Welcome!

Blog Feed Post

Why I Joined Cloud Event Processing

First off, the names: Cloud Event Processing & DarkStar.  Not your typical Wall Street technology naming convention.  Add to that the chance to team up again with Colin Clark on his decades’ long quest to make sense out of massive volumes of “big data” – in real time.  But “What,” I was asked, “Does that have to do with Wall Street?”  My answer, after 20 years in Wall Street technology, was a short one:  “Plenty”.

When you say “Wall Street”, most of the world, think of Art Cashin, Ted Weisberg and the floor traders of the NYSE.  But as anyone in Capital Markets knows – that’s not where the real action is.  It’s one of the first lessons I learned in the 1980’s when I went to work for AutEx in Boston.   Founded in the late 1960’s to automate trading (Automated Exchange = AutEx) it instead became the de facto “indication of interest” matching system that allowed institutional traders to find the other side of huge block trades.

As a near monopoly, AutEx was the must-have system if you wanted to play in the lucrative and prestigious game of US equity block trading. The screen told you which brokers to call for what stocks, you picked up a phone, and the trade was on.  It was a WAN before there were WAN’s.  Before email.  Before the FAX, and “ax-lists”.

While almost all trading was still done by telephone, systems like AutEx and Instinet were pioneering the transmission of hundreds of thousands of messages to many hundreds of brokers and institutional trading desks.  The messages had to be targeted, and delivery guaranteed.   No small feat at the time.

Unbeknownst to us, we were all in the midst of an STP revolution.  STP (straight through processing) was the goal of automating all the disparate conveyer belts that made up the trading process – from trade idea, to order, execution and through to settlement.  In reality, this took a full 15 years to achieve across the industry.  And along the way my career, and the careers of many others, followed this evolution of electronic trading and messaging on Wall Street.

All was not always smooth.  At AutEx we created the first hub-based order routing network based on the FIX protocol in the mid 1990’s.  Shortly thereafter I helped entrepreneur George Kledaras launch the first commercially successful FIX engine so that firms could actually trade using FIX – the very protocol they were touting.  Progress was not always linear, but it was happening.

In time, the conveyor belts came together, one by one.  And since then we have seen a literal explosion of trade related data on Wall Street.  Driven by automation, algorithmic trading, penny spreads and black-boxes co-located in data centers, the results has been billions of shares traded a day – and the pace is not slowing.

So why did I join Cloud Event Processing?  Because to me, the trend is clear.  The evolution of STP is still ongoing – and will not stop at the boundary of any one data center, in any one city, or country, or asset class.  The ability to collect, process and intelligently analyze “big data” in Capital Markets is both a challenge and a necessity.

In full disclosure, I had previously worked with Colin in 2004 with his company IBSN, based in Denver.  As I’ve since learned, Colin was ahead of his time, offering what in effect was outsourced FIX connectivity services.  While sensible sounding today, the idea of a Wall Street firm outsourcing this was totally counterintuitive in 2004.  In addition to the FIX service was his data engine – the forerunner of DarkStar.  The future was there.  All that was missing was the future.

Fast forward six years to 2011.  In just a few years we witnessed stunning advances in technology, networks, processing power and algorithms.  Skyrocketing exchange volumes have resulted in an explosion of market data.  Colin and his team have worked on numerous facets of this revolution for over a decade, resulting in the latest and best iteration of their vision – DarkStar.  They are genuinely inspired by the challenge and importance of finding real, contextual meaning in these ever growing data streams.  Their work will create immediate benefits today in traditional environments.  But even more exciting, and important, is their vision of bringing this technology to the cloud – on Wall Street and elsewhere.

In many ways the nature of trading has not changed.  The workflow and the players are often the same as they were in the 1980’s.  But technology has radically changed the pace and scale of that workflow, and will continue to do so.  I have been lucky enough to work with some visionaries who understood how to harness those moments in time.  This is one of those moments.  I believe for Cloud Event Processing the future has finally arrived.

 

PrintFriendly

Read the original blog entry...

More Stories By Colin Clark

Colin Clark is the CTO for Cloud Event Processing, Inc. and is widely regarded as a thought leader and pioneer in both Complex Event Processing and its application within Capital Markets.

Follow Colin on Twitter at http:\\twitter.com\EventCloudPro to learn more about cloud based event processing using map/reduce, complex event processing, and event driven pattern matching agents. You can also send topic suggestions or questions to [email protected]

Latest Stories
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"We focus on composable infrastructure. Composable infrastructure has been named by companies like Gartner as the evolution of the IT infrastructure where everything is now driven by software," explained Bruno Andrade, CEO and Founder of HTBase, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Tintri focuses on the Ops side of the DevOps, which basically is pushing more and more of the accessibility of the infrastructure to the developers and trying to get behind the scenes," explained Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
In this presentation, Striim CTO and founder Steve Wilkes will discuss practical strategies for counteracting fraud and cyberattacks by leveraging real-time streaming analytics. In his session at @ThingsExpo, Steve Wilkes, Founder and Chief Technology Officer at Striim, will provide a detailed look into leveraging streaming data management to correlate events in real time, and identify potential breaches across IoT and non-IoT systems throughout the enterprise. Strategies for processing massive ...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...