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As we approach the end of 2010 and we begin to see a tiny crack of light at the end of the financial crisis tunnel, there are many theories as to which technologies will lead us into the next phase of advancement in financial markets. Stubborn issues with latency, high frequency trading, real-time risk management, and market gaming/fraud continue to dog the industry and provide fertile ground in which new and existing technologies can innovate. In fact, technology consultancy Ovum said in its 2011 Trends to Watch report for financial markets (http://tinyurl.com/2vv42sh) noted that Complex Event Processing is one technology to watch.
CEP will be the lifeblood for financial services as regulation increases, markets further fragment, and algorithmic trading becomes engrained in all asset classes. A recent Progress Software survey across industries showed that only eight per cent of enterprises globally are able to report business information in real-time. Without instant visibility into business activity organisations cannot possibly determine what is or is not working and then set the right course of action.
In financial markets, in particular, a lack of visibility between exchanges, ECNs, dark pools, brokers, banks, buyside and trading firms is causing breakdowns in the system. When you see increasingly frequent events setting markets on their ear such as the May 6th flash crash, insider trading activity, fat fingered errors and rogue algorithms, it becomes crystal clear that something needs to be done.
Progress, with its Apama products, is committed to financial markets along with other, newer markets such as aviation and telecommunications that are opening up to CEP. If you would like further information about the future of CEP and would like to speak to one of the two founders of Progress Apama— yours truly or my colleague Dr. Giles Nelson—then please contact us.
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