Sistema De Comércio Cdp

Paul Dickinson Presidente executivo Paul fundou a CDP em 2000 com a ambição de criar um sistema econômico global que funcione dentro de limites ambientais sustentáveis ​​e evite mudanças climáticas perigosas. Paul fundou anteriormente a Rufus Leonard Corporate Communications e a EyeNetwork, o maior serviço de videoconferência da Europa. Ele atuou como membro do Grupo de Pesquisa Ambiental da Faculdade e Instituto de Atuários do Reino Unido. Paul é autor de várias publicações, incluindo Beautiful Corporations. Paul Simpson, diretor executivo da Paul, esteve na vanguarda da expansão do CDP desde a sua criação em 2000 e levou o CDP a um foco específico do clima em outras áreas ambientais. Ele já trabalhou com a Chesham Amalgamations Investments Ltd, a Sociedade Internacional de Cultura Ecologica e é ex-diretor da Rede Social de Risco. Paul senta no painel de assessoria da Guardian Sustainable Business e no Conselho Consultivo Global Stranded Assets para Smith School of Enterprise e Environment at the Oxford University. Frances Way Co-chief operating officer, programas Frances supervisiona a entrega de programas CDPs. Tendo passado oito anos no setor de finanças privadas, principalmente na Divisão de Ações Globais de Dresdner Kleinworts, a Frances se juntou à CDP em 2007 para gerenciar e expandir o programa da cadeia de suprimentos. Frances se senta no conselho da EIRIS, uma organização de investimento ético. Ela possui mestrado em Tecnologia Ambiental pelo Imperial College. Sue Howells Co-chefe de operações, operações globais, a Sue realizou operações globais de CDPs desde 2005. Ela possui 20 anos de experiência no setor financeiro, principalmente com Rothschild Asset Management no Reino Unido e Hong Kong. Sue também liderou um projeto no WWF, assessorado no engajamento de ONGs com empresas e indústria. Sue possui mestrado em Prática de Responsabilidade e Negócios pela Bath University. Marcus Norton O conselheiro geral do conselheiro geral das parcerias, Marcus, gerencia as parcerias dos CDPs e as atividades de captação de recursos e também é conselheiro geral dos CDPs. Ele se juntou em 2009 para lançar o programa de água dos CDPs e também liderou o engajamento dos investidores. Marcus anteriormente praticava direito, com Allen Overy, Gibson, Dunn Crutcher e o Departamento do Reino Unido para o Meio Ambiente, Assuntos Agropecuários. Ele possui um MBA da Tuck School of Business da Dartmouth, um LL. M do University College London e um mestrado na Universidade de St. Andrews. Simon Barker, diretor financeiro Simon, juntou-se à CDP em 2015. Um contador fretado e ex-sócio da KPMG, sua experiência, inclui a auditoria e assessoria de várias empresas internacionais em contabilidade financeira, divulgações, controles internos, angariação de fundos e aquisições e alienações. Mais recentemente, ele assessorou as empresas de start-up no setor de alimentos e bebidas. Conor Riffle Diretor, cidades e inovação de produtos de dados Conor ajudou a lançar o programa de cidades CDPs e agora supervisiona isso e o desenvolvimento e comercialização de produtos de dados CDPs. Antes do CDP, a Conor ajudou a crescer o que se tornaria o Carbon Tracker. A partir de 2004, trabalhou em vários papéis na Fundação Clinton. Conor possui um BA do Connecticut College e um mestrado na London School of Economics. Kyra Appleby Diretor do programa de cidades do CDPs Kyra ingressou na equipe das Cidades como gerente de conta em 2010 e foi nomeado chefe do programa em 2013. Antes de seu papel no CDP, Kyra trabalhou em vários cargos de pesquisa na NBC Universal, eMarketer e a Cidade de Nova York . Kyra é mestre em Administração Pública pela Escola de Assuntos Internacionais e Públicos da Universidade de Columbia e possui um diploma de Bacharel em Ciências da Terra Ambientais pela Universidade Johns Hopkins. Katie McCoy Chefe do programa de florestas do CDPs A Katie dedica-se a remover o desmatamento dirigido por commodities nas cadeias de suprimentos da empresa. Ela se juntou à CDP em 2013, após a transferência do projeto Global Canopy Program Forest Pepp Disclosure (FFD) para CDP. Katie trabalhou anteriormente como analista de políticas para uma organização de pesquisa ambiental e como microbiologista da GlaxoSmithKline. Katie possui mestrado em Ciências da Conservação no Imperial College London e Bacharel em Ciências Biológicas pela Universidade de Birmingham. Cate Lamb Chefe do programa de água do CDPs O papel da Cates envolve o trabalho com as principais partes interessadas para entregar mudanças significativas no gerenciamento corporativo da água. A Cate tem dez anos de experiência nos campos do meio ambiente e do desenvolvimento sustentável e tem um sólido conhecimento técnico, científico e de gestão de projetos. Cate é licenciada em Ciências Ambientais pela Universidade de Lancaster. Rick Stathers, diretor de pesquisa de investidores Rick Stathers lidera nossa equipe global de pesquisa de investidores. Rick foi anteriormente chefe de investimento responsável da Schroders, onde passou os últimos 16 anos construindo e liderando a equipe de investimento responsável. Ele tem experiência em definir e liderar o envolvimento ambiental e social, além da estratégia de pesquisa para múltiplos setores e classes de ativos. Ele foi responsável pelo início do fundo de mudanças climáticas globais da Schroders e assessor do Instituto Cambridge Institute for Sustainable Leaderships Unhedge Risk Risk. Ele possui um BSc Hons em Biologia Ambiental e um mestrado de Imperial em Tecnologia Ambiental. Kate Levick Diretora de políticas e regulamentos Kate gerencia as relações de CDP com os governos. Anteriormente, trabalhou no Escritório de Mudanças Climáticas do Reino Unido e na BP Plc sobre créditos e estratégia de carbono em relação aos mercados emergentes. Kate é um administrador do Fórum para o Futuro. Ela tem um MProf em Liderança para o Desenvolvimento Sustentável com o Fórum para o Futuro e um BA (Hons) da Universidade de Oxford. Dexter Galvin Chefe do programa da cadeia de suprimentos do CDP, Dexter executa o programa CDPs para permitir que grandes multinacionais e governos consigam cadeias de suprimento sustentáveis, influenciando mais de US $ 2 trilhões em gastos de compras anuais. A experiência da cadeia de suprimentos da Dexters é extensa tendo trabalhado em logística de tempo crítico antes de se juntar ao CDP em 2008. Apaixonado por harmonizar os padrões de relatórios, liderou a condução da padronização em relatórios ambientais. Em 2013, ele lançou uma nova e importante iniciativa chamada Action Exchange para acelerar a redução de emissões nas cadeias de fornecimento corporativas. Daniel Turner Chefe de divulgação Daniel é responsável pelo envolvimento dos CDPs com empresas respondentes e trabalha com parceiros estratégicos de CDPs para desenvolver e oferecer serviços de suporte para divulgação de empresas. Daniel já era jornalista antes de se juntar ao CDP em 2003. Ele possui uma licenciatura em Sociologia pela City University, Londres. Lance Pierce Presidente, América do Norte Lance é presidente da CDP North America e é responsável pela estratégia e entrega em toda a gama de programas CDP nos Estados Unidos e no Canadá. Baseado em Nova York. Lance juntou-se ao CDP de Ceres, onde foi diretor executivo e diretor de operações. Antes disso, ele era o diretor do programa de clima e energia para a União de Cientistas Preocupados e um ex-consultor de empresas globais, agências da ONU e organizações internacionais de desenvolvimento. Steven M. Tebbe (FRGS) Diretor-gerente, a Europa Steven lidera todas as atividades do CDP na Europa. Anteriormente, ocupou vários cargos de direção superior na Daimler, EADSAirbus e, mais recentemente, atuou como Vice-Presidente de Assuntos Ambientais na subsidiária Berkshire Hathaway, NetJets, além de ser Parceiro da Antural Partners, uma empresa de consultoria de sustentabilidade e boutique. Steven é mestre em Administração Pública pela Universidade de Harvard em Cambridge, Massachusetts, além de um mestrado na Escola de Economia e Gestão de Solvay Bruxelas na Bélgica. É membro da Royal Geographical Society (FRGS) e membro do Instituto Internacional de Estudos Estratégicos (IISS). Diana Guzmn Diretora, Europa do Sul Diana juntou-se ao CDP em 2010 como diretor de país para Itália, Espanha, Portugal e Grécia. Ela é responsável por todas as atividades de CDP na região da Europa do Sul e tem uma vasta experiência em gerenciamento e conformidade de carbono. Diana passou três anos na China trabalhando na originação e comercialização de créditos de carbono, especificamente de projetos de Mecanismo de Desenvolvimento Limpo e Redução de Emissões Voluntárias. Ela também trabalhou na negociação forex no México, capital de risco em Washington, DC. E desenvolvimento de negócios no setor de seguros em Hong Kong. Mirjam Wolfrum Diretor, política e relatórios, a Europa Mirjam trabalha em atividades e projetos relacionados com políticas europeias. Antes de se juntar à CDP, ela era consultora de informações de políticas e negócios para empresas da economia verde. Como chefe do departamento de informação do Instituto Goethe em Bruxelas, geriu projetos europeus e foi responsável pela ligação com a UE. Mirjam possui mestrado em Gestão da Informação e fez estudos de pós-graduação em Jornalismo. Damandeep Singh Diretor, Índia Daman trabalhou por mais de duas décadas escrevendo e pesquisando questões ambientais e de desenvolvimento na Índia. Trabalhou como consultor independente e jornalista principalmente em questões ambientais e de mudanças climáticas que trabalham com a ERM UK, o Worldwatch Institute, o Climate Group, o Bureau of Eficiência Energética e a Suzlon Energy. Antes disso, dirigia as Divisões de Missão de Pesquisa e Programa do Canal National Geographic por cinco anos. Laurent Babikian Diretor, França, Benelux e Monaco Laurent iniciaram sua carreira em 1991 trabalhando com o Banco Indosuez por 10 anos. Em 2000, co-fundou uma incubadora de start-up e treinou empresários para acelerar seus negócios antes de criar sua própria empresa de consultoria para a qual se mudou para o Brasil em 2007. Quando ele morava no Brasil, ele se tornou um dos 300 mentores da ONG Endeavor, que é uma ONG internacional destinada a desenvolver empreendedorismo sustentável em países emergentes. Laurent se formou na IESE Business School em Barcelona, ​​realizando um MBA Executivo em administração geral. Ele também possui mestrado em Economia pela Universidade de Paris Dauphine. Juliana Lopes Diretora, América Latina Juliana é bacharel em Jornalismo e MBA em Marketing. Como diretor de CDPs para a América Latina, Juliana lidera a expansão das linhas de projetos do CDP sobre a região. Sua experiência anterior no campo da comunicação corporativa e da sustentabilidade incluiu trabalho para empresas como BASF e Bridgestone-Firestone, consultoria e gerenciamento de uma publicação de Responsabilidade Social Corporativa. James Day Director, Austrália Nova Zelândia James possui MBA em Gerenciamento Estratégico de Carbono da UEA e um BA (Política) da Universidade Macquarie. Anteriormente, trabalhou como consultor e gerente de programas on-line por mais de 8 anos - onde seus clientes incluíram a Microsoft e a Diageo no Reino Unido e inúmeras agências governamentais e ONGs na Austrália - e em advocacia de políticas públicas na Oxfam Austrália por 3 anos. Michiyo Morisawa Diretor, Japão O Dr. Michiyo Morisawa se especializou no desenvolvimento de negócios internacionais de empresas de serviços financeiros, incluindo Citibank e FXNET. Ela trabalha em meio período de liderança do PRI no Japão. Ela é doutora em estudos ambientais pela Universidade de Tóquio. Sabrina Zhang Direção, China Antes de se juntar ao CDP, Sabrina trabalhou na MSCI, onde foi analista sênior responsável pela pesquisa ESG e representante-chave no governo convocou o Comitê de Finanças Verdes da China. Sua experiência anterior inclui o Beijing Environment Exchange, NDRC e WRI em Washington. Sabrina estudou direito no Harbin Institute of Technology e Oregon University e International Environmental Policy na Universidade John Hopkins. Chefe de funções Pedro Faria Diretor técnico Pedro supervisiona o desenvolvimento da plataforma de divulgação de CDPs, sistemas de pontuação e dados. Pedro anteriormente trabalhou como consultor nas áreas de energia e carbono, bem como na implementação do Sistema Europeu de Comércio de Emissões. É engenheiro civil e ambiental e possui Mestrado em Engenharia e Gestão de Tecnologia pela Universidade Técnica de Lisboa. Catherine Sturgess Diretora de desenvolvimento Catherine lidera a estratégia de financiamento filantrópico do CDPs. Catherine é uma fundraiser bem sucedida com vinte anos de experiência. Ela se juntou ao CDP em 2011 da International HIVAIDS Alliance, onde supervisionou um portfólio de financiamento do governo dos EUA. Ela viveu e trabalhou na África Oriental. Desde que se juntou ao CDP, Catherine transformou a abordagem das organizações e o sucesso na obtenção de financiamento filantrópico. Penny Cross O diretor comum de comunicações, Penny, trabalha na estratégia e atividades de comunicação global para CDP, liderando campanhas relacionadas ao investidor. Antes de ingressar no CDP em 2012, a Penny trabalhou por mais de 15 anos em comunicações financeiras, corporativas e de investidores, inclusive na principal agência internacional de comunicação financeira, Citigate Dewe Rogerson. Ela possui uma licenciatura em francês e alemão. Ela é fluente em ambas as línguas e também fala espanhol. Cathryn Symons, diretor de TI da Cathryn, é responsável por toda a tecnologia utilizada no CDP. Ela ocupou uma variedade de papéis de TI em grandes corporações, incluindo Tui Travel plc e Unisys Ltd, e como gerente de projeto freelancer que entrega grandes programas de TI. Possui Bacharelado em Matemática pela Universidade Victoria de Wellington e mestrado em Energia Renovável pelo Centro de Tecnologia Alternativa. Lord Adair Turner Adair Turner combinou carreiras em negócios, políticas públicas e academia. Ele se tornou presidente da Autoridade de Serviços Financeiros do Reino Unido à medida que a crise financeira quebrou em setembro de 2008 e desempenhou um papel de liderança no redesenho do regulamento bancário bancário global e bancos paralelos como presidente do comitê de política principal da International Financial Stability Boards. Ele é agora um membro sênior do Instituto para o novo pensamento econômico e no Centro de Estudos Financeiros em Frankfurt. O Instituto para o Novo Pensamento Econômico é uma base de pesquisa econômica global comprometida com o desenvolvimento de soluções do mundo real para os desafios econômicos e sociais do século XXI. Antes de 2008, Lord Turner era Diretor não executivo no Standard Chartered Bank (2006-2008) Vice-Presidente da Merrill Lynch Europe (2000-2006) e de 1995 a 1999, Diretor Geral da Confederação da Indústria Britânica. Ele estava com a McKinsey Co. de 1982 a 1995. Adair tornou-se um membro do tribunal da Câmara dos Lordes em 2005 e foi nomeado Presidente do Comitê de Mudanças Climáticas em 2008, renunciando em 2012, ele também presidiu a Comissão de Pensões de 2003 para 2006 e a Comissão Low Pay de 2002 a 2006. Ele é o autor de Just Capital The Liberal Economy (Macmillan, 2001) e Economics after the Crisis, (MIT Press, 2012) e é professor de visitas na London School of Economia e Cass Business School, Universidade da Cidade. Ele é um administrador e presidente do comitê de auditoria do British Museum. Lord Turner estudou História e Economia no Caius College, Cambridge. Neil Morisetti é Diretor de Estratégia do Departamento de Ciência, Tecnologia, Engenharia e Políticas Públicas da UCL, papel que assumiu em janeiro de 2014 após 10 meses como Representante Especial Interino para Mudanças Climáticas dos Secretários dos Negócios Estrangeiros. Antes de ingressar no Foreign and Commonwealth Office, ele passou 37 anos na Royal Navy, durante o qual ele ordenou que navios variassem de tamanho do patrulheiro HMS CYGNET, na Irlanda do Norte, ao porta-aviões HMS INVINCIBLE, operando globalmente, mas principalmente no Médio Oriente. Como Contra-Almirante, ele era o Comandante das Forças Marítimas do Reino Unido antes de comandar o Joint Services Command and Staff College, onde era responsável pela educação pós-graduada de oficiais de sessenta nações. Sua nomeação final na Marinha Real foi como o Enviado dos Governos do Reino Unido e da Segurança Energética, trabalhando para o MOD, FCO e DECC para abordar as implicações de segurança de um clima em mudança e o impacto na disponibilidade de recursos. Graduado da Universidade de East Anglia, possui Bacharelado em Ciências Ambientais e é Professor Honorário da UCL STEaPP. Um Companheiro da Ordem Honorável do Banho e um Freeman da Cidade de Londres, Neil vive em Dorset, onde sua esposa Jennifer dirige sua fazenda. Tessa atuou como administrador do CDP de 2010 a 2015, sendo uma das organizações co-fundadoras. Tessa é presidente da The Ice Organization Ltd e presidente da fiduciária da Fundação Global Cool. Ela também foi primeira presidente e co-fundadora da Associação para o Investimento Sustentável e Responsável na Ásia (ASRIA), com sede em Hong Kong e no UK Social Investment Forum. Ela era uma diretora do Calvert Social Funds, Washington DC 1993-2009. Tessa já atuou em painéis de assessoria ambiental para o Governo do Reino Unido, o Programa das Nações Unidas para o Meio Ambiente e o RHS, o Príncipe de Gales. Em 2003, Tessa recebeu o Prêmio de Liderança de Sustentabilidade pelo SAMSPG da Suíça e, em 2004, foi vencedor conjunto do Prêmio Internacional de Liderança Ambiental da Cidade de Gotemburgo. Ela também é uma companheira da Schumacher Society. Arquitetura de piso de arquitetura Arquitetura de piso de negociação Visão geral do executivo O aumento da concorrência, o maior volume de dados do mercado e as novas demandas regulatórias são algumas das forças motrizes das mudanças da indústria. As empresas estão tentando manter sua vantagem competitiva mudando constantemente suas estratégias de negociação e aumentando a velocidade de negociação. Uma arquitetura viável deve incluir as tecnologias mais recentes dos domínios de rede e de aplicativos. Tem que ser modular para fornecer um caminho gerenciável para evoluir cada componente com uma interrupção mínima no sistema geral. Portanto, a arquitetura proposta por este artigo é baseada em uma estrutura de serviços. Examinamos serviços como mensagens de latência ultra-baixa, monitoramento de latência, multicast, computação, armazenamento, virtualização de dados e aplicativos, resiliência comercial, mobilidade comercial e thin client. A solução para os requisitos complexos da plataforma de negociação da próxima geração deve ser construída com uma mentalidade holística, cruzando os limites dos silos tradicionais, como negócios e tecnologia ou aplicativos e redes. Este documento, principal objetivo, é fornecer diretrizes para a construção de uma plataforma de negociação de latência ultra baixa, ao mesmo tempo em que otimizamos a taxa de transferência e taxa de mensagens em bruto, tanto para os dados do mercado quanto para os pedidos de negociação FIX. Para conseguir isso, estamos propondo as seguintes tecnologias de redução de latência: conectividade entre conexões de alta velocidade ou 10 Gbps para o cluster de negociação Buscador de mensagens de alta velocidade Aceleração de aplicativos via RDMA sem re-código de aplicativos Monitoramento de latência em tempo real e re-direção de Tráfego comercial para o caminho com menor latência Tendências e desafios do setor As arquiteturas de negociação de próxima geração têm que responder ao aumento das demandas de velocidade, volume e eficiência. Por exemplo, espera-se que o volume de opções de dados de mercado dobre após a introdução das opções de negociação de penny em 2007. Também há demandas regulatórias para a melhor execução, que exigem o manuseio de atualizações de preços a taxas que se aproximam de 1 msgs. Para trocas. Eles também exigem visibilidade sobre o frescor dos dados e prova de que o cliente obteve a melhor execução possível. No curto prazo, a velocidade de negociação e inovação são diferenciadores-chave. Um número crescente de negociações é tratada por aplicativos de negociação algorítmica colocados o mais próximo possível do local de execução comercial. Um desafio com esses mecanismos de negociação quotblack-boxquot é que eles compõem o aumento de volume ao emitir ordens apenas para cancelá-los e enviá-los novamente. A causa desse comportamento é a falta de visibilidade em que local oferece melhor execução. O comerciante humano é agora um engenheiro financeiro quot, quotquantquot (analista quantitativo) com habilidades de programação, que pode ajustar os modelos comerciais sobre a marcha. As empresas desenvolvem novos instrumentos financeiros, como derivados do tempo ou transações de classe de ativos cruzados, e precisam implementar os novos aplicativos de forma rápida e escalável. A longo prazo, a diferenciação competitiva deve ser feita a partir da análise, não apenas do conhecimento. Os comerciantes de estrelas de amanhã assumem riscos, conseguem uma verdadeira visão do cliente e sempre superam o mercado (fonte IBM: www-935.ibmservicesusimcpdfge510-6270-trader. pdf). A resiliência empresarial tem sido uma das principais preocupações das empresas comerciais desde 11 de setembro de 2001. As soluções nesta área variam de centros de dados redundantes situados em diferentes regiões geográficas e conectados a vários locais de negociação para soluções de comerciantes virtuais que oferecem aos comerciantes de energia a maior parte da funcionalidade de um piso comercial Em um local remoto. O setor de serviços financeiros é um dos mais exigentes em termos de requisitos de TI. A indústria está passando por uma mudança arquitetônica para Arquitetura orientada a serviços (SOA), serviços da Web e virtualização de recursos de TI. A SOA aproveita o aumento da velocidade da rede para permitir a ligação dinâmica e a virtualização de componentes de software. Isso permite a criação de novas aplicações sem perder o investimento em sistemas e infraestrutura existentes. O conceito tem o potencial de revolucionar a forma como a integração é feita, permitindo reduções significativas na complexidade e custo dessa integração (gigaspacesdownloadMerrilLynchGigaSpacesWP. pdf). Outra tendência é a consolidação de servidores em fazendas de servidores de centros de dados, enquanto as mesas comerciais possuem apenas extensões KVM e clientes ultrafinos (por exemplo, soluções de lâminas SunRay e HP). As redes de área metropolitana de alta velocidade permitem que os dados de mercado sejam multicast entre diferentes locais, possibilitando a virtualização do piso comercial. Arquitetura de alto nível A Figura 1 descreve a arquitetura de alto nível de um ambiente comercial. A planta ticker e os mecanismos de negociação algorítmica estão localizados no cluster de negócios de alto desempenho no centro de dados das empresas ou na troca. Os comerciantes humanos estão localizados na área de aplicativos do usuário final. Funcionalmente, existem dois componentes de aplicativos no ambiente comercial, editores e assinantes da empresa. O ônibus de mensagens fornece o caminho de comunicação entre editores e assinantes. Existem dois tipos de tráfego específicos para um ambiente comercial: informações de preços do Market DataCarries para instrumentos financeiros, notícias e outras informações de valor agregado, como a análise. É unidirecional e muito sensível à latência, tipicamente entregue ao multicast UDP. É medido em updatessec. E em Mbps. Os fluxos de dados de mercado de um ou vários feeds externos, provenientes de provedores de dados de mercado, como bolsas de valores, agregadores de dados e ECNs. Cada provedor tem seu próprio formato de dados de mercado. Os dados são recebidos por manipuladores de alimentação, aplicativos especializados que normalizam e limpam os dados e enviam-no aos consumidores de dados, como motores de preços, aplicativos de negociação algorítmica ou comerciantes humanos. As empresas que vendem também enviam os dados do mercado para seus clientes, empresas de compra como fundos de investimento, hedge funds e outros gerentes de ativos. Algumas empresas compradoras podem optar por receber feeds diretos dos intercâmbios, reduzindo a latência. Figura 1 Arquitetura de negociação para uma empresa SideSell Side Firm Não existe um padrão industrial para formatos de dados de mercado. Cada troca tem seu formato proprietário. Os provedores de conteúdo financeiro, como a Reuters e Bloomberg, agregam diferentes fontes de dados de mercado, normalizam e adicionam notícias ou análises. Exemplos de feeds consolidados são RDF (Reuters Data Feed), RWF (Reuters Wire Format) e Bloomberg Professional Services Data. Para entregar dados de mercado de baixa latência, ambos os fornecedores lançaram feeds de dados de mercado em tempo real que são menos processados ​​e têm menos análises: Bloomberg B-PipeWith B-Pipe, Bloomberg deslocam o feed de dados de mercado de sua plataforma de distribuição porque um terminal Bloomberg Não é necessário para obter B-Pipe. Wombat e Reuters Feed Handlers anunciaram apoio para a B-Pipe. Uma empresa pode decidir receber feeds diretamente de uma troca para reduzir a latência. Os ganhos na velocidade de transmissão podem variar entre 150 milissegundos e 500 milissegundos. Esses feeds são mais complexos e mais caros e a empresa tem que construir e manter sua própria planta de ticker (financetechfeaturedshowArticle. jhtmlarticleID60404306). Ordens de troca Esse tipo de tráfego traz os negócios reais. É bidirecional e muito sensível à latência. É medido em messagessec. E Mbps. Os pedidos originam-se de uma empresa compradora ou comercial e são enviados para locais de negociação como um Exchange ou ECN para execução. O formato mais comum para o transporte de pedidos é FIX (Informações Financeiras eXchangefixprotocol. org). As aplicações que manipulam mensagens FIX são chamadas de motores FIX e eles se interagem com sistemas de gerenciamento de pedidos (OMS). Uma otimização para FIX é denominada FAST (Fix Adapted for Streaming), que usa um esquema de compressão para reduzir o comprimento da mensagem e, de fato, reduzir a latência. FAST é direcionado mais para a entrega de dados de mercado e tem potencial para se tornar um padrão. FAST também pode ser usado como um esquema de compressão para formatos de dados de mercado proprietários. Para reduzir a latência, as empresas podem optar por estabelecer acesso direto ao mercado (DMA). DMA é o processo automatizado de rotear uma ordem de valores mobiliários diretamente para um local de execução, evitando assim a intervenção de um terceiro (towergroupresearchcontentglossary. jsppage1ampglossaryId383). O DMA requer uma conexão direta com o local de execução. O barramento de mensagens é um software de middleware de fornecedores, como Tibco, 29West, Reuters RMDS, ou uma plataforma de código aberto como o AMQP. O barramento de mensagens usa um mecanismo confiável para entregar mensagens. O transporte pode ser feito através de TCPIP (TibcoEMS, 29West, RMDS e AMQP) ou UDPmulticast (TibcoRV, 29West e RMDS). Um conceito importante na distribuição de mensagens é o fluxo quotópico, que é um subconjunto de dados de mercado definidos por critérios como o símbolo do ticker, a indústria ou uma determinada cesta de instrumentos financeiros. Os assinantes se juntam a grupos de tópicos mapeados para um ou vários sub-tópicos para receber apenas as informações relevantes. No passado, todos os comerciantes receberam todos os dados do mercado. Nos atuais volumes de tráfego, isso seria sub-ótimo. A rede desempenha um papel crítico no ambiente comercial. Os dados do mercado são levados ao balcão onde os comerciantes humanos estão localizados através de uma rede de alta velocidade Campus ou Metro Area. Alta disponibilidade e baixa latência, bem como alto rendimento, são as métricas mais importantes. O ambiente de negociação de alto desempenho tem a maioria de seus componentes no farm de servidores do Data Center. Para minimizar a latência, os mecanismos de negociação algorítmica precisam estar localizados na proximidade dos manipuladores de alimentação, dos motores FIX e dos sistemas de gerenciamento de pedidos. Um modelo de implantação alternativo possui os sistemas de negociação algorítmica localizados em uma troca ou um provedor de serviços com conectividade rápida para trocas múltiplas. Modelos de implantação Existem dois modelos de implantação para uma plataforma de negociação de alto desempenho. As empresas podem escolher ter uma combinação dos dois: Centro de dados da empresa comercial (Figura 2) Este é o modelo tradicional, onde uma plataforma de negociação de pleno direito é desenvolvida e mantida pela empresa com links de comunicação para todos os locais de negociação. A latência varia com a velocidade dos links e o número de lúpulos entre a empresa e os locais. Figura 2 Modelo de implantação tradicional Co-localização no local de negociação (trocas, provedores de serviços financeiros (FSP)) (Figura 3) A empresa comercial implementa sua plataforma de negociação automatizada o mais próximo possível dos locais de execução para minimizar a latência. Figura 3 Arquitetura de negociação orientada para serviços modelo de implantação hospedada Proponemos uma estrutura orientada a serviços para a construção da arquitetura comercial de próxima geração. Esta abordagem fornece uma estrutura conceitual e um caminho de implementação baseado em modularização e minimização de interdependências. Esta estrutura fornece às empresas uma metodologia para: Avaliar seu estado atual em termos de serviços Priorizar os serviços com base no seu valor para o negócio Evoluir a plataforma de negociação para o estado desejado usando uma abordagem modular A arquitetura de negociação de alto desempenho depende dos seguintes serviços, como Definido pelo quadro de arquitetura de serviços representado na Figura 4. Figura 4 Estrutura de Arquitetura de Serviços para Negociação de Alto Desempenho Serviço de Mensagens de Latência Ultra-Baixa Este serviço é fornecido pelo barramento de mensagens, que é um sistema de software que resolva o problema de conectar muitos-a - Muitas aplicações. O sistema consiste em: Um conjunto de esquemas de mensagens pré-definidos Um conjunto de mensagens de comando comuns Uma infra-estrutura de aplicativos compartilhados para enviar as mensagens aos destinatários. A infra-estrutura compartilhada pode ser baseada em um corretor de mensagens ou em um modelo de cancelamento de publicação. Os principais requisitos para o barramento de mensagens de próxima geração são (fonte 29West): menor latência possível (por exemplo, menos de 100 microssegundos) Estabilidade sob carga pesada (por exemplo, mais de 1,4 milhões de msgsec.) Controle e flexibilidade (controle de taxa e transportes configuráveis) São esforços na indústria para padronizar o ônibus de mensagens. O Advanced Message Queuing Protocol (AMQP) é um exemplo de um padrão aberto defendido por J. P. Morgan Chase e apoiado por um grupo de fornecedores, tais como Cisco, Envoy Technologies, Red Hat, TWIST Process Innovations, Iona, 29West e iMatix. Dois dos principais objetivos são fornecer um caminho mais simples para a interoperabilidade para aplicações escritas em diferentes plataformas e modularidade para que o middleware possa ser facilmente desenvolvido. Em termos muito gerais, um servidor AMQP é análogo a um servidor de E-mail com cada troca atuando como um agente de transferência de mensagens e cada fila de mensagens como caixa de correio. As ligações definem as tabelas de roteamento em cada agente de transferência. Os editores enviam mensagens para agentes de transferência individuais, que então roteiam as mensagens para as caixas de correio. Os consumidores tomam mensagens de caixas de correio, o que cria um modelo poderoso e flexível que é simples (fonte: amqp. orgtikiwikitiki-index. phppageOpenApproachWhyAMQP). Serviço de Monitoramento de Latência Os principais requisitos para este serviço são: Granularidade de milissegundos de medidas Visibilidade em tempo real sem adicionar latência ao tráfego comercial Capacidade de diferenciar latência de processamento de aplicativos de latência de trânsito de rede Capacidade de lidar com altas taxas de mensagens Fornecer uma interface programática para Negociação de aplicativos para receber dados de latência, permitindo que os mecanismos de negociação algorítmica se adaptem às condições de mudança. Correla eventos de rede com eventos de aplicativos para fins de solução de problemas. A latência pode ser definida como o intervalo de tempo entre quando uma ordem comercial é enviada e quando a mesma ordem é reconhecida e agendada Sobre a parte receptora. Abordar o problema de latência é um problema complexo, que requer uma abordagem holística que identifique todas as fontes de latência e aplique diferentes tecnologias em diferentes camadas do sistema. Figure 5 depicts the variety of components that can introduce latency at each layer of the OSI stack. It also maps each source of latency with a possible solution and a monitoring solution. This layered approach can give firms a more structured way of attacking the latency issue, whereby each component can be thought of as a service and treated consistently across the firm. Maintaining an accurate measure of the dynamic state of this time interval across alternative routes and destinations can be of great assistance in tactical trading decisions. The ability to identify the exact location of delays, whether in the customers edge network, the central processing hub, or the transaction application level, significantly determines the ability of service providers to meet their trading service-level agreements (SLAs). For buy-side and sell-side forms, as well as for market-data syndicators, the quick identification and removal of bottlenecks translates directly into enhanced trade opportunities and revenue. Figure 5 Latency Management Architecture Cisco Low-Latency Monitoring Tools Traditional network monitoring tools operate with minutes or seconds granularity. Next-generation trading platforms, especially those supporting algorithmic trading, require latencies less than 5 ms and extremely low levels of packet loss. On a Gigabit LAN, a 100 ms microburst can cause 10,000 transactions to be lost or excessively delayed. Cisco offers its customers a choice of tools to measure latency in a trading environment: Bandwidth Quality Manager (BQM) (OEM from Corvil) Cisco AON-based Financial Services Latency Monitoring Solution (FSMS) Bandwidth Quality Manager Bandwidth Quality Manager (BQM) 4.0 is a next-generation network application performance management product that enables customers to monitor and provision their network for controlled levels of latency and loss performance. While BQM is not exclusively targeted at trading networks, its microsecond visibility combined with intelligent bandwidth provisioning features make it ideal for these demanding environments. Cisco BQM 4.0 implements a broad set of patented and patent-pending traffic measurement and network analysis technologies that give the user unprecedented visibility and understanding of how to optimize the network for maximum application performance. Cisco BQM is now supported on the product family of Cisco Application Deployment Engine (ADE). The Cisco ADE product family is the platform of choice for Cisco network management applications. BQM Benefits Cisco BQM micro-visibility is the ability to detect, measure, and analyze latency, jitter, and loss inducing traffic events down to microsecond levels of granularity with per packet resolution. This enables Cisco BQM to detect and determine the impact of traffic events on network latency, jitter, and loss. Critical for trading environments is that BQM can support latency, loss, and jitter measurements one-way for both TCP and UDP (multicast) traffic. This means it reports seamlessly for both trading traffic and market data feeds. BQM allows the user to specify a comprehensive set of thresholds (against microburst activity, latency, loss, jitter, utilization, etc.) on all interfaces. BQM then operates a background rolling packet capture. Whenever a threshold violation or other potential performance degradation event occurs, it triggers Cisco BQM to store the packet capture to disk for later analysis. This allows the user to examine in full detail both the application traffic that was affected by performance degradation (quotthe victimsquot) and the traffic that caused the performance degradation (quotthe culpritsquot). This can significantly reduce the time spent diagnosing and resolving network performance issues. BQM is also able to provide detailed bandwidth and quality of service (QoS) policy provisioning recommendations, which the user can directly apply to achieve desired network performance. BQM Measurements Illustrated To understand the difference between some of the more conventional measurement techniques and the visibility provided by BQM, we can look at some comparison graphs. In the first set of graphs (Figure 6 and Figure 7 ), we see the difference between the latency measured by BQMs Passive Network Quality Monitor (PNQM) and the latency measured by injecting ping packets every 1 second into the traffic stream. In Figure 6. we see the latency reported by 1-second ICMP ping packets for real network traffic (it is divided by 2 to give an estimate for the one-way delay). It shows the delay comfortably below about 5ms for almost all of the time. Figure 6 Latency Reported by 1-Second ICMP Ping Packets for Real Network Traffic In Figure 7. we see the latency reported by PNQM for the same traffic at the same time. Here we see that by measuring the one-way latency of the actual application packets, we get a radically different picture. Here the latency is seen to be hovering around 20 ms, with occasional bursts far higher. The explanation is that because ping is sending packets only every second, it is completely missing most of the application traffic latency. In fact, ping results typically only indicate round trip propagation delay rather than realistic application latency across the network. Figure 7 Latency Reported by PNQM for Real Network Traffic In the second example (Figure 8 ), we see the difference in reported link load or saturation levels between a 5-minute average view and a 5 ms microburst view (BQM can report on microbursts down to about 10-100 nanosecond accuracy). The green line shows the average utilization at 5-minute averages to be low, maybe up to 5 Mbitss. The dark blue plot shows the 5ms microburst activity reaching between 75 Mbitss and 100 Mbitss, the LAN speed effectively. BQM shows this level of granularity for all applications and it also gives clear provisioning rules to enable the user to control or neutralize these microbursts. Figure 8 Difference in Reported Link Load Between a 5-Minute Average View and a 5 ms Microburst View BQM Deployment in the Trading Network Figure 9 shows a typical BQM deployment in a trading network. Figure 9 Typical BQM Deployment in a Trading Network BQM can then be used to answer these types of questions: Are any of my Gigabit LAN core links saturated for more than X milliseconds Is this causing loss Which links would most benefit from an upgrade to Etherchannel or 10 Gigabit speeds What application traffic is causing the saturation of my 1 Gigabit links Is any of the market data experiencing end-to-end loss How much additional latency does the failover data center experience Is this link sized correctly to deal with microbursts Are my traders getting low latency updates from the market data distribution layer Are they seeing any delays greater than X milliseconds Being able to answer these questions simply and effectively saves time and money in running the trading network. BQM is an essential tool for gaining visibility in market data and trading environments. It provides granular end-to-end latency measurements in complex infrastructures that experience high-volume data movement. Effectively detecting microbursts in sub-millisecond levels and receiving expert analysis on a particular event is invaluable to trading floor architects. Smart bandwidth provisioning recommendations, such as sizing and what-if analysis, provide greater agility to respond to volatile market conditions. As the explosion of algorithmic trading and increasing message rates continues, BQM, combined with its QoS tool, provides the capability of implementing QoS policies that can protect critical trading applications. Cisco Financial Services Latency Monitoring Solution Cisco and Trading Metrics have collaborated on latency monitoring solutions for FIX order flow and market data monitoring. Cisco AON technology is the foundation for a new class of network-embedded products and solutions that help merge intelligent networks with application infrastructure, based on either service-oriented or traditional architectures. Trading Metrics is a leading provider of analytics software for network infrastructure and application latency monitoring purposes (tradingmetrics ). The Cisco AON Financial Services Latency Monitoring Solution (FSMS) correlated two kinds of events at the point of observation: Network events correlated directly with coincident application message handling Trade order flow and matching market update events Using time stamps asserted at the point of capture in the network, real-time analysis of these correlated data streams permits precise identification of bottlenecks across the infrastructure while a trade is being executed or market data is being distributed. By monitoring and measuring latency early in the cycle, financial companies can make better decisions about which network serviceand which intermediary, market, or counterpartyto select for routing trade orders. Likewise, this knowledge allows more streamlined access to updated market data (stock quotes, economic news, etc.), which is an important basis for initiating, withdrawing from, or pursuing market opportunities. The components of the solution are: AON hardware in three form factors: AON Network Module for Cisco 2600280037003800 routers AON Blade for the Cisco Catalyst 6500 series AON 8340 Appliance Trading Metrics MampA 2.0 software, which provides the monitoring and alerting application, displays latency graphs on a dashboard, and issues alerts when slowdowns occur (tradingmetricsTMbrochure. pdf ). Figure 10 AON-Based FIX Latency Monitoring Cisco IP SLA Cisco IP SLA is an embedded network management tool in Cisco IOS which allows routers and switches to generate synthetic traffic streams which can be measured for latency, jitter, packet loss, and other criteria (ciscogoipsla ). Two key concepts are the source of the generated traffic and the target. Both of these run an IP SLA quotresponder, quot which has the responsibility to timestamp the control traffic before it is sourced and returned by the target (for a round trip measurement). Various traffic types can be sourced within IP SLA and they are aimed at different metrics and target different services and applications. The UDP jitter operation is used to measure one-way and round-trip delay and report variations. As the traffic is time stamped on both sending and target devices using the responder capability, the round trip delay is characterized as the delta between the two timestamps. A new feature was introduced in IOS 12.3(14)T, IP SLA Sub Millisecond Reporting, which allows for timestamps to be displayed with a resolution in microseconds, thus providing a level of granularity not previously available. This new feature has now made IP SLA relevant to campus networks where network latency is typically in the range of 300-800 microseconds and the ability to detect trends and spikes (brief trends) based on microsecond granularity counters is a requirement for customers engaged in time-sensitive electronic trading environments. As a result, IP SLA is now being considered by significant numbers of financial organizations as they are all faced with requirements to: Report baseline latency to their users Trend baseline latency over time Respond quickly to traffic bursts that cause changes in the reported latency Sub-millisecond reporting is necessary for these customers, since many campus and backbones are currently delivering under a second of latency across several switch hops. Electronic trading environments have generally worked to eliminate or minimize all areas of device and network latency to deliver rapid order fulfillment to the business. Reporting that network response times are quotjust under one millisecondquot is no longer sufficient the granularity of latency measurements reported across a network segment or backbone need to be closer to 300-800 micro-seconds with a degree of resolution of 100 igrave seconds. IP SLA recently added support for IP multicast test streams, which can measure market data latency. A typical network topology is shown in Figure 11 with the IP SLA shadow routers, sources, and responders. Figure 11 IP SLA Deployment Computing Services Computing services cover a wide range of technologies with the goal of eliminating memory and CPU bottlenecks created by the processing of network packets. Trading applications consume high volumes of market data and the servers have to dedicate resources to processing network traffic instead of application processing. Transport processingAt high speeds, network packet processing can consume a significant amount of server CPU cycles and memory. An established rule of thumb states that 1Gbps of network bandwidth requires 1 GHz of processor capacity (source Intel white paper on IO acceleration inteltechnologyioacceleration306517.pdf ). Intermediate buffer copyingIn a conventional network stack implementation, data needs to be copied by the CPU between network buffers and application buffers. This overhead is worsened by the fact that memory speeds have not kept up with increases in CPU speeds. For example, processors like the Intel Xeon are approaching 4 GHz, while RAM chips hover around 400MHz (for DDR 3200 memory) (source Intel inteltechnologyioacceleration306517.pdf ). Context switchingEvery time an individual packet needs to be processed, the CPU performs a context switch from application context to network traffic context. This overhead could be reduced if the switch would occur only when the whole application buffer is complete. Figure 12 Sources of Overhead in Data Center Servers TCP Offload Engine (TOE)Offloads transport processor cycles to the NIC. Moves TCPIP protocol stack buffer copies from system memory to NIC memory. Remote Direct Memory Access (RDMA)Enables a network adapter to transfer data directly from application to application without involving the operating system. Eliminates intermediate and application buffer copies (memory bandwidth consumption). Kernel bypass Direct user-level access to hardware. Dramatically reduces application context switches. Figure 13 RDMA and Kernel Bypass InfiniBand is a point-to-point (switched fabric) bidirectional serial communication link which implements RDMA, among other features. Cisco offers an InfiniBand switch, the Server Fabric Switch (SFS): ciscoapplicationpdfenusguestnetsolns500c643cdccont0900aecd804c35cb. pdf. Figure 14 Typical SFS Deployment Trading applications benefit from the reduction in latency and latency variability, as proved by a test performed with the Cisco SFS and Wombat Feed Handlers by Stac Research: Application Virtualization Service De-coupling the application from the underlying OS and server hardware enables them to run as network services. One application can be run in parallel on multiple servers, or multiple applications can be run on the same server, as the best resource allocation dictates. This decoupling enables better load balancing and disaster recovery for business continuance strategies. The process of re-allocating computing resources to an application is dynamic. Using an application virtualization system like Data Synapses GridServer, applications can migrate, using pre-configured policies, to under-utilized servers in a supply-matches-demand process (networkworldsupp2005ndc1022105virtual. htmlpage2 ). There are many business advantages for financial firms who adopt application virtualization: Faster time to market for new products and services Faster integration of firms following merger and acquisition activity Increased application availability Better workload distribution, which creates more quothead roomquot for processing spikes in trading volume Operational efficiency and control Reduction in IT complexity Currently, application virtualization is not used in the trading front-office. One use-case is risk modeling, like Monte Carlo simulations. As the technology evolves, it is conceivable that some the trading platforms will adopt it. Data Virtualization Service To effectively share resources across distributed enterprise applications, firms must be able to leverage data across multiple sources in real-time while ensuring data integrity. With solutions from data virtualization software vendors such as Gemstone or Tangosol (now Oracle), financial firms can access heterogeneous sources of data as a single system image that enables connectivity between business processes and unrestrained application access to distributed caching. The net result is that all users have instant access to these data resources across a distributed network (gridtoday030210101061.html ). This is called a data grid and is the first step in the process of creating what Gartner calls Extreme Transaction Processing (XTP) (gartnerDisplayDocumentrefgsearchampid500947 ). Technologies such as data and applications virtualization enable financial firms to perform real-time complex analytics, event-driven applications, and dynamic resource allocation. One example of data virtualization in action is a global order book application. An order book is the repository of active orders that is published by the exchange or other market makers. A global order book aggregates orders from around the world from markets that operate independently. The biggest challenge for the application is scalability over WAN connectivity because it has to maintain state. Todays data grids are localized in data centers connected by Metro Area Networks (MAN). This is mainly because the applications themselves have limitsthey have been developed without the WAN in mind. Figure 15 GemStone GemFire Distributed Caching Before data virtualization, applications used database clustering for failover and scalability. This solution is limited by the performance of the underlying database. Failover is slower because the data is committed to disc. With data grids, the data which is part of the active state is cached in memory, which reduces drastically the failover time. Scaling the data grid means just adding more distributed resources, providing a more deterministic performance compared to a database cluster. Multicast Service Market data delivery is a perfect example of an application that needs to deliver the same data stream to hundreds and potentially thousands of end users. Market data services have been implemented with TCP or UDP broadcast as the network layer, but those implementations have limited scalability. Using TCP requires a separate socket and sliding window on the server for each recipient. UDP broadcast requires a separate copy of the stream for each destination subnet. Both of these methods exhaust the resources of the servers and the network. The server side must transmit and service each of the streams individually, which requires larger and larger server farms. On the network side, the required bandwidth for the application increases in a linear fashion. For example, to send a 1 Mbps stream to 1000recipients using TCP requires 1 Gbps of bandwidth. IP multicast is the only way to scale market data delivery. To deliver a 1 Mbps stream to 1000 recipients, IP multicast would require 1 Mbps. The stream can be delivered by as few as two serversone primary and one backup for redundancy. There are two main phases of market data delivery to the end user. In the first phase, the data stream must be brought from the exchange into the brokerages network. Typically the feeds are terminated in a data center on the customer premise. The feeds are then processed by a feed handler, which may normalize the data stream into a common format and then republish into the application messaging servers in the data center. The second phase involves injecting the data stream into the application messaging bus which feeds the core infrastructure of the trading applications. The large brokerage houses have thousands of applications that use the market data streams for various purposes, such as live trades, long term trending, arbitrage, etc. Many of these applications listen to the feeds and then republish their own analytical and derivative information. For example, a brokerage may compare the prices of CSCO to the option prices of CSCO on another exchange and then publish ratings which a different application may monitor to determine how much they are out of synchronization. Figure 16 Market Data Distribution Players The delivery of these data streams is typically over a reliable multicast transport protocol, traditionally Tibco Rendezvous. Tibco RV operates in a publish and subscribe environment. Each financial instrument is given a subject name, such as CSCO. last. Each application server can request the individual instruments of interest by their subject name and receive just a that subset of the information. This is called subject-based forwarding or filtering. Subject-based filtering is patented by Tibco. A distinction should be made between the first and second phases of market data delivery. The delivery of market data from the exchange to the brokerage is mostly a one-to-many application. The only exception to the unidirectional nature of market data may be retransmission requests, which are usually sent using unicast. The trading applications, however, are definitely many-to-many applications and may interact with the exchanges to place orders. Figure 17 Market Data Architecture Design Issues Number of GroupsChannels to Use Many application developers consider using thousand of multicast groups to give them the ability to divide up products or instruments into small buckets. Normally these applications send many small messages as part of their information bus. Usually several messages are sent in each packet that are received by many users. Sending fewer messages in each packet increases the overhead necessary for each message. In the extreme case, sending only one message in each packet quickly reaches the point of diminishing returnsthere is more overhead sent than actual data. Application developers must find a reasonable compromise between the number of groups and breaking up their products into logical buckets. Consider, for example, the Nasdaq Quotation Dissemination Service (NQDS). The instruments are broken up alphabetically: This approach allows for straight forward networkapplication management, but does not necessarily allow for optimized bandwidth utilization for most users. A user of NQDS that is interested in technology stocks, and would like to subscribe to just CSCO and INTL, would have to pull down all the data for the first two groups of NQDS. Understanding the way users pull down the data and then organize it into appropriate logical groups optimizes the bandwidth for each user. In many market data applications, optimizing the data organization would be of limited value. Typically customers bring in all data into a few machines and filter the instruments. Using more groups is just more overhead for the stack and does not help the customers conserve bandwidth. Another approach might be to keep the groups down to a minimum level and use UDP port numbers to further differentiate if necessary. The other extreme would be to use just one multicast group for the entire application and then have the end user filter the data. In some situations this may be sufficient. Intermittent Sources A common issue with market data applications are servers that send data to a multicast group and then go silent for more than 3.5 minutes. These intermittent sources may cause trashing of state on the network and can introduce packet loss during the window of time when soft state and then hardware shorts are being created. PIM-Bidir or PIM-SSM The first and best solution for intermittent sources is to use PIM-Bidir for many-to-many applications and PIM-SSM for one-to-many applications. Both of these optimizations of the PIM protocol do not have any data-driven events in creating forwarding state. That means that as long as the receivers are subscribed to the streams, the network has the forwarding state created in the hardware switching path. Intermittent sources are not an issue with PIM-Bidir and PIM-SSM. Null Packets In PIM-SM environments a common method to make sure forwarding state is created is to send a burst of null packets to the multicast group before the actual data stream. The application must efficiently ignore these null data packets to ensure it does not affect performance. The sources must only send the burst of packets if they have been silent for more than 3 minutes. A good practice is to send the burst if the source is silent for more than a minute. Many financials send out an initial burst of traffic in the morning and then all well-behaved sources do not have problems. Periodic Keepalives or Heartbeats An alternative approach for PIM-SM environments is for sources to send periodic heartbeat messages to the multicast groups. This is a similar approach to the null packets, but the packets can be sent on a regular timer so that the forwarding state never expires. S, G Expiry Timer Finally, Cisco has made a modification to the operation of the S, G expiry timer in IOS. There is now a CLI knob to allow the state for a S, G to stay alive for hours without any traffic being sent. The (S, G) expiry timer is configurable. This approach should be considered a workaround until PIM-Bidir or PIM-SSM is deployed or the application is fixed. RTCP Feedback A common issue with real time voice and video applications that use RTP is the use of RTCP feedback traffic. Unnecessary use of the feedback option can create excessive multicast state in the network. If the RTCP traffic is not required by the application it should be avoided. Fast Producers and Slow Consumers Today many servers providing market data are attached at Gigabit speeds, while the receivers are attached at different speeds, usually 100Mbps. This creates the potential for receivers to drop packets and request re-transmissions, which creates more traffic that the slowest consumers cannot handle, continuing the vicious circle. The solution needs to be some type of access control in the application that limits the amount of data that one host can request. QoS and other network functions can mitigate the problem, but ultimately the subscriptions need to be managed in the application. Tibco Heartbeats TibcoRV has had the ability to use IP multicast for the heartbeat between the TICs for many years. However, there are some brokerage houses that are still using very old versions of TibcoRV that use UDP broadcast support for the resiliency. This limitation is often cited as a reason to maintain a Layer 2 infrastructure between TICs located in different data centers. These older versions of TibcoRV should be phased out in favor of the IP multicast supported versions. Multicast Forwarding Options PIM Sparse Mode The standard IP multicast forwarding protocol used today for market data delivery is PIM Sparse Mode. It is supported on all Cisco routers and switches and is well understood. PIM-SM can be used in all the network components from the exchange, FSP, and brokerage. There are, however, some long-standing issues and unnecessary complexity associated with a PIM-SM deployment that could be avoided by using PIM-Bidir and PIM-SSM. These are covered in the next sections. The main components of the PIM-SM implementation are: PIM Sparse Mode v2 Shared Tree (spt-threshold infinity) A design option in the brokerage or in the exchange.1 Application 1.1 Application of CDP Rules 1.1.1 These CDP Rules apply to all Depository Agents and Account Holders and operate as a binding contract between the Depository and each Depository Agent, the Depository and each Account Holder, and between a Depository Agent and any other Depository Agent. 1.1.2 Except where the Depository otherwise expressly agrees with or expressly commits itself to any party, the benefit of any performance by the Depository of its obligations under (i) these CDP Rules, or (ii) Directives, Circulars or Practice Notes issued by the Depository, is restricted to only Depository Agents and Account Holders. The Depository shall have no liability to any other party. In particular, the Depository shall have no liability to any party affected or aggrieved by any alleged action or omission of the Depository or any of the directors, officers or employees of the Depository. 1.1.3 The Depository may waive the application of a rule (or part of a rule) to suit the circumstances of a particular case, unless the rule specifies that the Depository shall not waive it. The Depository may grant a waiver subject to such conditions as it considers appropriate. Such waiver is only granted if such conditions are satisfied. The Depository shall notify any Depository Agent or Account Holder of such waivers as soon as practicable. No waiver by the Depository of any event of default or breach of any obligation under these CDP Rules shall constitute a waiver of any other event or breach, and no exercise or partial exercise by the Depository of any remedy shall constitute a waiver of the right subsequently to exercise that or any other remedy. 1.2 Regard to be had to Purpose or Object of these CDP Rules 1.2.1 The Depository may from time to time issue, without limitation, Circulars, Practice Notes or Directives to provide guidance on the interpretation or application of these CDP Rules. 1.2.2 Circulars, Practice Note and Directives may only be used in the manner and for such purposes as expressly contemplated under these CDP Rules. Circulars are binding notices issued by the Depository regarding regulatory and non-regulatory matters pertaining to Depository Agents Practice Notes are non-binding guidelines that seek to explain the application and interpretation of a CDP Rule. Directives are binding notices directing Depository Agents to take corrective or other actions in light of investor protection concerns. 1.2.3 The order of precedence of the following instruments applicable to the Depository and Depository Agents shall be (in descending order of precedence): 1.2.3.1 The Securities and Futures Act and other statutes 1.2.3.3 Depository Agent Agreement 1.2.3.6 Practice Notes. 1.2.4 In the event of any conflict between the provisions of the aforesaid instruments, the provisions in an instrument with a higher level of precedence shall prevail over the provisions in an instrument with a lower level of precedence. 1.2.5 In the interpretation of any provision of these CDP Rules, a construction that would promote the purpose or object underlying these CDP Rules (whether the purpose is expressly stated in these CDP Rules or not) is to be preferred to a construction that would not promote that purpose or object. 1.3 Examples 1.3.1 If these CDP Rules include an example of the operation of a rule: 1.3.1.2 the example is not taken to be exhaustive and 1.3.1.2 if the example is inconsistent with the rule, the rule prevails. 1.4 CDP Rules to Prevail 1.4.1 Save as provided in Rule 1.4.2 below, the relationship between the Depository and a Depository Agent shall be governed by these CDP Rules, the Depository Agent Agreement and the prevailing terms and conditions, Directives, Circulars or Practice Notes (which may contain prescribed procedures) governing the operations, facilities and services provided by the Depository (together, the Depository Agent Terms). 1.4.2 The Depository is only responsible for the performance of those duties which are expressly set out in the Depository Agent Terms. The Depository shall have no implied duties or obligations of any kind whatsoever. 1.4.3 The Depository shall not be responsible for the accuracy, content or translation of any notice, circular, report, announcement or other material forwarded to any Depositor, unless the Depository has been negligent or fraudulent. 1.5 Amendment of CDP Rules 1.5.1 The Depository is prohibited from making any amendments to the CDP Rules unless it complies with such requirements as prescribed by MAS or under the Securities and Futures Act. In addition to these requirements Board approval is required to effect any CDP Rule amendments. These safeguards are designed to promote regulatory transparency and accountability on the part of the Depository with respect to its rulemaking process and thereby promote investor confidence in the Depository. 1.5.2 Any amendment to the CDP Rules shall not come into force unless the prescribed time periods for effecting rule amendments as contemplated under the Securities and Futures Act are met. 1.5.3 Notwithstanding anything to the contrary as set forth above the Depository may effect Rule amendments in such manner as directed by MAS or pursuant to the Securities and Futures Act or other applicable laws. 1.6 Transitional Provision 1.6.1 The Depository may, from time to time, publish transitional arrangements in relation to any amended or new rule(s). 2 Admission Criteria for Depository Agents 2.1 Category of Applicants An applicant to become a Depository Agent must be an entity belonging to one of the following categories: 2.1.1 a Trading Member or a Clearing Member 2.1.2 a trust company registered under the Trust Companies Act (Cap 336) 2.1.3 a bank licensed under the Banking Act (Cap 19) or merchant bank approved by the MAS under the Monetary Authority of Singapore Act (Cap 186) or 2.1.4 such other institution or person approved by the Depository from time to time. 2.2 Conditions A Depository Agent (or applicant to become a Depository Agent) shall furnish to the Depository information sufficient to demonstrate to the satisfaction of the Depository that it satisfies the requirements of this Rule and such other conditions the Depository may impose, including but not limited to the following requirements: 2.2.1 it has the competence, physical capacity and financial resources to discharge its duties under the Depository Agent Agreement and it is able to meet any obligation it might reasonably be expected to incur thereunder 2.2.2 it is a fit and proper person to perform its duties under the Depository Agent Terms and 2.2.3 it holds a valid capital market services licence for providing custodial services for securities or is excluded or exempted from such requirement by the MAS or pursuant to the Securities and Futures Act. 2.3 General Duties An applicant whose application to become a Depository Agent has been approved by the Depository shall: 2.3.1 perform services as a Depository Agent for Sub-Account Holders in accordance with the Depository Agent Terms and 2.3.2 deposit book-entry securities with the Depository on behalf of the Sub-Account Holders. 2.4 Nominee Company Applicant Where an applicant to be a Depository Agent is a nominee company: 2.4.1 its holding company or parent bank must be a company regulated either by MAS or SGX-ST 2.4.2 it must furnish a bankers guarantee from a bank unrelated to the applicant, and acceptable to the Depository, to guarantee the due performance of its obligations under the Depository Agent Terms, and indemnify the Depository against all claims, losses, damages, costs, and expenses that may be incurred as a result of the breach, failure or inability of the applicant to perform any of its obligations and 2.4.3 its holding company or parent bank must provide a letter of undertaking in a form satisfactory to the Depository to be liable for any amount owing by the applicant. 2.5 Applicants Agreement An applicant whose application to become a Depository Agent has been approved by the Depository shall: 2.5.1 abide by and be bound by the Depository Agent Terms as amended from time to time 2.5.2 pay to the Depository fees and charges, as reviewed from time to time, for providing operations, facilities and services, based on the Depositorys fee schedule and any charges as may be set out for any failure to comply with the Depository Agent Terms 2.5.3 furnish to the Depository upon request all such information in respect of operations, facilities and services provided to it as may be required by the Depository which information shall be in the form certified by external auditors of the Depository Agent, or certified by a senior officer of the Depository Agent or by a person acceptable to the Depository, and verified by the external auditors of the Depository Agent. The Depositorys right to be furnished with information under this provision shall extend to information relating to operations, facilities and services provided by the Depository under the Depository Agent Terms and the discharge of the Depository Agents obligations thereunder, but shall not include information concerning its Sub-Account Holders unless disclosure of such information is required under the circumstances described in Rule 6.3 and 2.5.4 comply with any other conditions that the Depository may from time to time prescribe for Depository Agents (whether generally or specific to any person). 2.6 Discretion to ApproveReject Application The Depository may, in its absolute discretion, without giving any reason, approve or reject an applicants application for registration as Depository Agent. 3 Resignation by Depository Agent 3.1 Obligations of Depository Agent If a Depository Agent wishes to resign it shall: 3.1.1 give not less than three (3) months written notice (the resignation notice) to the Depository of its intention to resign and the effective date of resignation. The Depository may, at its discretion, vary or waive the three (3) months notice 3.1.2 pay all outstanding charges owing to the Depository as at the effective date of resignation 3.1.3 fulfill all outstanding obligations to the Depository, including furnishing of an auditors certificate or a bankers guarantee and 3.1.4 until its resignation is effective, continue to comply with the Depository Agent Terms. 3.2 Depository Agents Outstanding Liabilities Notwithstanding the resignation, the Depository Agent shall remain liable for all outstanding liabilities owing to the Depository under the Depository Agent Terms. 3.3 Sub-Accounts In the event that any Depository Agent resigns, the Depository Agent shall, as soon as possible: 3.3.1 give written notice of its resignation to its Sub-Account Holders and 3.3.2 prior to the effective date of its resignation, transfer the Deposited Securities of the Sub-Account Holders to such other accounts indicated by the Sub-Account Holders. 3.4 Obligations of Depository From the effective date of resignation of any Depository Agent, the Depository is not obliged to perform any of its obligations under these CDP Rules to the Depository Agent in respect of Sub-Accounts maintained with the Depository Agent. 4 Deposit and Withdrawal of Securities 4.1 Securities Accepted for Deposit The Depository shall accept for deposit those securities it designates to be Eligible Securities. 4.2 Eligible Securities Eligible Securities shall comprise of securities which meet the following criteria: 4.2.1 being of good delivery and where applicable, accompanied by duly executed and properly stamped instruments of transfer in favour of the Depository or its nominee 4.2.2 capable of being held on a fungible basis 4.2.3 are not subject to any restrictions on foreign ownership, unless otherwise agreed to by the Depository and 4.2.4 are not subject to any restrictions on transferability in a book-entry system, unless otherwise agreed to by the Depository. 4.3 Discretion for AcceptingRejecting Securities Notwithstanding that securities are designated as an Eligible Security under Rule 4.1. the Depository may refuse to accept any deposit of securities or may designate that any security is no longer an Eligible Security, upon giving reasons for such refusal or designation. 4.4 Deposit of Eligible Securities Eligible Securities shall be deposited into a direct Securities Account maintained with the Depository or in the name of a Depository Agent (for itself or on behalf of a Sub-Account Holder). 4.5 Fungible Basis Deposited Securities are held by the Depository on a fungible basis. 4.6 Representation The Depositor shall be deemed to represent and warrant that he has the power and authority to make the deposit of the Deposited Securities. 4.7 Deemed Depositor and Securities Account The Depository Agent shall be regarded as the Depositor in respect of all the Deposited Securities credited to all the Sub-Accounts maintained by it and shall be deemed to maintain a Securities Account in respect of the said Deposited Securities. The Depository shall be under no obligation to recognize, even where having notice thereof, the interest of any Sub-Account Holder in the Deposited Securities. 4.8 Credit of Securities The Securities Account of the Depositor shall only be credited with the quantity of securities accepted for deposit after the securities have been registered in the name of the Depository or its nominee. The Depository shall send the Depositor a statement showing the quantity of securities credited to his Securities Account. 4.9 Agents and Service Providers The Depository is authorized to appoint agents and service providers, including (without limitation) depositories, sub-custodians and custodians to safe-keep Deposited Securities, and to utilize clearance systems and may delegate to any such person the exercise of its rights, powers and discretions andor the performance of any of its functions or obligations under these CDP Rules. The Depository shall use reasonable care in selecting and appointing such agents, service providers and utilizing clearance systems. The Depository shall have no responsibility for the performance non-performance by any depository, subcustodian or custodian appointed in respect of Foreign Securities of any such exercise or performance of functions or obligations so delegated unless the Depository has failed to take reasonable care in their selection. 4.10 Registration of Deposited Securities All Deposited Securities shall be registered in the name of the Depository or its nominee. 4.11 Withdrawal A Depositor may withdraw physical securities from the Depository against the credit balance in his Securities Account, upon payment of any applicable fees and stamp duties. The Depository shall lodge with the Issuer such documents as may be required to transfer the securities to the Depositor or its nominee. 4.12 No Obligation to Deliver Marketable Lots The Depository shall be under no obligation to deliver to the Depositor or its nominee in marketable lots or the same securities as that deposited by the Depositor. 5 Securities Account 5.1 Direct Securities Account The Depository shall open and maintain a direct Securities Account for an individual or corporation which holds the Deposited Securities beneficially for his or its own account. The Depository shall deem and treat the Account Holder as absolute owner of the Deposited Securities and shall not be bound or compelled in any way to recognize the interest of any other person in respect of the Deposited Securities or any part thereof, even when having notice thereof. Such interest includes, without limitation, any beneficial or equitable interests these persons may have in the Deposited Securities. 5.2 Limit on Number of Direct Securities Accounts Each Depositor (other than a Depository Agent) shall not have more than one direct Securities Account, held in his own name, with the Depository. 5.3 Statements The Depository shall send to the Depositor: 5.3.1 at the end of a period not exceeding six (6) months, a statement showing the number of book-entry securities held in his Securities Account at the date of the statement, except that, if there are no security balances in his Securities Account, no statement will be sent 5.3.2 after the end of each month, a statement of transactions effected in his Securities Account for the month, except that if there have been no transactions in that month, no such statement will be sent. 5.4 Notification of Errors The Depositor shall notify the Depository of any errordiscrepancy in the statement of account balances or statement of transactions within such time specified by the Depository. 5.5 No Security Interest The Deposited Securities held in a Securities Account shall be held by the Depository in trust for the relevant Depositor. The Depository shall not mortgage, charge, hypothecate, pledge or deposit as collateral the Deposited Securities, unless otherwise provided by these CDP Rules. 6 Duties of Depository Agents 6.1 Opening of Sub-Accounts A Depository Agent shall carry out the following obligations and obtain an external auditors certification that it has complied with such obligations: 6.1.1 open and maintain one or more Sub-Accounts for all Deposited Securities held for its own account. 6.1.2 open and maintain a separate Sub-Account for each of its clients for all Deposited Securities held on account of such clients. 6.1.3 at all times segregate the Deposited Securities held in each Sub-Account from those held in other Sub-Accounts. 6.1.4 at all times segregate Deposited Securities held for its own account from Deposited Securities held for the account of each of its clients. For the purpose of Rules 6.1.2 and 6.1.4, the Depository Agents clients shall include clients of the Depository Agents clients who are the beneficial owners of the Deposited Securities. 6.2 Records A Depository Agent shall maintain up-to-date records of Sub-Account Holders, containing such information as the Depository may specify from time to time. 6.3 Disclosure of Sub-Account Holders Information A Depository Agent shall disclose to the Depository such information as the Depository may require in relation to Sub-Account Holders if in the opinion of the Depository: 6.3.1 such information is required in order to monitor foreign ownership or other shareholding limits imposed by law or by an Issuer 6.3.2 such information is required by any applicable law, regulation or order of any government, court, tribunal or other competent authority or by any contractual obligation imposed or binding on the Depository or any of its nominee(s) 6.3.3 such information is required for purposes of investor protection or 6.3.4 the Depository Agent is required to provide such information to the Depository pursuant to the Depository Agent Terms. 6.4 External Auditors Certification The Depository Agent shall, within five (5) calendar months after the close of each financial year, cause its external auditors to certify in writing in a manner acceptable to the Depository, that its obligations in Rule 6.1 and such other obligation as prescribed by the Depository from time to time, have been duly complied with. 6.5 Failure to Submit within Deadlines 6.5.1 Where a Depository Agent fails to submit any auditors certification required by the Depository within the prescribed deadlines, the Depository may reprimand the Depository Agent either publicly or privately, unless an extension of time is granted. 6.5.2 Any request for an extension of time shall be submitted to Depository at least seven (7) business days before the expiry of the prescribed deadline. 6.6 Appointment of Another Auditor The Depository may, if it is not satisfied with the certification of the Depository Agents external auditors, or where the Depository considers it appropriate, at any time appoint another auditor to render a certification required under Rule 6.4. and the costs and expenses incurred by the Depository in respect thereof shall be borne by the Depository Agent. 6.7 Binding Terms A Depository Agent shall abide by and be bound by the Depository Agent Terms. 7 Transactions and Confirmation Notes 7.1 Debits and Credits Securities Accounts will be debited or credited with securities by the Depository pursuant to transactions or instructions of the Depositors or Issuers, subject to the approval of the Depository (which shall not be unreasonably withheld) and conditions imposed by the Depository. 7.2 Segregation of Balances in Securities Account The Depository shall have the right to segregate the Deposited Securities into different balances in a Securities Account. Such balances will be categorized by the Depository. Deposited Securities in the free balance may be freely transferred or sold by Depositors. Deposited Securities in any other balance are subject to such conditions as may be determined by the Depository and may not be freely transferable. For example, securities which are purchased but not paid for will only be transferred to the free balance upon payment therefor by the relevant Depositor to the Trading Member or Clearing Member. 7.3 Transfers and Confirmation Notes On the due date of a transaction, the Depository shall effect book-entry transfers in the Securities Accounts of the seller and buyer and advise the Account Holders or the Depository Agent by way of a confirmation note dispatched through such method of notification as determined by the Depository from time to time. 7.4 ErrorsDiscrepancies The Depositors shall notify the Depository of any errordiscrepancy in the confirmation note within such time specified by the Depository. 7.5 Rectification The Depository shall have the right to rectify any records maintained by it in respect of any Securities Account. The Depository shall notify the Depositor within three (3) business days after the date of making such rectification. 7.6 No Liability for Rectification The Depository shall not be liable to any Depositor in respect of any such rectification, except such liability as may arise as a result of the negligence or bad faith of the Depository. In no event shall the Depository be liable to any Sub-Account Holder in respect of any such rectification. 8 Sub-Accounts 8.1 Naming and Numbering Each Sub-Account maintained by a Depository Agent shall bear the Depository Agents account code number and a Sub-Account number. 8.2 Sub-Account Communication The Depository shall not communicate with nor act on instructions from Sub-Account Holders. 8.3 Authorisation The Depository shall be entitled to rely and act upon instructions of a Depository Agent in dealing with Sub-Accounts maintained for it and may assume that the Depository Agent has been duly authorized to give such instructions, notwithstanding any notice to the contrary. 9 Undertakings of the Depository Agent 9.1 Undertakings The Depository Agent undertakes to the Depository that it shall: 9.1.1 distribute to the Sub-Account Holders in accordance with their respective holdings in the Sub-Accounts as at the Record Date any cash, property or other rights that may be received from an Issuer through the Depository 9.1.2 unless otherwise agreed with Sub-Account Holders, keep each Sub-Account Holder duly informed of relevant information which may from time to time be issued by the Issuer or by the Depository in respect of Deposited Securities in his Sub-Account 9.1.3 furnish to each Sub-Account Holder such information as the Depository shall specifically direct, promptly after receipt of such direction from the Depository. 9.1.4 give notice in writing to the Depository immediately upon the breach of any one or more of the representations and warranties referred to in the Depository Agent Agreement. 10 Termination 10.1 Termination The Depository may terminate any Depository Agent immediately and without any prior notice upon the occurrence of any of the following events: 10.1.1 the failure of the Depository Agent to perform or observe any of its duties or obligations or representations or warranties under the Depository Agent Terms within five (5) business days of any notice from the Depository to remedy such failure or 10.1.2 the voluntary liquidation of the Depository Agent otherwise than for the purpose of reconstruction or amalgamation approved by the Depository, or an Order of Court being made for its compulsory liquidation or 10.1.3 the Depository Agent entering into any composition or arrangement with its creditors or 10.1.4 the Depository Agent having a receiver or judicial manager or similar officer appointed over the whole or any part of its undertaking or its properties, revenues or assets or 10.1.5 any distress or execution being levied or enforced upon or sued out aga inst any of the chattels or property of the Depository Agent. 10.2 Notice to Terminate Notwithstanding Rule 10.1. the Depository may also terminate any Depository Agent, without giving any reason therefor, on giving not less than three (3) months in writing. The Depository Agent shall transfer its Deposited Securities to another Depository Agent within three (3) months of such notice of termination. 10.3 Obligations of Depository Agent In the event that any Depository Agent is terminated for any reason whatsoever, the Depository Agent shall, as soon as possible: 10.3.1 give notice of the termination to its Sub-Account Holders and 10.3.2 unless terminated under Rule 10.2. thereafter transfer the Deposited Securities of the Sub-Account Holders to such other accounts indicated by the Sub-Account Holders. 10.4 Obligations of Depository From the effective date of termination of any Depository Agent, the Depository is not obliged to perform any of its obligations under these CDP Rules to the Depository Agent in respect of Sub-Accounts maintained with the Depository Agent. 10.5 Duties of Depository Agent The terminated Depository Agent shall: 10.5.1 pay all outstanding charges owing to the Depository 10.5.2 fulfill all outstanding obligations to the Depository, including furnishing of auditors certificate or bankers guarantee and 10.5.3 until its termination is effective, continue to comply with the Depository Agent Terms. 10.6 Depository Agents Outstanding Liabilities Notwithstanding the termination, the Depository Agent shall remain liable for all outstanding liabilities incurred under the Depository Agent Terms. 10.7 Termination of Securities Account The Depository may terminate any Securities Account on such terms that it may prescribe. 11 Fees and Expenses 11.1 Fees and Expenses Payable Each Depositor will pay to the Depository such fees, charges, expenses and disbursements in respect of the operations, services and facilities provided by the Depository as specified by the Depository from time to time, such amounts to be payable at such times and in such manner as shall be specified by the Depository. 12 Violation of CDP Rules 12.1 Violation of CDP Rules In the event of any breach of these Rules by a Depository Agent, the Depository shall have the right to: 12.1.1 reprimand, whether publicly or privately, a Depository Agent 12.1.2 impose any restriction or condition on activities that a Depository Agent undertakes andor 12.1.3 terminate the Depository Agent. 13 Liability 13.1 Liability The liability of the Depository, its directors, officers, employees, representatives or agents arising out of, or in relation to any Deposited Securities shall be governed by these CDP Rules and the Depository Agent Terms. 13.2 Force Majeure The Depository, its directors, officers, employees, representatives or agents shall not be liable for any losses or damages that may be suffered, incurred or sustained by any Depository Agent or any Account Holder or Sub-Account Holder, and shall not be responsible for failure to comply or delay in complying with any duty or obligation under or pursuant to these CDP Rules arising as a direct or indirect result of any reason, cause or contingency beyond its reasonable control, including (without limitation) natural disasters, act of God, industrial action, computer breakdown or sabotage, currency restrictions, war or terrorism, or the failure, suspension or disruption of any relevant stock exchange, clearance system or market. 13.3 No Liability The Depository shall not be responsible for any loss or damage suffered by the Depositors as a result of or in connection with the Depositorys performance or non-performance of its duties unless the same results from an act of negligence or fraud on the part of the Depository in which event the Depository shall promptly replace any Deposited Securities which have been lost, stolen or destroyed. Where such replacement of lost, stolen or destroyed Deposited Securities is not possible, the liability of the Depository in connection with any Deposited Securities shall not exceed the lower of the market value of the Deposited Securities to which such loss or damage relates at the time of discovery of such negligence or fraud or at the time of proposed replacement. In no event shall the Depository be responsible for any loss or damage suffered by a Sub-Account Holder as a result of the Depository performing its duties to a Depository Agent under these CDP Rules. 13.4 No Obligation for Deposited Securities The Depository shall not be under any obligation to ensure that Deposited Securities are not forged or fraudulent and can be freely transferred or delivered without encumbrance and will not be responsible for any loss suffered by any Account Holder, Sub-Account Holder or Depository Agent. 13.5 Notification of Invalid Deposited Securities The Depository will notify the Depositors immediately in the event that any Deposited Securities prove to be forged, fraudulent or invalid. 13.6 Limited Obligation on Instructions Save for ensuring that written instructions bear signature(s) which in the Depositorys sole opinion, corresponds to the specimen signature(s) of the Depositor(s) provided to the Depository, the Depository shall be under no obligation to ensure that instructions received from Depository Agents or Account Holders are not forged, fraudulent or invalid. 13.7 Notification on Instructions The Depository will notify the Depositors immediately in the event that any instructions prove to be forged, fraudulent or invalid. 13.8 No Liability For Consequential Damages Notwithstanding the foregoing, in no event shall the Depository be liable to the Depositors and Sub-Account Holders for indirect, special or consequential damages, even if advised of the possibility of such damages. 13.9 No Breach of Laws Nothing in these CDP Rules shall obligate the Depository to perform any obligation or to allow, take or omit taking any action which will breach any law, rule, regulation or generally accepted market practice of any relevant government, stock exchange, clearance system, self-regulatory organization or market. 13.10 No Liability for Third Parties The Depository shall not be responsible or liable for the acts or omissions, default or insolvency of any: 13.10.1 depository, sub-custodian and custodian appointed in respect of Foreign Securities unless the Depository has failed to take reasonable care in their selection or 13.10.2 issuer of Eligible Securities. 14 Indemnity to Depository 14.1 Indemnity Each Depository Agent shall indemnify the Depository, its officers, directors, employees, representatives and agents (Indemnified Persons) and hold them harmless against all costs, fees (including legal fees on a solicitor and client basis), expenses, liabilities, taxes, assessments, losses, fines, penalties, losses and damages suffered or incurred by any of them directly or indirectly arising from or in connection with the following matters, except when the losses and damages are directly caused by the Depositorys failure to act in good faith, or by an act of negligence or fraud on the part of the Depository: 14.1.1 any breach by the Depository Agent of its obligations under the Depository Agent Terms 14.1.2 any wilful, unlawful or negligent act or omission by a Depository Agent 14.1.3 any legal proceedings or dispute resolution proceedings of any nature which the Depository Agent is a party to or required to take part in, and which requires t he Depositorys involvement (Proceedings), including production of information or documents, whether at the request of the Depository Agent or otherwise 14.1.4 the actions or omissions by the Indemnified Persons in reliance on instructions or communications believed in good faith by any of them to have been given by or on behalf of the Depository Agent or the failure of the Depository Agent to give instructions to the Depository and 14.1.5 any action by the Indemnified Persons in respect of the Deposited Securities, taken in good faith to comply with any law, regulation or order of any government, competent authority or any court or tribunal. 15 General 15.1 No Waiver Failure or delay by the Depository to enforce any of these CDP Rules, Directives or Circulars will not be construed as a waiver of its rights. 15.2 Severability The invalidity, illegality or unenforceability in whole or in part of any of the provisions of these CDP Rules or the Directives or Circulars, shall not affect the validity, legality and enforceability of the remaining part or provisions of the rest of these CDP Rules and the Directives or Circulars. 15.3 Non Exclusivity The Depositorys rights and remedies under these rules are cumulative and not exclusive of any rights or remedies provided by law or by any agreement. 15.4 Rights of Third Parties Save as provided in CDP Rules 1.1.2. 13 and 14. a person who is not a party to these CDP Rules has no rights under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any terms of these CDP Rules. 16 Applicable Law 16.1 Applicable Law and Jurisdiction These CDP Rules, Circulars, Practice Notes and Directives shall be governed by and construed in accordance with the laws of Singapore. Each Depositor irrevocably submits to the exclusive jurisdiction of the Singapore courts. 17 Definitions and Interpretation 17.1 Definitions (1) a trade transacted on or through any electronic trading system maintained by SGX-ST for the automatic matching and execution of trades in securities listed andor quoted on the SGX-ST pursuant to the SGX-ST Rules or (2) a trade reported to SGX-ST pursuant to the SGX-ST Rules, including but not limited to married transactions or (3) a trade reported by a Clearing Member to CDP, which CDP accepts for clearing in Inter-Broker Settlement or (4) a trade (including, without limitation, trades in securities, commodities, options, derivatives or other financial instruments) transacted on such exchange (other than SGX-ST) with which CDP may have direct or indirect clearing arrangements from time to time, or in relation to which trade CDP has clearing arrangements in place with the exception of such trades as CDP may from time to time stipulate as not being Exchange Trades falling under the CDP Clearing Rules means securities issued by an iss uer, which are deposited with a foreign depository, sub-custodian or custodian, for the purpose of the clearance andor settlement of transactions of such securities on SGX-ST or a foreign stock exchange, or for the purpose of custody.