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Market Systems Technology Announces Market Data Network

Posted on: Monday, 27 September 2004, 06:00 CDT

MST's Market Data Network Middleware Provides High Performance--over 100,000 Messages Per Second--on Low-Cost, Readily Available Server Class Systems

Market Systems Technology, Inc. (MST), provider of high-performance solutions for the financial services industry, today announced the release of its Market Data Network (MDN) messaging middleware. MDN is a JMS-compliant, highly scalable middleware solution that provides high performance and reliability at low overall cost. The system is available for purchase immediately and is currently in production at the Pacific Exchange (PCX), one of the world's leading derivatives markets.

"Most available middleware products weren't designed for real-time, high-volume data delivery, and require enormous system resources to handle the message rates common in the financial services industry." said Jack Swan, MST's President. "MDN was designed specifically to provide the high bandwidth and near-zero latency our customers require, on low-cost, readily available hardware." Phil DeFeo, Chairman and CEO of the Pacific Exchange, said, "We've been a leader in deploying new technologies and innovative products and solutions. MDN has already proven to be a cost-effective solution that allows us to contain infrastructure and middleware costs while smoothly handling skyrocketing message rates. Other available alternatives would have cost several times as much to achieve similar results."

The Pacific Exchange has used MST's Market Access ticker plant for collection and delivery of real-time pricing information for over ten years. "With OPRA capacity projections of over 80,000 messages per second by year's end, we needed a high-performance solution that runs on readily-available, low cost hardware, and scales to handle increasing market data message rates. The Market Access-MDN solution we've had in production since early this year easily handles today's OPRA message rates and will scale to meet our future needs," said Hark Yip, Senior Vice President and CTO at the Pacific Exchange. "MDN is a plug-compatible replacement for our previous messaging middleware product, which could not achieve the performance we required-over 100,000 messages per second, for a client population projected to reach 1000-at a reasonable cost."

Market Data Network is available for Linux, Unix, and Windows operating systems, and runs on readily available hardware from vendors such as IBM, Dell, Compaq, Hewlett-Packard and Sun Microsystems. A server-class system is capable of handling over 100,000 messages per second, with typical latency under one millisecond, and is easily upgraded as message rates increase. Other configurations, such as multiprocessor, multi-server, and clustered server, are available for more demanding installations.

About Market Systems Technology

Market Systems Technology, Inc., formerly a division of Dow Jones and Co., Inc., has been a premium provider of solutions for the financial services industry for over twenty years. MST's flagship product, Market Access, is a high-performance ticker processing system capable of handling hundreds of exchanges and data sources, and tens of thousands of messages per second. MST is a privately held corporation based in Boston, Massachusetts. For more information about Market Systems Technology, visit http://www.mktsystech.com, or email info@mktsystech.com.

About the Pacific Exchange

Founded in 1862, the Pacific Exchange today trades options on more than 1,200 stocks. The PCX has a long and distinguished history of innovation. It was the first exchange in the world with electronic order routing, execution and reporting systems; the first to develop net clearance and settlement systems; and the first exchange in the U.S. to demutualize. In March 2002, the PCX migrated its equities trading operations to the Archipelago Exchange, the first fully electronic, open market for stocks listed on the New York, American, and Pacific exchanges, as well as the Nasdaq Stock Market. Archipelago operates as a regulated facility of the Pacific Exchange and is the second largest stock exchange in the U.S. The Exchange is currently implementing PCX Plus, a new electronic trading platform with an enhanced market structure.

Copyright 2004 Market Systems Technology, Inc. All Rights Reserved.

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