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  • DARE - Deliver Anywhere Order Routing Engine

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The DARE order routing engine provides centralized certification of connected parties in compliance with FIX. All counterparties are certified in a consistent, reliable format. DARE handles all FIX version translations, including translation to/from non-FIX messaging standards, which eliminates the need to support multiple systems for each counterparty and minimizes system changes as a result of on-going advances in technology. DARE provides full support for customized FIX messaging, including support for all algorithms.

 

 

Integration

 

Trading firms manage a complex ecosystem of high performance systems created by both in-house teams and independent software vendors. To help clients control this ecosystem, Marketcetera, an open-source company, subscribes to open standards and open APIs that make the integration task easier. The Financial Information eXchange ("FIX") Protocol, which consists of a series of messaging specifications for electronically communicating trade-related messages, is one of these standards that was developed to improve the global trading process. Sell-side and Buy-side firms looking for a pluggable, stand- alone FIX engine use DARE to “FIX-enable” internal systems such as an order management system and trading applications, and to assert greater control over their trading ecosystem.

 

Messaging

 

We believe that our role is to provide a flexible, modular architecture that can be customized to meet our client's specifications. DARE order router is built on the concept of a “pluggable transport” which enables clients to deploy their preferred message middleware. We ship with ActiveMQ, but our clients have the control to swap out our message bus for their preferred solution. DARE offers a separation between the message formats, session handling and the transport middleware. Implementation of adapters for specific middleware may be developed and injected transparently inside the infrastructure. Several adapters have been developed including pure socket, JMS, RMDS, RV, SOAP, FIX and others.

 

Resilience

 

Trading systems are challenged by any number of events, a spike in orders, network outages, flooding. DARE is designed to operate within this dynamic environment and insulate our clients from any "irrecoverable consequences". Three examples of our resilient system design include high availability, failover and scalability.

 

High Availability

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and Fail-over

 

High availability and support for fail-over is a constant and critical requirement in today’s highly volatile trading environments. Marketcetera has developed two complimentary strategies for HA/FO, each builds upon the other:

 

  1. The first strategy is for components that are singleton in nature. For various reasons, these components can have a single active instance at a time. Reasons for this include maintaining a socket connection to a FIX gateway, which, by their nature, require a single host. 

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  1. An active, or “hot” instance is running while a “warm” instance monitors the active instance. The warm instance is already running, but is not actively performing its role. More than one warm instance can run at the same time across multiple nodes. The warm instances each monitor the active instance and a common queue. If the active instance fails, one of the warm instances is promoted to active. Additional warm instances can be added at any time.

 

 

 

  1. The second strategy for HA/FO is to maintain multiple concurrent instances. In this strategy, multiple agents each capable of performing a given task are created as needed. These multiple agents are controlled by a singleton controller that follows the first strategy. The controller distributes work to the agents as necessary. The key to this strategy is that each agent is capable of processing any given task without referring to any internal state. This allows the number of available agents to expand and contract to meet the needs of the system. 

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  1. DARE maintains a single active Order Routing Service for a given external FIX gateway at a given time. Multiple warm backup Order Routing Service processes monitor the active Order Routing Service. If the active Order Routing Service fails, one of the warm backup Order Routing Services is nominated to take over as the active Order Routing Service. All Order Routing Services share the same persistent store, both for messages and for FIX session data.

 

Scalability

 

DARE maintains agents that are responsible for the successful routing and transmission of an outgoing order. The work of the “send” order agent represents the bulk of the computational load associated with sending an outgoing order which means that horizontal scalability is most effectively applied at this point. 

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Guaranteed Message Delivery Resend 

 

 

 

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The above diagram shows the interaction between components if a receiving component does not acknowledge receipt of the message within a given, configurable interval. In this diagram, Component C initially does not acknowledge receipt of the message from Component B. After the appropriate interval, Component B sends a status inquiry to Component C. Based on the response from Component C, Component B resends the message. The normal message flow resumes from there.

 

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Each component must be able to receive messages of the appropriate type and respond to appropriate status inquiries. Each component must track transmission of messages to the next component and corresponding acknowledgements. If the message is not acknowledged, the message can either be resent, an alert raised to the operator, or both, as appropriate for the component.

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