The TIBCO Blog

One of the other interesting meetings at the recent OMG standards event was by the Finance Domain Task Force on the requirement for a “Trade Transaction Traceability” standard to meet the regulatory requirements of Dodd-Frank (full name: Dodd-Frank Wall Street Reform and Consumer Protection Act). The idea here is to provide an audit trail (or log), to some SEC-approved XBRL- based XML format, of all the activities and processes that are involved in a “trade” in an investment bank. Thence the need for track-and-trace across front, middle and back office systems.

From a CEP perspective, this is more of a risk management problem than the typical low-latency algo-trading application usually associated with stream-processing CEP in the financial markets. A typical solution for trade track-and-trace would combine some combination of TIBCO Hawk monitoring and TIBCO BusinessEvents CEP to correlate trade processing throughout the bank into a single audit trail while minimising footprints and impacts on existing processes and execution times. Another solution, also CEP-based, would adapt TIBCO Active Service Gateway as a “financial service router” or Services Monitor / Message Interceptor (doing discrete monitoring to create the audit trail).

The OMG is continuing to work on this proposal, and their use of trade and process event correlations (using CEP) could also provide an input to the planned OMG Event Metamodel and Profile standard. And a similar, existing CEP use case is planned as a presentation by an existing TIBCO customer at TUCON this year (in conjunction with an update on TIBCO Hawk technology for the “edge of the Event Processing Network”)…