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Dec 10, 2013 ||
Today, I am on a panel at the Bloomberg Enterprise Technology Conference in London to talk about all recent developments ushering in the next generation of financial technology. It probably won’t surprise many to hear that we are living and benefiting from an era of convergence – from network access to data to digitization to cloud computing. Convergence has become the new black. With a desire for increased transparency and risk management, we are experiencing the convergence of OTC with common clearing and Trade (Swap Data) Repositories along with Swap Execution Facilities and the increased trading of standardized products.
Convergence is the name in cloud computing where advancements in compute, storage, and network are converging to enable new capabilities, decrease cost, and introduce scale previously thought unimaginable. Mobility is furthering that convergence with access from anywhere enabled itself from a convergence of voice, network, compute, and software. Just as cloud and mobile computing are enabling new business models and driving innovation, convergence in the financial industry is creating similar opportunities and new drivers for technology innovation. This is enabling enhanced risk management and market controls, greater predictability and consistency, and increased cost efficiency.
As an applied technology company, CME Group focuses on the application of technology to drive business value and a world-class customer experience. The convergence being experienced across our industry requires leadership to explore new technologies and respond to the business needs of the future. We recognize the need for leadership and are excited to announce a new open computing partnership to enable the next wave of critical innovation needed for our industry and globally across industries.
CME Group has partnered with Maxeler, Chevron, Juniper, Stanford University, the University of Tokyo, and the Imperial College of London to create Open Spatial Programming Language (OpenSPL), an open programming language based on Maxeler’s innovative technology to support the high performance computing and security needs of the future. In Spatial Programming, dataflow is laid out in space on a chip and every operation executes in parallel rather than in a time sequence.
Tamas Nemeth, Chevron’s Chief Data Scientist, will be the first chair. A major objective of Spatial Programming, and consequently OpenSPL, is to provide a basis for efficient programming of high performance applications. In turn this will maximize the amount of computation per cubic foot of datacenter space and reduce power consumption.
In 2011, we identified the need for increased risk management across trading and clearing to enable the future of convergence. We have been working tirelessly to develop the exchange platforms of the future to drive increased risk management while providing greater transparency, predictability, and consistency.
Our new, patent-pending iLink Market Segment gateway will provide inline pre-trade credit controls, unparalleled predictability and consistency, advanced market controls, and increased capacity and throughput. These are important capabilities that apply to all market constituents, irrespective of trading style.
Thanks to OpenSPL, the financial industry will now have access to critical innovation with the most advanced computational and functional capabilities while reducing total cost of ownership.
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Ari Studnitzer is Managing Director of Architecture and Product Management in the Technology division at CME Group.
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