Across this portfolio, the objective was to establish best practices for data access for multiple purposes using technologies that include data federation and virtualization. “We want to create sort of a common gateway, a brokered way to access information,” says Emile Werr, VP Global Data Services and chief data architect at NYSE Euronext. This would include metadata recording, connectivity and reducing the footprint of the network’s point-to-point solutions.
The winning project replaces an existing system for Web access to market data for external users, such as listing companies and member firms. The approach, which went live in 2011, has been to start small, build subject matter expertise and then champion data virtualization for use throughout the firm. All new systems fit into the data virtualization architecture where older systems are migrated to the new virtual architecture. “We are evolving to a more middle tier in terms of how users and systems connect to quickly configure and make changes to underlying source data without affecting applications or consumers,” Werr says, all managed in a highly distributed environment.
Werr estimates organizational savings of $5 million annually from retiring an outsourced system; the new system will cost less than one-tenth of that amount to operate. With good engineering, performance for external customers accessing data will improve.
It’s common functionality that is optimized and centralized, Werr says. “We mitigate the cost you get from troubleshooting and escalation, which is typically an IT function of production support and streamlining the ways users connect also reduces cost. All that reduces development time and the number of people needed to operate the system. It also shrinks the footprint of software connecting systems and associated licensing.”
“We want to integrate data at a point where it’s persisted rather than make copies,” says Werr. “Some of these determinations are based on SLAs and performance and what the system is capable of but wherever we have the capability to get the data from a source without having to move it is also a cost savings.”
See all the 2012 Innovative Solution Award winners in our slide show.