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Home > Resources > Case Study > Thomas Weisel Partners
Fiorano provides Interoperability for Thomas Weisel Partners
Thomas Weisel Asset Management offers a variety of U.S. equity investment products, distribution management services, and private equity and venture capital funds. They expertise in consumer, energy, healthcare, internet, media, telecom, metals, mining, and technology.
Fiorano provides Interoperability for Thomas Weisel Partners
Thomas Weisel Asset Management offers a variety of U.S. equity investment products, distribution management services, and private equity and venture capital funds. They expertise in consumer, energy, healthcare, internet, media, telecom, metals, mining, and technology.
USE CASE
Build e-Trading Platform
BENEFITS
Superior Flexibility. Interoperability.
INDUSTRY
Financial Services
KEY PRODUCT COMPONENTS
FioranoMQ, Fiorano Tools
Business Challenge
Up until 2001, Thomas Weisel Partners' brokers took trade orders from clients over the phone. With the dawn of more efficient electronic trading platforms, the company decided that it was about time to build their own - one that would be able to handle trade orders with low latency. The platform would also allow clients to send trades or orders directly into the system.
Ultimately, the platform would have to act as a centralized hub where orders could easily be identified by the trading desk they were meant for. Subsystems like management, message normalization, back office and performance monitoring systems would need to be tied together by some sort of messaging platform/server.
Dhiru Patel, Managing Director and Chief Quantitative Strategist for Thomas Weisel Partners, elaborates: "As a relatively new company, we didn't have any in-built systems. Therefore, our subsystems were disparate - meaning some spoke in C++, some in Java, etc. The goal was to tie these systems into a single interface through a messaging server that was language agnostic."
In order to accomplish this, Thomas Weisel would have to find a solution that was an industry-standard or open system - not tied to any proprietary API or mechanism - so they could easily integrate it into the existing subsystems.
In addition to interoperability, Patel needed a messaging server with low latency, high bandwidth and superior performance.
2,000
Messages/second
High Message Throughput with FioranoMQ
Business Challenge
Up until 2001, Thomas Weisel Partners' brokers took trade orders from clients over the phone. With the dawn of more efficient electronic trading platforms, the company decided that it was about time to build their own - one that would be able to handle trade orders with low latency. The platform would also allow clients to send trades or orders directly into the system.
Ultimately, the platform would have to act as a centralized hub where orders could easily be identified by the trading desk they were meant for. Subsystems like management, message normalization, back office and performance monitoring systems would need to be tied together by some sort of messaging platform/server.
Dhiru Patel, Managing Director and Chief Quantitative Strategist for Thomas Weisel Partners, elaborates: "As a relatively new company, we didn't have any in-built systems. Therefore, our subsystems were disparate - meaning some spoke in C++, some in Java, etc. The goal was to tie these systems into a single interface through a messaging server that was language agnostic."
In order to accomplish this, Thomas Weisel would have to find a solution that was an industry-standard or open system - not tied to any proprietary API or mechanism - so they could easily integrate it into the existing subsystems.
In addition to interoperability, Patel needed a messaging server with low latency, high bandwidth and superior performance.
2,000
Messages/second
High Message Throughput with FioranoMQ
"Fiorano's release cycles are very timely and more effective than other vendors. Compared to other systems, you can't get such a reliable, fast product with as excellent support as Fiorano's at as low of a cost."
Dhiru Patel, Chief Trading Systems Architect, Thomas Weisel Partners
"Fiorano's release cycles are very timely and more effective than other vendors. Compared to other systems, you can't get such a reliable, fast product with as excellent support as Fiorano's at as low of a cost."
Dhiru Patel, Chief Trading Systems Architect, Thomas Weisel Partners
Solution
In 2001, a surplus of proprietary messaging servers littered the marketplace. Other companies in Wall Street were prone to using TIBCO or IBM platforms. With the recent release of JMS 1.0, Patel decided that Thomas Weisel Partners should go the Java route. The software platform would have to fully comply with JMS 1.0.
In the end, FioranoMQ was the only product on the market that had JMS 1.0 fully implemented with a C++ interface. Patel read reviews of the software, all of which said highly positive things about Fiorano's scalability, stability and speed.
With FioranoMQ, Patel was able to connect all the subsystems under one umbrella, Weisel Execution Services (WES). Because WES deals with algorithmic trading, the system must run as close to real-time as possible. Since its integration, FioranoMQ has offered Thomas Weisel Partners extremely low latency, as well as reliable performance as a messaging backbone.
Solution
In 2001, a surplus of proprietary messaging servers littered the marketplace. Other companies in Wall Street were prone to using TIBCO or IBM platforms. With the recent release of JMS 1.0, Patel decided that Thomas Weisel Partners should go the Java route. The software platform would have to fully comply with JMS 1.0.
In the end, FioranoMQ was the only product on the market that had JMS 1.0 fully implemented with a C++ interface. Patel read reviews of the software, all of which said highly positive things about Fiorano's scalability, stability and speed.
With FioranoMQ, Patel was able to connect all the subsystems under one umbrella, Weisel Execution Services (WES). Because WES deals with algorithmic trading, the system must run as close to real-time as possible. Since its integration, FioranoMQ has offered Thomas Weisel Partners extremely low latency, as well as reliable performance as a messaging backbone.
Post Implementation
With FioranoMQ, Thomas Weisel Partners was able to connect all the subsystems under one umbrella, Weisel Execution Services (WES). Because WES deals with algorithmic trading, the system must run as close to real-time as possible. Since its integration, FioranoMQ has offered Thomas Weisel Partners extremely low latency, as well as reliable performance as a messaging backbone.
Post Implementation
With FioranoMQ, Thomas Weisel Partners was able to connect all the subsystems under one umbrella, Weisel Execution Services (WES). Because WES deals with algorithmic trading, the system must run as close to real-time as possible. Since its integration, FioranoMQ has offered Thomas Weisel Partners extremely low latency, as well as reliable performance as a messaging backbone.
Results
"Fiorano's after-sale support has been superb," mentions Patel, "Fiorano's software has been entirely bug-free and dependable, but the customer support has always been extremely responsive and helpful, even in the case of the smallest problems."
Patel also says that Fiorano's release cycles are very timely and more effective than other vendors he has come across. With FioranoMQ's latest release, Patel says the message throughput has reached 2000 messages per second - and that he could even increase that number by clustering and load balancing.
"The icing on the cake was the price," says Patel, "Compared to other systems, you can't get such a reliable, fast product with as excellent support as Fiorano's at as low of a cost."
Results
"Fiorano's after-sale support has been superb," mentions Patel, "Fiorano's software has been entirely bug-free and dependable, but the customer support has always been extremely responsive and helpful, even in the case of the smallest problems."
Patel also says that Fiorano's release cycles are very timely and more effective than other vendors he has come across. With FioranoMQ's latest release, Patel says the message throughput has reached 2000 messages per second - and that he could even increase that number by clustering and load balancing.
"The icing on the cake was the price," says Patel, "Compared to other systems, you can't get such a reliable, fast product with as excellent support as Fiorano's at as low of a cost."
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