NYSE Technologies said it had donated a piece of code that sits in between applications and operating systems, so that trading, market data and other programs can be “openly” created, at low cost, for use on computing clouds.
The commercial technology unit of NYSE Euronext (NYX) said that it was turning over its Middleware Agnostic Messaging Application Programming Interface (MAMA) to the Linux Foundation, a nonprofit consortium that fosters the use of and distribution of source code that any developer can use. The source code can be downloaded via the Internet, without charge.
In this case, the NYSE Technologies code is being renamed OpenMAMA. It is intended to be a “vendor neutral platform” for the financial services industry, to programs and services that can be used on demand.
Exegy, a market data appliance company, said it would join the OpenMAMA Steering Group. Other members of that group will include J.P. Morgan, Bank of America Merrill Lynch, EMC and Fixnetix.
The move comes two weeks after NYSE Technologies launched what it called Capital Markets Community Platform Advisory Service designed to get market participants to move services into on-demand or “cloud” computing platforms and five months after the formal launch of its Capital Markets Community Platform, a cloud service that also involves virtualization software supplier VMware and storage giant EMC.
That cloud is designed to provide direct, on-demand access to high-performance, low-latency services from NYSE Technologies, including its Superfeed of market data, its Risk Management Gateway, its Managed Services Hub, and its global Liquidity Center Network.
Turning over its middleware is its attempt to allay concerns of market participants that developing market data or other applications for that platform would lock them in to NYSE Technologies' cloud.
“Even if you’re on our cloud platform, you’re not locked in to our cloud platform,’’ said Brian Doherty, managing director of enterprise software for NYSE Technologies.
"NYSE Technologies’ vision has always been to create a new breed of capital markets community that benefits from our extensive global network and utilizes the best, most innovative technologies from a range of service providers, not just ourselves,” said Stanley Young, CEO, NYSE Technologies. Young estimated that 150 market participants use MAMA, at this point.
Exegy, Doherty noted, is a competitor to NYSE Technologies in the supply of market data to market participants, for instance.
Exegy said that a customer that has an Exegy Ticker Plant could, for instance, more easily share market data across different internal departments. If a trading firm's prop group is already subscribing but it wants a compliance group to see top-of-book data the standardization on MAMA will make this easier. If the compliance group already has MAMA serving up data to its risk systems, they will be able to get the same order book data from the same source.
Doherty expects market data feeds to be the first area of development that could see wide use of the OpenMAMA interfact.
NYSE Technologies itself supplies more than 150 data feeds in its Wombat Data Fabric, using MAMA.
NYSE Euronext acquired Wombat Financial Software and its submillisecond market data and messaging technology in 2008. That technology included the Middleware Agnostic Messaging Application interface, Doherty said.
Separately, NYSE Technologies will make available its data model and data dictionary, to make it easier for developers to “normalize” data from multiple sources into a single format.
The first release of OpenMAMA is in a computing language known as C. Versions in C++, Java, .Net and NANDA will be arriving, through March of next year.
NYSE Technologies also is donating one of its employees to act as the “maintainer” of updates to OpenMAMA. Michael Schonberg, who founded Wombat and has been managing director and senior architect of High Performance Messaging at NYSE Euronext, will act as a gatekeeper, to make sure code that is submitted is of sufficient quality to become a permanent part of the interface. But he won’t have any influence on the direction that the code takes, Doherty said.
The Linux Foundation sponsors the work of Linux creator Linus Torvalds, providing a neutral forum for collaboration in different industries.
The move also could pit NYSE Technologies against commercial Linux distributor Red Hat. Two weeks ago, Red Hat affirmed its commitment to a different messaging integration standard it calls the Advanced Message Queuing Protocol (AMQP).
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