.
Network Interface Card.
Nasdaq Quotation Dissemination Service.
Order Management System.
Open Systems Interconnection.
Protocol Independent Multicast.
PIM-Source Specific Multicast.
Quality of Service.
Random Access Memory.
Reuters Data Feed.
Reuters Data Feed Direct.
Remote Direct Memory Access.
Regulation National Market System.
Remote Graphics Software.
Reuters Market Data System.
RTP Control Protocol.
Real Time Protocol.
Reuters Wire Format.
Storage Area Network.
Small Computer System Interface.
Sockets Direct Protocol—Given that many modern applications are written using the sockets API, SDP can intercept the sockets at the kernel level and map these socket calls to an InfiniBand transport service that uses RDMA operations to offload data movement from the CPU to the HCA hardware.
Server Fabric Switch.
Secure Financial Transaction Infrastructure network developed to provide firms with excellent communication paths to NYSE Group, AMEX, Chicago Stock Exchange, NASDAQ, and other exchanges. It is often used for order routing.

Business Analysis in the world of banking and trading.
Derivatives, Capital Markets, Fixed Income, Banking, Trading, Wall Street and Finance.
Tagged with Openlink FINDUR.
Philip Green.
Philip Green 312.731.0965.
Derivatives Trading Desk.
10 Years on Derivatives Trading Desk!
Project ManagerCapital Markets.
Structured Products experience includes Equity, Rates and Commodity-linked notes, Warrants, certificates, foreign bank note, special purpose trusts, variable rate demand preferred, and variable rate demand notes.
Index Swaps experience includes Credit curves, Euro Overnight Index Average (using new benchmark EURIBOR), Inflation Swaps, Volume Swaps, Loan CDX, Total Return Swaps on Equity futures (we modelised as futures for Risk purpose at Fortis)
Philip Green was instrumental in the OTC Derivatives platform implementation, bringing on Interest Rate Swaps, Total Return Swaps, Credit Default Swaps, Contracts for Differences, Cliquet options embedded in Fortis bank structured products, inflation swaps, swaps represented as bonds, swaptions, TRS on Equity Futures modelised as futures for Risk purpose and Bonds cash flow with futures characteristics (e. g. CTD – contracts for differences)
Philip Green’s Specialties:
Clearing and exchanges (ICE, LCH)
Latent Zero (Minerva, Tesseract, Sentinel)
Sol Arc Right Angle.
Wall Street Systems.
Philip Green Calypso Murex Openlink Endur Derivatives Business Analyst.
Capital Markets, Derivatives, Commodities Senior Business Analyst.

Automated options trading pdf

Download my FREE 2011 Market Predicions PDF.
at TradeTank now! It wil help you profit from the markets.
New for 2011!! New Pricing and Products.
Matheny Enterprises Announces New eSignal Products and Lower Prices.
TT Charger Targets Great Trading Opportunities In Realtime - Making It Easy To Catch The Winners.
Don't Guess At Trading, Let Me Show You.
Where The Opportunities Are.
Very Simple to Learn & Usar.
You'll See An Instant Improvement In Your Trading Abilities.
Dynamic Stops, Trend, Range, Pressure *** and Defend levels.
Learn the "Stack n Leap" Method To Enhance Profits ***
You decide to take the trade or not.
Life-time Support & Treinamento.
*** Features Available in TT Charger M2.
With over 25 years experience in trading, analyzing and developing advanced trading/analysis models to help traders and investors around the globe, Matheny Enterprises has solutions for every trader. We not only consult with individuals and firms that need our services and expertise, we also develop advanced trading solutions for active traders. My name is Brad Matheny , let me show you what I know about trading.
If you want to learn how to become a better, more skilled trader then you need to learn learn my TT Charger, AWTS and other trading systems . They give you everything you need to trade any market at any time. When you become a client, you'll be provided detailed instructions and Live-Training & support for as long as you are a client . You'll also be able to communicate and interact with all my clients so we can all share our success and build a strong community of users on TradeTank.
I guarantee you will see a difference in what you see on a chart and how you understand trading . After your first few months, your trading abilities will be vastly improved. Trading is more about education than an "instant fix". I'm offering you a first-hand look at how I trade using my tools. I'm offering my best tools with training at prices anyone can afford. So are you ready to see what I'm offering and learn my techniques to profit from the markets - all you need is eSignal.
*** = Includes Advanced Analysis Models.
** = Unlimited Full Auto Trading, Includes MTS.
Prices are subject to change at any time.
I'm going to show you a three step plan to dramatically improve your trading skills and ability . It includes using many of my advanced indicators : TT Charger and AppPack1. The AppPack1 subscription includes NINE specialized EFS scripts for eSignal. Combining all of these tools, any trader can achieve success. Keep reading to learn how I can help you.
Don't believe I can help you, check these charts out.
Example #1 : First, you need to determine how the day is setting up for trading and then determine if you want to trade or wait for a better opportunity. Watch how RSR (part of AppPack1) picks all major pivot levels for the day perfectly. Move your mouse pointer over the chart below.
Example #2 : Next , you have to determine how you are going to PROFIT from your trading today. The purpose of trading is to PROFIT - right? You need the help of Auto TrendMaster (part of AppPack1) to read the chart and trade. Auto TrendMaster correctly reports all major trend changes and allows you to identify profitable exit strategies. Again, move your mouse pointer over the chart below. Remember, you should be using all three of these tools to trade the markets.
Example #3 : Lastly, you have to determine how you are going to "attack" your trading today. You need the help of TTCharger to read the chart and trade. Watch how ChargerV1 picks all major major bullish trade for the day perfectly. Again, move your mouse pointer over the chart below.
Now that you've seen it, what do you think? It's realy that simple to use and provides everything you need to profit from the markets . I'm offering you an instant advantage over other traders. For less than you think, you can use the same tools I've been using for years. It could pay for itself 1000 times over in 12 months by improving your trading decisions.
There are many things I want to teach you about trading. It's taken me many many years to figure this stuff out like I have. The tools I'm offering you are exclusively eSignal modules because I use eSignal. I will support subscribers on TradeTank so I can make myself available for support and training. I have a small team ready to assist you, including myself. I invite you to join the fun and become a better trader.
Remember, if you want to get started, you can select any product you like or simply visit TradeTank and follow along.
Think you're ready for more?? Then I urge you to consider TT Charger M2, AlphaWolf or the One-Punch System. TT Charger M2 is a much more advanced version of TT Charger V1 . It includes proprietary indicators such as Pressure , Stack-n-Leap , Automated Target Levels and much more. If you like what you see with TT Charger V1, then you'll love M2.
TT Charger M2 Example : So, you want to see the difference between TT Charger V1 and TT Charger M2? The chart below will clearly illustrate the additional features provided my TT Charger M2. Study it. Look for the new items that appear on the chart. This is true visual trading - everything you need to know right on the chart.
What is the difference between Charger V1 and M2? : M2 is much more advanced in it's analysis and one very important feature is the "Automated Targets". As you are reviewing the charts above, focus on looking for the small horizontal blue and maroon lines. These are the automated target levels. These are designed to tell you "sell at least 10.
15% of your position (if possible) to lock in profits". The theory behind TT Charger is that the market price tells you everything you need to know. Additionally, you need to know WHERE and WHEN to TAKE YOUR PROFITS - right? If you study these charts, you'll see there are multiple opportunities for you to pull profits using this feature. I'm sure you can understand how important it is to know when to take profits.
In addition to the automated targets, TT Charger M2 include more advanced price modeling, advanced pivot analysis, stack-n-leap triggers, pressure and a more advanced stop system. It is really the best price analysis model I offer.
Never let a winner turn into a loser!
My Trading Software is Unlike Anything You've Ever Seen.
Maybe you have some more questions about TT Charger?? Let me try to answer the most common ones for you now.
I've developed thousands of different types of trading systems over the decades trying to find the best solution - some for myself and some others for my clients. The answer is Price tells us what to do and when to trade . TT Charger is a "price analysis modeling system" that presents VISUAL data for you to trade right on the chart. Not simply RED or GREEN arrows, but much, MUCH more. TT Charger is the best I have to offer any trader.
Well, it not only provides very accurate and timely trading signals, it tells you so much more. I've built custom features into it to help you to even further understand the dynamics at work in the markets. Using these features ("Stack and Leap", Range, Pressure and more), it's like you have X-RAY VISION of the markets - and it's CHEAP!
As price is the result of the natural dynamics of the markets at work, TT Charger identifies both "Stack" (when market price is showing the least risk) and "Leap" (when market price is showing strength and exhaustion). Stack and Leap are used to protect active trades and to trim our position when we've reached profits. Essentially, it gives you more opportunities for trading.
4. Why use TT Charger and the AppPack?
If you are just getting started in trading or want the best tools I can offer for the least amount of cost, then you need both TT Charger and the AppPack. TT Charger is the price/trend analysis system and the AppPack provides very real and honest look at how the trading day or month is setting up. These are not simple indicators like RSI or Stochastics. These are advanced modeling systems that dramatically help you become a better trader.
It runs within eSignal - so you need to have an eSignal account. If you don't have one, click here. It tells you clearly where LONG and SHORT signals occur on the charts and is capable of generating multiple entry triggers in the same direction. It tells you everything you need to know including your stop levels, the "defend" levels, market range levels, market pressure and much more . In short, by looking at your charts, you should know exactly what you should be doing. Of course you'll receive ongoing support and training with live webinars presented by myself, Brad Matheny.
Think you're ready for Automated Trading?
What about Automated Trading? : Automated Trading is available with my AlphaWolf TS-AT system (AWTS). I use AWTS every day to trade the EMINIs. I can make anything autotrade and I plan on developing more automated systems, but they take quite a bit of time and experience to run. If you don't believe me, ask anyone that has ever developed and used one. You need to WATCH IT to make sure it does not lose connections or mess up. You also need to understand it and study it to improve it as the market dynamics change (for example look at Dec 09 and Jan 10 compared to other market activity).
I use AlphaWolf for automated trading every day (well almost every day). I've developed a way to know when to trade and when not to trade with it . All systems go through drawdowns. You have to know how to handle them if you plan on trading for many years - and I'll teach you how I use it to profit from the markets . AWTS can trade anything and I will continue to develop more features into it.
The first rule for any trader is : Protect Your Equity!
The One-Punch system is a great "one trade a day" system . It is an "Opening Range Analysis Model" and is very contained in terms of risk. It also results in great trades when the markets are moving or trending. Any trading system includes risk of loss - it's part of trading. I strongly suggest the One-Punch system for anyone as it's simple to use and can easily result in great profits over the long run (6 months of more). It's not a "get rich quick" type of system. It's more of a "slow-n-steady" system that *can* return over 100% a year.
Imagine, only one trade a day in the E-MINI S&P with an objective of 2.
5 pts a day. I'll even show you how to throw a "three" or "four" punch (sometimes).
You need to have an eSignal account active to run my tools. I use eSignal and IB for my trading. Currently, you'll need to have or open an eSignal account to use my newest products. All “paying” Clients will have life-time product support using my TradeTank site . TradeTank is where I'll be building and supporting YOU – my client. My goal is to teach a small number of “average traders” how to use my tools to achieve long term success in the markets.
My goal is to show you how your money can make MORE MONEY and all you have to do it “help yourself to achieve success” .
Do you think you have what it takes to make and execute proper trading decisions every day? Do you understand the dynamics of the markets and how to properly protect your assets? All it takes for me to help you is for you to select any product I offer and get an eSignal account.
As soon as you decide to participate, place your order for either a 1, 3, 6, or 12 month subscription for the product(s) you choose. Then you need to visit TradeTank to create an account there. When I process your order, I'll change your user status on TradeTank to allow you greater access to TradeTank. You'll quickly receive the application you've ordered and will be running my trading products on your eSignal application desktop. The TradeTank forums contain all the initial training and documentation you need to get started. Soon there after, you and I will meet in a webinar so I can further your education and help you learn to trade better.
It's that easy. It does not matter if you have a full-time job or are a full-time trader. My tools are here for you to use and profit from. Você está pronto?
I also develop advanced efs solutions (custom programming) in eSignal for many clients. I focus on advanced system design and deployment - including auto-trading systems. I've been a contributor and developing in eSignal's “efs language” for over 10 years. I can pretty much make it do anything you want (within limits) or build any type of advanced trading system you want. My vast experience allows me to quickly proto-type and refine projects. I'm also pretty good at “tuning them” or helping you make them better.
Consulting projects are decided upon after review. Typically, a retainer amount is required for any project, often 50% of the initial development phase. If you project is more than a simple indicator or system, then I may ask for an "exploratory fee" as I may have to work for you identifying a proper solution. I also develop my own projects which are supported through my existing client base and donations.
ClickTrader simplifies REALTIME TRADING with eSignal. Just point-n-click your way to profits.
Imagine being able to "point, click and trade" with your mouse in eSignal. ClickTrader makes it simple to trade like a pro with esignal. You can use it to trade with systems, indicators or completely discretionary. Watch the video to see how easy it is.
It includes support to our MTS Interactive Brokers (IB) support and includes EFS (eSignal Global Broker Functions - GBF) to additional (limited) broker support. So if you trade with IB or any of the GBF brokers using esignal, then this tool will help.
It allows you to bascially buy/sell/goflat the markets with ease. One or more mouse clicks and you're placing orders to your broker in real-time with esignal.
ClickTrader is OVER 4000 lines of EFS code and interactive on the charts. Everything you need to build an AUTOMATED trading system. It's a point-n-click interface for eSignal charts in EFS. As a trading utility for eSignal, it can't be beat for the price.
TTCharger & The AppPack#1 - delivering a comprehensive solution for technical trading. NOT fully automated, meaning you make the decisions . I'll personally be showing you how to use these apps and systems that I created and use. I WON'T tell you how to trade it.
I will help you get it installed and answer all your questions. Trading does not have to be hard to figure out how to do well. If you combine this with my ClickTrader product, you'll make trading into IB much easier.
I study the markets every day and trade, all I see are opportunities to make a buck or two. There are different ways of investing and historically, EOD Swing trading and sometimes shorter term profits have proven to be concrete ways to improve wealth over time. I suggest daytraders limit their exposure in the markets dramatically to prevent a "blow-out". We all know how tough it is to recover from them.
But with my SETS of tools and indicators, I don't see ever being in a situation where you are limited while trading. If you have esignal, you can use all of my tools. I use esignal with my solutions and love it.
My TTCharger & AppPack#1 eSignal solutions are an excellent way for you to learn my "systems". After you learn, you can trade them all you want with you subscription. I'm ready to help you, so all you need to do it select one of my tools and get start taking charge of your trading.
Pattern Forecaster Plus (PFP)
Advanced Candlestick Pattern Identification/Training.
A Perfect TC2000 Companion Product.
T he Pattern Forecaster Plus end-of-day analysis software is the answer to most trader's dreams. It provides users with many valuable tools and interactive market analysis - instantly identifying potential trading patterns and providing detailed information. It is simple to use and an excellent teaching tool. Click here to see how you can profit with the PFP applications .
Select from three versions of the PFP application. PFP1.0 Lite is for beginners (only $25), PFP 1.0 includes more patterns than the "lite" version and is only $75. The PFP 2.0 provides the best features and all patterns. It can scan directories of symbols for TODAY's Signals.
The basis of the Pattern Forecaster Plus application is the interactive analysis models - for Japanese candlesticks and other pattern libraries. This feature incorporates a modified AI engine and multiple libraries of patterns that are used to predict market price action. This unique ability provides users with detailed market analysis, including.
Detailed Buy and Sell Signals.
Stop Placement & Trailing Levels.
Warnings of Tops and Bottoms.
Possible Reversal Signals.
Over 1100 pattern in 10 Libraries.
Identification or Support/Resistance.
Monitoring/Filtering Western Technical Indicators.
Confirmation of "Trigger" Sinais
5+ Proprietary Trading Models.
Scan Thousands of Charts for Trading Opportunities.
AS LOW AS $25! (for the PFP 1.0 Lite) Matheny Enterprises offers three versions of these award-winning trading tools for every level of user. If you are new to this site or new to Candlesticks, click here to see how my applications can greatly improve your trading skills.
Learn more about our PFP products by Taking The PFP Tour or reviewing our Training Information. These tools are designed to assist every level of trader and will quickly provide you with information about our products. You can also view our PFP Brochure for a quick glance of our products.
Matheny Enterprises Site Directory.
Are you ready to really trade the markets like a pro?
Are you ready to trade once or twice a day?
Are you ready for consistently designed profits in your account?
Are you ready for the most universal trading system ever designed?
Then you need the ATWS Trading System.
I wanted it pretty much as soon as I had a look at it. it does not take long to realize its a money maker, G. McArthur, UK.
Isso parece ótimo! A. G, Switzerland.
I love your work. C. M, CA.
Flawless. R. S, Toronto, Canada.
Brad was amazingly fast, detail-oriented and his work exceeded my expectations. R. B.
Disclaimer , there is a risk of loss in trading.
Copyright © 1997-2012 Matheny Enterprises Corporation.
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