7/30/2002 - TimesTen, Inc. today announced that the Philadelphia Stock Exchange (PHLX), has implemented TimesTen's real-time event processing software within their Equity Options AutoQuote System. The system, currently in deployment, uses TimesTen® to capture real-time market events and cache trader profiles, which are used to initialize new trader sessions and quickly recover the trading floor should that become necessary. The information managed in TimesTen includes PHLX trader profiles for 200 traders, option orders, trades, and underlying information. Using TimesTen, PHLX can now bring their entire trading floor back online in seconds—a task which previously took minutes.
The Equity Options AutoQuote System is an options price quote calculator and quote generator used by specialists. Each AutoQuote workstation can display up to fifty AutoQuote "Windows". These ticker symbol "Windows" represent an underlying equity (or index) for which a variety of options of different strikes and expirations may be traded. For each of these ticker symbols, the user can generate and view an array of option quotes prices.
Over the past 3 years, the increasing popularity of options as a trading instrument has caused an explosion in messaging rates for options quotes. To keep ahead of market volatility, PHLX decided to re-architect their system with a focus on performance, open-standards, and reliability. PHLX chose TimesTen as their data access infrastructure within their system, based on an exhaustive evaluation, excellent test results to validate TimesTen's throughput, responsiveness, and high reliability, and TimesTen's track record of supporting demanding data intensive applications for global telecom companies. TimesTen's software replaced a custom subsystem that was difficult to scale and lacked the flexibility of a query capability (TimesTen supports the industry-standard SQL—structured query language). In the future, TimesTen is expected to become the centerpiece for data access processing, supporting other time-critical applications.
“PHLX prides itself on its advanced technology infrastructure," said Matthew Rotella, Director of Infrastructure for the Options Trading Systems Department at the Philadelphia Stock Exchange. "TimesTen's real-time infrastructure software plays an important role in helping to streamline and differentiate our operations. It is the foundation for our data access sub-system, which we rely upon for fast startup and recovery, and for supplying increasingly sophisticated services for our user community.”
“The Philadelphia Stock Exchange is in the business of mission critical trading systems—systems that have to be 'always-on' reliable," said James R. Groff, CEO of TimesTen, Inc. "Real-time event processing—handling thousands of messages per second, with instantaneous response and rock solid reliability—is what trading systems demand and what TimesTen is built to provide. TimesTen has helped PHLX reduce overall software development costs and gain the proven reliability and flexibility of a commercial, standards-based system.”
About The Philadelphia Stock Exchange
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades nearly 2,200 stocks, over 1,200 equity options, 14 sectors index options and currency options. For more information about the PHLX and its products, visit www.phlx.com
About TimesTen, Inc.
TimesTen provides software for real-time event processing—a fundamental requirement of time-critical applications used by Wall Street firms and global telecom providers. Systems built with TimesTen inside are instantly responsive, highly reliable, and able to process massive transaction volumes. Cisco, Deutsche Bank, Nokia, and Sprint are among the customers who rely on TimesTen's software and expertise to create a unique advantage in a rapidly changing market. For more information, visit www.timesten.com
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