Overview 1
Catalyst 1
Summary 1
Key Messages 2
Datamonitor does not believe investment in low-latency infrastructure will stop 2
Customers may become more conservative in their sourcing 2
Low-latency infrastructure is still a technical sale 2
There will continue to be opportunities for small, technically advanced vendors 2
Expect more M&A in low-latency infrastructure 2
Table of Contents 3
Table of figures 4
Market Opportunity 5
The profile of buy- and sell-side firms differs greatly 5
Datamonitor does not believe investment in low-latency infrastructure will stop 5
Customers may become more conservative in their sourcing 6
Expect more M&A in low-latency infrastructure 6
The evolution of the need for speed 7
Decimalization leads to changes in strategic behavior 7
Venue proliferation provokes fragmentation of liquidity 7
Algotrading enables the pulverization of orders 7
Now quants want automation to streamline model creation 8
Europe's single market initiatives drove exchange consolidation 8
MiFID encourages multiple trading venues in Europe 9
Direct feeds speak to the need for lower latency in decision making 9
Ticker plants are upping their game with value-added services 9
Proximity hosting addresses the challenge of physics 9
Customer Impact 11
CEP technology has multiple applications in the financial markets 11
CEP can be applied to smart order routing, but there are alternative approaches 11
FPGAs are in vogue for hardware acceleration 12
Competitive Landscape 13
Messaging 13
Market data distribution platforms 14
Feed handlers/ticker plants 15
CEP Engines 16
Data caches 17
GemStone 17
GigaSpaces 17
IBM and Oracle 17
Tick databases 17
Alpha-generation platforms 18
Field-programmable gate arrays 18
CPUs 18
Nvidia 19
AMD 19
Monitoring and measurement 20
ITRS 20
NetScout/Network General 20
Network Instruments 20
Niksun 21
NetQoS 21
Corvil 21
Trading Metrics 21
Correlix 21
SeaNet Technologies 22
Go to Market 23
Low-latency infrastructure is still a technical sale 23
There will continue to be opportunities for small, technically advanced vendors 23
Recommendations 23
Demonstrate financial robustness as well as technical excellence 23
Seek alliances with other specialist vendors to offer a broader solution 24
Seek to add value by taking some of the workload off the main transactional systems 24
APPENDIX 25
Methodology 25
Ask the analyst 25
Datamonitor consulting 25
Disclaimer 25
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