Tradition SA decided to create a new Electronic Trading System, and they turned to DiffusionData’s Data Distribution Framework to assure reliable, real-time data delivery to their brokers worldwide. To build the new Electronic Trading System, the Tradition development team had to: plan for their existing high data volume, the expansion of their data volume as the company client base grew, and the additional system functionality slated for the future. The data to be managed was bids, offers, and size of available securities for trading. The following benefits of Diffusion were key in the decision-making process for Tradition; simplify and speed development of new trading platform, assure always-available, trade data for bank and financial institution clients, and reliable, secure, real-time trading event-data delivery for hundreds of thousands of messages/second.
Delivered hundreds of thousands of messages per second to global clients.
Trading platform spans multiple continents and markets with real‑time updates.
Real‑time message delivery without traditional delays or bottlenecks.
Interdealer brokers improve price discovery and transparency by posting a bid, offer, and size of available securities for trading. Historically, this process was dependent solely upon people constantly on the telephone relaying information and maintaining anonymity between the buyers and sellers. The objective of the new Tradition platform was to electronically automate the interdealer broker process by matching buyers and sellers and allowing these traders to trade directly with one another, while each side’s identity remained hidden. Diffusion helped them solve the following challenges; reliably, securely deliver data in real-time, simplify and speed development of a new Electronic Trading System platform, and handle hundreds of thousands of messages/second over private networks and the Internet to meet trading clients’ demand.
Tradition had to build an electronic trading platform that could easily scale, run over private networks,and allow them to demonstrate their trading platform to prospective clients via the Internet. Also high on Tradition’s list of requirements, was the flexibility to structure and transform data so that clients could access exactly the information they required, as well as give Tradition control over entitlements and data access permissions.
Further, as of January 3, 2018, IDB firms faced the challenges and increasing technology costs of complying with the revised Markets in Financial Instruments Directive (Mifid II). Mifid II is driving trading process changes in the OTC market to regulate the systematic risk potential of the huge volume of OTC (or off-exchange) trading, for there to be transparency in trading.
To maintain position among the largest global interdealer brokers in over-the-counter financial and commodity related products, it is vital for Tradition to provide critical pricing and market information to their customers securely, reliably, and at speed.
With the use of Diffusion to consume, enrich and deliver data, the challenging load on Tradition’s back-end systems has been eliminated. The firm’s employees and the bank and financial institution clients around the globe receive reliable, real-time access to the data they need, thanks to Diffusion’s proprietary streaming and messaging technology. Hundreds of thousands of messages-per second are delivered through Tradition’s multi-channel services.
Today, Diffusion powers Tradition’s: Trad-X multi asset class trading platform for OTC derivatives, ParFX wholesale electronic spot FX trading platform, and Torrent hybrid order management platform for trading foreign currency NDFs. The quality of Tradition’s platforms repeatedly garners awards including Global Capital Americas Derivatives Awards 2018 Interdealer Broker of the Year and Interest Rate Derivatives Interdealer Broker of the Year for the Americas region. With Diffusion, Tradition eliminated the data management and delivery challenges faced by their development team.
Further, as Tradition evolves and changes their back-end systems to meet increasing regulatory demands, the Diffusion framework will minimize the impact of those changes on Tradition’s electronic trading platforms.
DiffusionData’s flagship offering Diffusion® is a secure, real-time Pub/Sub server built for mobile, web, and AI applications. Its patented delta-compression reduces bandwidth by up to 90%, enabling scalable data streaming with minimal latency. Used across financial services, gaming, and transport for mission-critical applications where personalisation and speed matter.
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