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Home > Resources > Case Study > Scottrade
Scottrade achieves real-time processing for million transactions with FioranoMQ
Scottrade, a retail brokerage provides trading services to over 3 million customers in the United States. Five-time awardee of the Highest in Investor Satisfaction by J.D. Power, Scottrade is popular for speed of trade execution and its web site capability as 98% of trades are online and majority on mobile devices.
Scottrade achieves real-time processing for million transactions with FioranoMQ
Scottrade, a retail brokerage provides trading services to over 3 million customers in the United States. Five-time awardee of the Highest in Investor Satisfaction by J.D. Power, Scottrade is popular for speed of trade execution and its web site capability as 98% of trades are online and majority on mobile devices.
USE CASE
High speed messaging. Low latency
BENEFITS
Fast Trade execution. Lower total cost
INDUSTRY
Financial Services
KEY PRODUCT COMPONENTS
FioranoMQ, Fiorano Tools
Business Challenge
There are four different stock trading platforms offered by Scottrade: Scottrade, Scottrader, Scottrade Elite and OptionsFirst. Scottrade Elite is the most advanced platform and is designed for active traders. Its features include Dow Jones and Comtex news, top-performer scanners, charting ability and access to Level II quotes. In Scottrade ELITE orders are filled within seconds, customer service is swift, and costs are low. The company offers equities, fixed income, options and more than 9,000 mutual funds - with transactions handled in real time. Every trade executed through Scottrade travels through the company's data centers.
Trading systems require a vast amount of hardware and applications and there often isn't much standardization between components. Scottrade's real-time trade processing system runs on an IBM iSeries mainframe coupled with Dell Power Edge servers. Applications are written in Linux, Unix, Java, and C++. Initially, Scottrade looked at a Java multicast strategy to connect these elements, but it soon became clear that to achieve its demanding throughput and availability objectives, Scottrade needed something more sophisticated with massive scalability.
600,000
Trades per day
FioranoMQ provided a scalable platform and
messaging infrastructure for the demanding business
of brokerage operations and trade execution
Business Challenge
There are four different stock trading platforms offered by Scottrade: Scottrade, Scottrader, Scottrade Elite and OptionsFirst. Scottrade Elite is the most advanced platform and is designed for active traders. Its features include Dow Jones and Comtex news, top-performer scanners, charting ability and access to Level II quotes. In Scottrade ELITE orders are filled within seconds, customer service is swift, and costs are low. The company offers equities, fixed income, options and more than 9,000 mutual funds - with transactions handled in real time. Every trade executed through Scottrade travels through the company's data centers.
Trading systems require a vast amount of hardware and applications and there often isn't much standardization between components. Scottrade's real-time trade processing system runs on an IBM iSeries mainframe coupled with Dell Power Edge servers. Applications are written in Linux, Unix, Java, and C++. Initially, Scottrade looked at a Java multicast strategy to connect these elements, but it soon became clear that to achieve its demanding throughput and availability objectives, Scottrade needed something more sophisticated with massive scalability.
600,000
Trades per day
FioranoMQ provided a scalable platform and
messaging infrastructure for the demanding business
of brokerage operations and trade execution
"Fiorano technical support has been exceptional. Fiorano provides us with premium 24x7 support and their team is always available when we need them. Fiorano has helped us compete effectively in this market."
Jeff Polsgrove, Chief Information Officer, Scottrade
"Fiorano technical support has been exceptional. Fiorano provides us with premium 24x7 support and their team is always available when we need them. Fiorano has helped us compete effectively in this market."
Jeff Polsgrove, Chief Information Officer, Scottrade
Solution
Operating in the demanding environment of financial services FioranoMQ provided Scottrade with a high-speed messaging infrastructure with scalability, security and low latency, all key requirements for execution of stock trades and customer needs.
Among the FioranoMQ features Scottrade uses is the administrative API (Application Programming Interface) that allows the company to customize the application to the company's specific needs.
Using the product's Web interface, Scottrade was able to make a new screen for their programming staff that offered a select feature set. That simplified the alternatives for developers and reduced the chance of errors.
Solution
Operating in the demanding environment of financial services FioranoMQ provided Scottrade with a high-speed messaging infrastructure with scalability, security and low latency, all key requirements for execution of stock trades and customer needs.
Among the FioranoMQ features Scottrade uses is the administrative API (Application Programming Interface) that allows the company to customize the application to the company's specific needs.
Using the product's Web interface, Scottrade was able to make a new screen for their programming staff that offered a select feature set. That simplified the alternatives for developers and reduced the chance of errors.
FioranoMQ High-Availability advantage
FioranoMQ's High Availability (HA) feature was a major factor in its selection at Scottrade. It gave Scottrade's infrastructure the highest fault tolerance capability, ensuring that servers continue to operate during intermittent network or machine failures.
Unlike other solutions, Fiorano offers a software-only state replication technique that enables enterprises to enjoy HA without requiring additional investments in hardware. The cost of implementation is, therefore, substantially lower than competing solutions.
Fiorano 24 x 7 Premium Support
In addition, Fiorano technical support has also been exceptional, says CTO, Mr. Polsgrove. Fiorano provides Scottrade with premium 24x7 support and the support team is always available when needed.
FioranoMQ High-Availability advantage
FioranoMQ's High Availability (HA) feature was a major factor in its selection at Scottrade. It gave Scottrade's infrastructure the highest fault tolerance capability, ensuring that servers continue to operate during intermittent network or machine failures.
Unlike other solutions, Fiorano offers a software-only state replication technique that enables enterprises to enjoy HA without requiring additional investments in hardware. The cost of implementation is, therefore, substantially lower than competing solutions.
Fiorano 24 x 7 Premium Support
In addition, Fiorano technical support has also been exceptional, says CTO, Mr. Polsgrove. Fiorano provides Scottrade with premium 24x7 support and the support team is always available when needed.
Results
For five consecutive times, Scottrade was awarded the J.D. Power award for Highest in Investor Satisfaction. Among the prime factors influencing customer opinions were trade execution and Web site capability. A key component of this system is the FioranoMQ Java Message Server (JMS), an enterprise messaging product.
"FioranoMQ has performed exceptionally well for us," Polsgrove said. "We continue to roll out new trading features that depend on FioranoMQ, including a new Web site front-end tool that notifies our customers when a trade is executed. Fiorano has helped us compete confidently in this market."
[Note: In September 2017 Scottrade was acquired by TD Ameritrade Holding Corp. for $4 billion.]
Results
For five consecutive times, Scottrade was awarded the J.D. Power award for Highest in Investor Satisfaction. Among the prime factors influencing customer opinions were trade execution and Web site capability. A key component of this system is the FioranoMQ Java Message Server (JMS), an enterprise messaging product.
"FioranoMQ has performed exceptionally well for us," Polsgrove said. "We continue to roll out new trading features that depend on FioranoMQ, including a new Web site front-end tool that notifies our customers when a trade is executed. Fiorano has helped us compete confidently in this market."
[Note: In September 2017 Scottrade was acquired by TD Ameritrade Holding Corp. for $4 billion.]
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