1. OpenMAMA and OpenMAMDA as a
Middleware Standard
Leveraging the Open APIs and Open Data Model
Michael Schonberg NYSE Technologies
April 30, 2012
Scott Parsons Exegy

2. Agenda
 Introduction
 Messaging in market data distribution
 Challenge of supporting multiple platforms
 Need for open APIs and standards
 OpenMAMA, OpenMAMDA and the NYSE
Technologies Open Data Model
 Exegy proves the power of OpenMAMA
 Summary
 Q&A

3. Message Oriented Middleware in
Financial Markets
 Communications bus for trading venues and
participants
 Participants consume market data from multiple
sources
 Feed handlers normalize the data and distribute
over message oriented middleware

4. Market Data Architecture
Quote
SuperFeed Feed Custom FX
Handler Rates
M
Conflation Historical o
Cache Tick
Cache
Capture n
i
t
o
Desktop
Algo Algo Algo
r
Traders
i
n
g
Market Market Market
5 Gateway Gateway Trade
Gateway

5. Proprietary APIs are the Problem
Exegy NYSE Technologies Vendor B
Vendor B
Exegy C API OpenMAMA
API
NYSE Data Vendor B
Model Data Model
Middleware
Middleware
Data Fabric
Middleware
Vendor A
Vendor B
Client Side NYSE Data Vendor B
Normalization Model Data Model
Vendor B
Exegy CAPI MAMA
API
Client Application Client Application Client Application
6 Developed by NYSE Technologies
Key
Developed by Third Party
Open Source

6. Limitations of Proprietary API’s
 API and Vendor lock-in
 Difficult to switch middlewares
 Substantial effort increases cost/time to market
 Unfamiliar API and behavior adds risk
 Proprietary abstraction provides partial solution
 Reliant on vendor’s willingness to support a given
middleware
 No solution for custom middlewares
 Multiple API’s and Data Models
 No common language

7. The Scale of the Problem
 There are 240+ exchanges globally most with
proprietary data models
 Each with an average of 3 data feeds
 Available direct or through 7+ major data vendors
and consolidators
 Consumed and normalized through feed handlers
developed in house or by 12+ major feed handler
vendors
 Distributed over one or more of 10 Common
middleware solutions to multiple applications

8. Coping with Proprietary APIS
 Write to multiple API’s
 Organic approach
 Lowest barrier to entry
 Highest lock-in
 Create an abstraction layer
 Most common approach
 Even for proprietary wrappers (commercial MAMA)
 Reduces vendor lock-in
 Significant development and maintenance effort
 Must implement new wrappers for new middlewares

9. OpenMAMA is the Solution
Exegy NYSE Technologies Vendor B
Open MAMA Vendor B
Exegy CAPI MAMA
API
NYSE Data Vendor B
Open Data Model
Model Data Model
Middleware
Middleware
Middleware
Data Fabric
Vendor A
Vendor B
Client Side Open DataData
NYSE Model Vendor B
Normalization Model Data Model
OpenMAMA Vendor B
Exegy CAPI MAMA
API
Client Application Client Application Client Application
10 Developed by NYSE Technologies
Key
Developed by Third Party
Open Source

10. Benefits of OpenMAMA
 No API or vendor lock-in
 Middleware providers and consumers create
bridges to any middleware
 Open source allows the community to drive the
project
 More features
 Higher quality
 Vendors reach more customers
 Customers benefit from reduced cost, risk and time
to market

11. OpenMAMA is More than an API
 Multiple simultaneous middleware
 Bridge between incompatible messaging
environments
 Widely deployed in financial services
 Brings advanced features to all middleware
 Data dictionary
 Data quality
 Fault tolerance
 High performance

12. OpenMAMA Architecture

13. OpenMAMDA and the Open Data Model
 OpenMAMDA is a market data framework
 Built on top of OpenMAMA
 Reference implementation NYSE Technologies
Market Data Model
 Exploring support for multiple data models
 OpenMAMA standardizes communication
 OpenMAMDA standardizes content and
normalization
 Provide a common language for capital markets

14. OpenMAMA Community
OpenMAMA is:
 Hosted by the Linux Foundation
 LGPL 2.1
 Supported by a diverse group of industry
stakeholders
 Steering committee has 11 members

15. Integrating OpenMAMA
Scott Parsons, CTO, Exegy
Linux Foundation Enterprise End User Summit
Apr 30 – May 1

16. Exegy: Why We Do What We Do
We believe…
 …in continually challenging the status quo of
market data and trading platforms.
 …in deep collaboration with our customers to
ensure their success.
 …in simplicity over complexity, striving for
elegance in all we do.

17. Why Do We Support OpenMAMA?
 It has the potential to be disruptive by being open
 We believe in continually challenging the status quo
of market data delivery and trading platforms.
 It is currently in use by many market participants
 We believe in deep collaboration with our customers
to ensure their success.
 It is adaptable at the point of consumption
 We believe in simplicity over complexity, striving for
elegance in all we do.

18. The Yin Yang of Market Data
The never-ending duality:
 Exchanges want to differentiate to compete
 This differentiation finds expression in their feeds
 Consumers want to normalize for simplicity
 Reduces cost of development and maintenance
 The yin yang: differentiation / normalization
 Normalization of feeds for consumers…
 …permits greater differentiation at producers…
 …which requires greater normalization at consumers…
 …which yields greater differentiation at producers…

19. Normalization of “Vendor Experience”
 To what does normalization apply?
 Market data models, messaging middleware, etc.
• This is the “classic domain” of MAMA
 Various vendor APIs needed to access market data
• Does MAMA contribute to the melee?
 Where can normalization occur?
 At an intermediate publishing point into a common API
• This is the “classic domain” of MAMA
 At the consumer API level
• Market data API abstraction layer
 Suggests two implementation phases for Exegy…

20. Two Phases of Exegy / OpenMAMA
1. Normalize in a client-side API abstraction layer
Normalize
Feed Publish Distribute Consume
2. Normalize at an intermediate publishing point over
messaging middleware into a common API
Normalize
MOM
Feed Publish Distribute Consume

21. Phase 1
API
API Abstraction Layer
What’s needed in an API abstraction layer?
 Market data lends itself to a field-value paradigm
 Collections of field-value pairs define the data model
 Common general concepts across variety of venues
 Comprehensive API surface area
 Straight-forward conceptual model
 Functions/methods for interacting with the data model
 Data model transformations
 Automatic transforms to match application’s model
 Easily adaptable, decoupled from API surface area

22. Phase 1
OpenMAMA = API Abstraction Layer API
 Exegy Client API (XCAPI) becomes the middleware bridge
 Use dictionary to drive data transformations in bridge layer
 Different consumers abstract differently
MAMA
Application
exegy bridge Dictionary
Config
CAPI

23. Phase 1
API
Phase 1: OpenMAMA and Exegy
 Distribution using standard Exegy transport
 Final normalization in API abstraction layer
Feeds
Enterprise
Systems Base Appliances
Edge Caches
TCP/IP Multicast
CAPI CAPI
Application MAMA MAMA Application MAMA
Application Application Application

24. Phase 2
Publish
Phase 2: Publishing
 Distribution using Message-Oriented Middleware
 Final normalization at Edge Cache publisher
Feeds
Enterprise
Systems Base Appliances
Edge Caches
Message
Oriented
Middlewares
MAMA MAMA MAMA MAMA
Application Application Application Application

25. OpenMAMA Beta Program
 OpenMAMA Beta Program
 Phase 1 underway now
 Working with select Exegy customers
• Deployed in limited number of data centers
 Available transports:
• Exegy TCP/IP
• Informatica UBM (nee 29West LBM)

26. SUMMARY
 OpenMAMA integrates multiple messaging
environments
• Lowering cost
• Reducing complexity
• Allowing developers to focus on differentiating
functionality

27. Questions?

28. sparsons@exegy.com mschonberg@nyx.com