Système Commercial Cdp

Paul Dickinson Président exécutif Paul a fondé CDP en 2000 avec l'ambition de créer un système économique mondial qui fonctionne dans des limites environnementales durables et prévient les changements climatiques dangereux. Paul a précédemment fondé Rufus Leonard Corporate Communications et EyeNetwork, le plus grand service de vidéoconférence en Europe. Il a été membre du groupe de recherche environnementale de la Faculté et de l'Institut des actuaires du Royaume-Uni. Paul est l'auteur de diverses publications, dont Beautiful Corporations. Paul Simpson Chef de la direction Paul a été à l'avant-garde de l'expansion du CDP depuis sa création en 2000 et a conduit le CDP d'un climat spécifique dans d'autres domaines environnementaux. Il a auparavant travaillé avec Chesham Amalgamations Investments Ltd, la Société internationale pour la culture écologique et est un ancien directeur du Social Venture Network. Paul siège au comité consultatif de Guardian Sustainable Business et au conseil consultatif Global Stranded Assets de la Smith School of Enterprise et de l'environnement de l'Université d'Oxford. Frances Way Co-chef de l'exploitation, programmes Frances supervise la prestation des programmes CDP. Après avoir passé huit ans dans le secteur du financement privé, principalement chez Dresdner Kleinworts Global Equities Division, Frances a rejoint le CDP en 2007 pour gérer et développer le programme de la chaîne d'approvisionnement. Frances siège au conseil d'administration d'EIRIS, un organisme d'investissement éthique. Elle détient une maîtrise en technologie environnementale de l'Imperial College. Sue Howells Co-chef de l'exploitation, opérations mondiales Sue gère les opérations mondiales de CDP depuis 2005. Elle a 20 ans d'expérience dans le secteur financier, principalement avec Rothschild Asset Management au Royaume-Uni et à Hong Kong. Sue a également dirigé un projet au WWF sur l'engagement des ONG dans les entreprises et l'industrie. Sue est titulaire d'une maîtrise ès sciences en responsabilité et pratique commerciale de Bath University. Marcus Norton Conseiller juridique en chef des partenariats Marcus gère les partenariats de CDP et les activités de financement et est également conseiller juridique de CDP. Il a rejoint en 2009 pour lancer le programme d'eau de CDPs et a également mené sur l'engagement des investisseurs. Marcus a précédemment pratiqué le droit, avec Allen Overy, Gibson, Dunn Crutcher et le ministère britannique de l'Environnement, des Affaires Rurales Alimentaires. Il est titulaire d'un MBA de la Tuck School of Business de Dartmouth, d'un LL. M de l'University College London et d'un MA de l'Université de St. Andrews. Simon Barker Directeur financier Simon a rejoint le CDP en 2015. Expert-comptable qualifié et ancien associé de KPMG, il a participé à la vérification et au conseil de plusieurs sociétés internationales sur la comptabilité financière, les informations à fournir, les contrôles internes, la collecte de fonds et les acquisitions et cessions. Plus récemment, il a conseillé des start-up dans le secteur de l'alimentation et des boissons. Conor Riffle Directeur, villes et innovation dans les produits de données Conor a aidé à lancer le programme villes CDP et en supervise maintenant le développement et la commercialisation des produits de données CDP. Avant CDP, Conor a aidé à développer ce qui deviendrait Carbon Tracker. De 2004 à 2007, il a occupé divers postes à la Fondation Clinton. Conor détient un baccalauréat en droit du Collège du Connecticut et une maîtrise en gestion de la London School of Economics. Kyra Appleby Directrice du programme des villes du CDP Kyra a rejoint l'équipe des villes en tant que responsable des comptes en 2010 et a été nommée directrice du programme en 2013. Avant son rôle au sein du CDP, Kyra a occupé différents postes de recherche chez NBC Universal, eMarketer et New York . Kyra est titulaire d'une maîtrise en administration publique de l'École des affaires publiques et internationales de l'Université de Columbia et d'un baccalauréat en sciences environnementales de la Terre de l'Université Johns Hopkins. Katie McCoy Responsable du programme des forêts de CDP Katie est dédiée à éliminer la déforestation liée aux produits de base dans les chaînes d'approvisionnement de l'entreprise. Elle a rejoint le CDP en 2013, à la suite du transfert du projet de divulgation de l'empreinte forestière des programmes de canopée mondiale (FFD) à CDP. Katie a précédemment travaillé comme analyste de politique pour un organisme de recherche environnemental et comme un microbiologiste pour GlaxoSmithKline. Katie est titulaire d'une maîtrise en sciences de la conservation de l'Imperial College de Londres et d'un baccalauréat en sciences biologiques de l'Université de Birmingham. Cate Lamb Chef du programme d'eau du CDP Le rôle de Cates consiste à travailler avec les principaux intervenants pour apporter des changements importants dans la gestion de l'eau. Cate a dix ans d'expérience dans le domaine de l'environnement et du développement durable et possède une solide expérience en matière de gestion technique, scientifique et de projets. Cate détient un baccalauréat en sciences de l'environnement de l'Université de Lancaster. Rick Stathers Directeur de la recherche auprès des investisseurs Rick Stathers dirige notre équipe de recherche mondiale des investisseurs. Rick était auparavant responsable de l'investissement responsable à Schroders où il a passé les 16 dernières années à bâtir et à diriger l'équipe d'investissement responsable. Il est expérimenté dans la définition et la direction de l'engagement environnemental et social en plus de la stratégie de recherche pour de multiples secteurs et classes d'actifs. Il a été responsable de la création du fonds Schroders pour le changement climatique mondial et conseiller de l'Institut de Cambridge pour des leaders durables en matière de risque illimité. Il est titulaire d'un baccalauréat en biologie environnementale et d'une maîtrise en technologie environnementale. Kate Levick Directrice de la politique et de la réglementation Kate gère les relations entre les CDP et les gouvernements. Elle a auparavant travaillé au bureau du gouvernement du Royaume-Uni pour le changement climatique et à BP Plc sur les crédits et la stratégie de carbone en relation avec les marchés émergents. Kate est administratrice de Forum for the Future. Elle a un MProf en leadership pour le développement durable avec Forum for the Future et un BA (Hons) de l'Université d'Oxford. Dexter Galvin Chef du programme de chaîne d'approvisionnement du CDP Dexter exécute le programme CDP afin de permettre aux multinationales et aux gouvernements de réaliser des chaînes d'approvisionnement durables, influençant plus de 2 billions de dollars US en dépenses annuelles d'approvisionnement. L'expérience de Dexters dans la chaîne d'approvisionnement est vaste et a travaillé dans la logistique critique avant de rejoindre CDP en 2008. Passionné par l'harmonisation des normes de reporting, il a dirigé la normalisation de l'environnement dans les rapports environnementaux. En 2013, il a lancé une nouvelle initiative importante appelée Action Exchange pour accélérer la réduction des émissions dans les chaînes d'approvisionnement des entreprises. Daniel Turner Responsable de la divulgation Daniel est responsable de l'engagement des CDP auprès des entreprises qui répondent et travaille avec les partenaires stratégiques du CDP pour développer et fournir des services de soutien pour la divulgation des entreprises. Daniel était auparavant journaliste avant de se joindre à CDP en 2003. Il est titulaire d'un baccalauréat en sociologie de la City University de Londres. Lance Pierce Présidente, Amérique du Nord Lance est présidente de CDP North America et elle est responsable de la stratégie et de la prestation de la gamme des programmes CDP aux États-Unis et au Canada. Basé à New York. Lance a rejoint le CDP de Ceres où il était directeur exécutif et chef de l'exploitation. Auparavant, il était directeur du programme sur le climat et l'énergie de l'Union des scientifiques concernés et ancien consultant des sociétés mondiales, des agences des Nations Unies et des organisations internationales de développement. Steven M. Tebbe (FRGS) Directeur général, Europe Steven dirige toutes les activités du CDP en Europe. Auparavant, il a occupé divers postes de direction à Daimler, EADSAirbus et, plus récemment, il a été vice-président des affaires environnementales chez NetJets, filiale de Berkshire Hathaway. Il a également été associé chez Antural Partners, une société de conseil en développement durable. Steven est titulaire d'une maîtrise en administration publique de l'Université de Harvard à Cambridge, au Massachusetts, ainsi que d'une maîtrise de l'École d'économie et de gestion Solvay de Bruxelles. Il est membre de la Royal Geographical Society (FRGS) et membre de l'Institut international d'études stratégiques (IISS). Diana Guzmn Directrice, Europe du Sud Diana a rejoint le CDP en 2010 en tant que directrice de pays pour l'Italie, l'Espagne, le Portugal et la Grèce. Elle est responsable de toutes les activités du CDP dans la région de l'Europe du Sud et possède une vaste expérience en matière de gestion et de conformité au carbone. Diana a passé trois ans en Chine à travailler sur la création et la commercialisation de crédits carbone, en particulier des projets de Mécanisme de Développement Propre et de Réduction volontaire des émissions. Elle a également travaillé dans le commerce de forex au Mexique, capital de risque à Washington, DC. Et le développement des affaires dans le secteur des assurances à Hong Kong. Mirjam Wolfrum Directeur, politique et reportage, Europe Mirjam travaille sur des activités et des projets liés à la politique européenne. Avant de se joindre à CDP, elle était conseillère en politique et en affaires pour les entreprises de l'économie verte. En tant que responsable du service d'information du Goethe-Institut à Bruxelles, elle gère des projets européens et assure la liaison avec l'UE. Mirjam détient une maîtrise en gestion de l'information et a fait des études de troisième cycle en journalisme. Damandeep Singh Directeur, Inde Daman a travaillé pendant plus de deux décennies à écrire et à faire des recherches sur les questions d'environnement et de développement en Inde. Il a travaillé en tant que consultant indépendant et journaliste principalement sur les questions d'environnement et de changement climatique en collaboration avec ERM UK, l'Institut Worldwatch, le Climate Group, Bureau of Energy Efficiency et Suzlon Energy. Avant cela, il dirigeait les divisions de recherche et de missions de programme de la chaîne nationale de géographie pendant cinq ans. Laurent Babikian Directeur, France, Benelux et Monaco Laurent a commencé sa carrière en 1991 en travaillant avec la Banque Indosuez pendant 10 ans. En 2000, il a co-fondé un incubateur de start-up et a entraîné des entrepreneurs pour accélérer leurs affaires avant de créer sa propre société de conseil pour laquelle il a déménagé au Brésil en 2007. Lorsqu'il a vécu au Brésil, il est devenu l'un des 300 mentors de la ONG Endeavor, une ONG internationale qui vise à développer l'entrepreneuriat durable dans les pays émergents. Laurent est diplômé de l'IESE Business School de Barcelone, avec un Executive MBA en management général. Il est également titulaire d'une maîtrise en économie de l'Université Paris Dauphine. Juliana Lopes Directrice, Amérique latine Juliana est titulaire d'un baccalauréat en journalisme et d'un MBA en marketing. En tant que directrice des CDP pour l'Amérique latine, Juliana dirige l'expansion des projets de CDP dans la région. Son expérience antérieure dans le domaine de la communication d'entreprise et de la durabilité a inclus des travaux pour des sociétés telles que BASF et Bridgestone-Firestone, le conseil et la gestion d'une publication de responsabilité sociale d'entreprise. James Day Directeur, Australie Nouvelle-Zélande James est titulaire d'un MBA en gestion stratégique du carbone de l'UEA et d'un BA (Politique) de l'Université Macquarie. Il a auparavant travaillé en tant que consultant en ligne et gestionnaire de programme pendant plus de 8 ans - où ses clients comprenaient Microsoft et Diageo au Royaume-Uni, et de nombreuses agences gouvernementales et ONG en Australie - et de promotion des politiques publiques à Oxfam Australie pendant 3 ans. Michiyo Morisawa Directeur, Japon Le Dr Michiyo Morisawa s'est spécialisé dans le développement des affaires internationales de sociétés de services financiers, y compris Citibank et FXNET. Elle travaille à temps partiel au sein du réseau signataire du PRI au Japon. Elle est titulaire d'un doctorat en études environnementales de l'Université de Tokyo. Sabrina Zhang Directrice, Chine Avant de se joindre à CDP, Sabrina a travaillé au MSCI où elle était un analyste principal responsable de la recherche ESG et représentant clé sur le gouvernement a convoqué le Comité des Finances Vertes de la Chine. Son expérience antérieure comprend le Beijing Environment Exchange, NDRC et WRI à Washington. Sabrina a étudié le droit à l'Institut de technologie de Harbin et l'Université de l'Oregon et la Politique environnementale internationale à l'Université John Hopkins. Responsables des fonctions Pedro Faria Directeur technique Pedro supervise le développement de la plate-forme de divulgation des CDP, des systèmes de notation et des données. Pedro a précédemment travaillé comme consultant dans les domaines de l'énergie et du carbone, ainsi que sur la mise en œuvre du système européen d'échange de quotas d'émission. Il est ingénieur civil et environnemental et titulaire d'une maîtrise ès sciences en ingénierie et en gestion de la technologie de l'Université technique de Lisbonne. Catherine Sturgess Directrice du développement Catherine dirige la stratégie de financement philanthropique du CDP. Catherine est une collecte de fonds très réussie avec une expérience de vingt ans. Elle a rejoint le CDP en 2011 à l'International HIVAIDS Alliance, où elle a supervisé un portefeuille de financement gouvernemental de plusieurs millions de dollars américains. Elle a vécu et travaillé en Afrique de l'Est. Depuis son adhésion à CDP, Catherine a transformé l'approche et le succès des organisations pour obtenir un financement philanthropique. Penny Cross Le directeur des communications conjointes, Penny, travaille sur la stratégie et les activités de communication mondiales de CDP, menant des campagnes liées aux investisseurs. Avant de se joindre à CDP en 2012, Penny a travaillé pendant plus de 15 ans dans les communications financières, d'entreprise et d'investisseurs, y compris à la principale agence de communication financière internationale, Citigate Dewe Rogerson. Elle détient un BA en français et en allemand. Elle maîtrise les deux langues et parle espagnol. Cathryn Symons Directrice informatique Cathryn est responsable de toute la technologie utilisée au sein de CDP. Elle a occupé divers postes informatiques au sein de grandes sociétés dont Tui Travel plc et Unisys Ltd, et en tant que gestionnaire de projet freelance pour la réalisation de grands programmes informatiques. Elle détient un baccalauréat ès sciences en mathématiques de l'Université Victoria de Wellington et une maîtrise ès sciences en énergie renouvelable du Center for Alternative Technology. Lord Adair Turner Adair Turner a combiné les carrières dans les affaires, les politiques publiques et le milieu universitaire. Il est devenu président de la Financial Services Authority au Royaume-Uni alors que la crise financière éclatait en septembre 2008. Il a joué un rôle de premier plan dans la refonte de la réglementation bancaire mondiale et des banques parallèles en tant que président du comité des grandes commissions de stabilité financière internationale. Il est maintenant membre de l'Institut de la nouvelle pensée économique et du Centre d'études financières de Francfort. L'Institut pour la nouvelle pensée économique est une fondation de recherche économique mondiale engagée dans le développement de solutions réelles aux défis économiques et sociaux du XXIe siècle. Avant 2008, Lord Turner était administrateur non exécutif à Standard Chartered Bank (2006-2008), vice-président de Merrill Lynch Europe (2000-2006) et de 1995 à 1999, directeur général de la Confédération britannique de l'industrie. Il a été membre de la McKinsey Co. de 1982 à 1995. Adair est devenu membre de la Chambre des lords en 2005 et a été nommé président du Comité des changements climatiques en 2008; il a également présidé la Commission des pensions de 2003 à (Macmillan, 2001), et Economics after the Crisis (MIT Press, 2012), et il est professeur invité à la London School of Economics et à Cass Business School, Université de la ville. Il est administrateur et président du comité de vérification au British Museum. Lord Turner a étudié l'histoire et l'économie au Caius College, Cambridge. Neil Morisetti est directeur de la stratégie au Département des sciences, de la technologie, de l'ingénierie et des politiques publiques de l'UCL, rôle qu'il a assumé en janvier 2014 après 10 mois en tant que Représentant spécial intérimaire des Nations Unies pour les changements climatiques. Avant de se joindre au Foreign and Commonwealth Office, il a passé 37 ans dans la Royal Navy, où il a commandé des navires de taille allant du bateau de patrouille HMS CYGNET en Irlande du Nord au porte-avions HMS INVINCIBLE, opérant globalement mais principalement dans le Moyen-Orient. En tant que contre-amiral, il était commandant des Forces maritimes britanniques avant de commander le Collège de commandement et d'état-major des services communs, où il était responsable de l'éducation postdoctorale d'officiers de soixante nations. Son dernier rendez-vous dans la Marine royale était l'Envoyé de la sécurité climatique et de l'énergie du Royaume-Uni, travaillant pour le MOD, le FCO et le DECC pour aborder les implications sécuritaires d'un climat changeant et l'impact sur la disponibilité des ressources. Diplômé de l'Université d'East Anglia, il est titulaire d'un BSc (Hons) en sciences de l'environnement et professeur honoraire à l'UAL STEaPP. Compagnon de l'Honorable Ordre du Bath et Freeman de la Ville de Londres, Neil vit à Dorset, où son épouse Jennifer dirige leur ferme. Tessa a servi comme fiduciaire de CDP de 2010 à 2015, ayant été l'un des co-fondateurs de l'organisation. Tessa est président de The Ice Organisation Ltd et président du conseil d'administration de la Global Cool Foundation. Elle a également été la première présidente et cofondatrice de l'Association pour l'investissement durable et responsable en Asie (ASRIA) basée à Hong Kong et du UK Social Investment Forum. Elle a été membre du conseil d'administration de Calvert Social Funds, Washington DC 1993-2009. Tessa a déjà servi sur des panneaux consultatifs environnementaux pour le gouvernement britannique, le Programme des Nations Unies pour l'environnement et SAR le prince de Galles. En 2003, Tessa a reçu le Prix de Leadership en Durabilité de SAMSPG de Suisse et en 2004 a été lauréate conjointe du Prix International de Leadership Environnemental de la Ville de Goteborg. Elle est également membre de la Société Schumacher. Architecture de plancher Architecture d'entreprise Aperçu de l'architecture La concurrence accrue, le volume de données de marché plus élevé et les nouvelles exigences réglementaires sont quelques-unes des forces motrices derrière les changements de l'industrie. Les entreprises essaient de maintenir leur avantage concurrentiel en changeant constamment leurs stratégies commerciales et en augmentant la vitesse de négociation. Une architecture viable doit inclure les dernières technologies à la fois du réseau et des domaines d'application. Il doit être modulaire pour fournir un chemin gérable pour évoluer chaque composant avec une interruption minimale au système global. Par conséquent, l'architecture proposée dans ce document repose sur un cadre de services. Nous examinons les services tels que la messagerie à ultra-faible latence, la surveillance de latence, la multidiffusion, l'informatique, le stockage, la virtualisation des données et des applications, la résilience commerciale, la mobilité commerciale et le client léger. La solution aux exigences complexes de la plate-forme de négociation de prochaine génération doit être construite avec une mentalité holistique, en franchissant les frontières des silos traditionnels comme les entreprises et la technologie ou les applications et le réseautage. Ce document a pour objectif principal de fournir des lignes directrices pour la construction d'une plateforme de négociation à ultra-faible latence tout en optimisant le débit brut et le taux de messages pour les données de marché et les ordres de négociation FIX. Pour ce faire, nous proposons les technologies de réduction de latence suivantes: Interconnexion haute vitesseInfiniBand ou connectivité 10 Gbps pour le cluster de négociation Bus de messagerie haute vitesse Accélération de l'application via RDMA sans re-code d'application Surveillance de latence en temps réel et re-direction de Le commerce du trafic vers le chemin avec une latence minimale Tendances et défis de l'industrie Les architectures commerciales de la prochaine génération doivent répondre à la demande accrue de vitesse, de volume et d'efficacité. Par exemple, le volume des données du marché des options devrait doubler après l'introduction de la négociation des penny options en 2007. Il existe également des exigences réglementaires pour la meilleure exécution, qui exigent des mises à jour des prix de traitement à des taux qui s'approchent de 1 ms msec. Pour les échanges. Ils exigent également la visibilité de la fraîcheur des données et la preuve que le client a obtenu la meilleure exécution possible. À court terme, la rapidité des échanges et de l'innovation sont des facteurs de différenciation essentiels. Un nombre croissant de métiers sont traités par des applications de négociation algorithmique placées aussi près que possible du lieu d'exécution du commerce. Un défi avec ces moteurs de trading quotblack-boxquot est qu'ils composent l'augmentation de volume en émettant des ordres seulement pour les annuler et les soumettre à nouveau. La cause de ce comportement est le manque de visibilité sur le lieu qui offre la meilleure exécution. Le commerçant humain est maintenant un ingénieur quotfinancial, quotquantquot (analyste quantitatif) avec des compétences en programmation, qui peut ajuster les modèles de négociation à la volée. Les entreprises développent de nouveaux instruments financiers comme les dérivés météorologiques ou les métiers de classes d'actifs croisés et ils doivent déployer les nouvelles applications rapidement et de manière évolutive. À long terme, la différenciation concurrentielle devrait provenir de l'analyse, et pas seulement du savoir. Les star traders de demain assument des risques, atteignent la perspicacité du client et battent constamment le marché (source IBM: www-935.ibmservicesusimcpdfge510-6270-trader. pdf). La résilience des entreprises est l'une des principales préoccupations des entreprises commerciales depuis le 11 septembre 2001. Les solutions dans ce domaine vont de centres de données redondants situés dans des zones géographiques différentes et connectés à de multiples sites de négociation à des solutions de commerçants virtuels offrant aux commerçants de pouvoir la plupart des fonctionnalités d'un plancher commercial Dans un endroit éloigné. Le secteur des services financiers est l'un des plus exigeants en termes de besoins informatiques. L'industrie connaît une transformation architecturale vers l'architecture orientée services (SOA), les services Web et la virtualisation des ressources informatiques. SOA profite de l'augmentation de la vitesse du réseau pour permettre la liaison dynamique et la virtualisation des composants logiciels. Cela permet la création de nouvelles applications sans perdre l'investissement dans les systèmes et infrastructures existants. Le concept a le potentiel de révolutionner la manière dont l'intégration est faite, permettant des réductions significatives de la complexité et du coût d'une telle intégration (gigaspacesdownloadMerrilLynchGigaSpacesWP. pdf). Une autre tendance est la consolidation des serveurs dans les batteries de serveurs de datacenter, tandis que les pupitres de négoce n'ont que des extensions KVM et des clients ultra-légers (par exemple, les solutions SunRay et HP). Les réseaux métropolitains à grande vitesse permettent aux données de marché d'être multidiffusées entre différents emplacements, ce qui permet la virtualisation du marché. Architecture de haut niveau La figure 1 illustre l'architecture de haut niveau d'un environnement commercial. Le ticker et les moteurs de trading algorithmique sont situés dans le cluster de trading haute performance du data center de l'entreprise ou à l'échange. Les commerçants humains sont situés dans la zone des applications utilisateur final. Fonctionnellement, il existe deux composants d'application dans l'environnement commercial d'entreprise, les éditeurs et les abonnés. Le bus de messagerie fournit le chemin de communication entre les éditeurs et les abonnés. Il existe deux types de trafic spécifiques à un environnement commercial: Market DataCarries informations sur les prix des instruments financiers, des nouvelles et d'autres informations à valeur ajoutée telles que l'analyse. Il est unidirectionnel et très sensible à la latence, généralement livré sur UDP multicast. Il est mesuré en updatessec. Et en Mbps. Les données de marché proviennent d'un ou de plusieurs flux externes, provenant de fournisseurs de données de marché comme les bourses, les agrégateurs de données et les ECN. Chaque fournisseur a son propre format de données de marché. Les données sont reçues par des gestionnaires d'alimentation, des applications spécialisées qui normalisent et nettoient les données puis les envoient aux consommateurs de données, comme les moteurs de prix, les applications de négociation algorithmique ou les commerçants humains. Les firmes de vente envoient également les données du marché à leurs clients, aux sociétés d'achat comme les fonds communs de placement, les hedge funds et les autres gestionnaires d'actifs. Certaines entreprises buy-side peuvent opter pour recevoir des flux directs des échanges, ce qui réduit la latence. Figure 1 Architecture de négociation pour une société SideSell côté Buy Il n'existe aucune norme de l'industrie pour les formats de données de marché. Chaque échange a son format propriétaire. Les fournisseurs de contenu financier tels que Reuters et Bloomberg regroupent différentes sources de données de marché, la normalisent et ajoutent des nouvelles ou des analyses. Des exemples d'alimentations consolidées sont RDF (Reuters Data Feed), RWF (Reuters Wire Format) et Bloomberg Professional Services Data. Les deux vendeurs ont publié des données de marché en temps réel qui sont moins traitées et moins analysées: Bloomberg B-Pipe Avec B-Pipe, Bloomberg désaccouple leur flux de données de marché de leur plate-forme de distribution parce qu'un terminal Bloomberg N'est pas nécessaire pour obtenir B-Pipe. Wombat et Reuters Feed Handlers ont annoncé leur soutien à B-Pipe. Une entreprise peut décider de recevoir des aliments directement à partir d'un échange pour réduire la latence. Les gains de vitesse de transmission peuvent être compris entre 150 millisecondes et 500 millisecondes. Ces aliments sont plus complexes et plus coûteux et l'entreprise doit construire et entretenir sa propre usine de ticker (financetechfeaturedshowArticle. jhtmlarticleID60404306). Commandes de transaction Ce type de trafic porte les métiers réels. Il est bidirectionnel et très sensible à la latence. Il est mesuré en messagessec. Et Mbps. Les ordres proviennent d'un côté d'achat ou d'une firme de côté de vente et sont envoyés à des lieux de négociation comme un échange ou ECN pour l'exécution. Le format le plus courant pour le transport d'ordres est FIX (Financial Information eXchangefixprotocol. org). Les applications qui gèrent les messages FIX sont appelées moteurs FIX et elles interfèrent avec les systèmes de gestion des commandes (OMS). Une optimisation de FIX est appelée FAST (Fix Adapted for Streaming), qui utilise un schéma de compression pour réduire la longueur du message et, en effet, réduire la latence. FAST s'adresse davantage à la fourniture de données de marché et a le potentiel de devenir une norme. FAST peut également être utilisé comme un schéma de compression pour les formats de données de marché propriétaires. Pour réduire la latence, les entreprises peuvent choisir d'établir un accès direct au marché (DMA). DMA est le processus automatisé de routage d'une commande de titres directement à un lieu d'exécution, évitant ainsi l'intervention d'un tiers (towergroupresearchcontentglossary. jsppage1ampglossaryId383). DMA nécessite une connexion directe au lieu d'exécution. Le bus de messagerie est un logiciel middleware de fournisseurs tels que Tibco, 29West, Reuters RMDS ou une plateforme open source telle que AMQP. Le bus de messagerie utilise un mécanisme fiable pour fournir des messages. Le transport peut se faire sur TCPIP (TibcoEMS, 29West, RMDS et AMQP) ou UDPmulticast (TibcoRV, 29West et RMDS). Un concept important dans la distribution des messages est le flux quottopique, qui est un sous-ensemble de données de marché définies par des critères tels que le symbole boursier, l'industrie ou un certain panier d'instruments financiers. Les abonnés rejoignent des groupes de sujets mappés sur un ou plusieurs sous-thèmes afin de ne recevoir que les informations pertinentes. Dans le passé, tous les commerçants ont reçu toutes les données du marché. Aux volumes actuels de trafic, ceci serait sous-optimal. Le réseau joue un rôle essentiel dans l'environnement commercial. Les données de marché sont acheminées vers le marché où les commerçants humains sont situés via un réseau de grande vitesse du campus ou de la région métropolitaine. La haute disponibilité et la faible latence, ainsi que le débit élevé, sont les paramètres les plus importants. L'environnement commercial hautement performant possède la plupart de ses composants dans la batterie de serveurs du centre de données. Pour minimiser la latence, les moteurs de négoce algorithmique doivent être situés à proximité des gestionnaires de flux, des moteurs FIX et des systèmes de gestion des commandes. Un modèle de déploiement alternatif a les systèmes de négociation algorithmique situés à un échange ou un fournisseur de services avec une connectivité rapide à des échanges multiples. Modèles de déploiement Il existe deux modèles de déploiement pour une plate-forme de négociation haute performance. Les entreprises peuvent choisir d'avoir un mélange des deux: Data Center de l'entreprise de négoce (Figure 2) C'est le modèle traditionnel, où une plate-forme de négociation à part entière est développé et maintenu par l'entreprise avec des liens de communication à tous les sites de négociation. La latence varie avec la vitesse des liens et le nombre de bonds entre l'entreprise et les lieux. Figure 2 Modèle de déploiement traditionnel Co-implantation sur le lieu de négociation (échanges, fournisseurs de services financiers (FSP)) (Figure 3) La société de négoce déploie sa plate-forme de négociation automatisée le plus près possible des sites d'exécution pour minimiser la latence. Figure 3 Modèle de déploiement hébergé Architecture commerciale orientée services Nous proposons un cadre orienté services pour la construction de l'architecture commerciale de la prochaine génération. Cette approche fournit un cadre conceptuel et un chemin d'implémentation basé sur la modularisation et la minimisation des inter-dépendances. Ce cadre fournit aux entreprises une méthodologie pour: Évaluer leur état actuel en termes de services Donner la priorité aux services en fonction de leur valeur pour l'entreprise Développer la plate-forme de négociation à l'état souhaité en utilisant une approche modulaire L'architecture de négociation haute performance repose sur les services suivants, Définie par le cadre d'architecture des services représenté à la figure 4. Figure 4 Architecture de service Architecture pour le service de messagerie haute latence ultra-faible Service Ce service est fourni par le bus de messagerie, qui est un système logiciel qui résout le problème de connexion many - Nombreuses applications. Le système se compose de: Un ensemble de schémas de messages prédéfinis Un ensemble de messages de commande communs Une infrastructure d'application partagée pour envoyer les messages aux destinataires. L'infrastructure partagée peut être basée sur un courtier de messages ou sur un modèle publishsubscribe. Les principales exigences pour le bus de messagerie de la prochaine génération sont (source 29West): La plus faible latence possible (par exemple moins de 100 microsecondes) Stabilité sous charge lourde (par exemple plus de 1,4 million de msgs) Contrôle et flexibilité (contrôle de débit et transports configurables) Sont des efforts dans l'industrie pour normaliser le bus de messagerie. Advanced Message Queuing Protocol (AMQP) est un exemple d'un standard ouvert défendu par J. P. Morgan Chase et soutenu par un groupe de fournisseurs tels que Cisco, Envoy Technologies, Red Hat, TWIST Process Innovations, Iona, 29West et iMatix. Deux des principaux objectifs sont de fournir un chemin plus simple à l'interopérabilité pour les applications écrites sur différentes plates-formes et la modularité de sorte que le middleware peut être facilement évolué. En termes très généraux, un serveur AMQP est analogue à un serveur de courrier électronique, chaque échange agissant comme un agent de transfert de messages et chaque file d'attente de messages comme une boîte aux lettres. Les liaisons définissent les tables de routage dans chaque agent de transfert. Les éditeurs envoient des messages à des agents de transfert individuels, qui acheminent ensuite les messages dans des boîtes aux lettres. Les consommateurs prennent les messages des boîtes aux lettres, ce qui crée un modèle puissant et flexible qui est simple (source: amqp. orgtikiwikitiki-index. phppageOpenApproachWhyAMQP). Latence Monitoring Service Les principales exigences de ce service sont: Granularité de mesures de sous-millisecondes Visibilité quasi-temps réel sans ajout de latence au trafic commercial Capacité de différencier la latence du traitement des applications de la latence de transit du réseau Capacité de gérer les taux de messages élevés Fournir une interface programmatique pour Les applications de négociation pour recevoir des données de latence, ce qui permet aux moteurs de négociation algorithmique de s'adapter aux conditions changeantes Corréler les événements de réseau avec les événements d'application à des fins de dépannage La latence peut être définie comme l'intervalle de temps entre un ordre commercial est envoyé et quand le même ordre est reconnu et agi Par la partie destinataire. Aborder la question de la latence est un problème complexe, exigeant une approche holistique qui identifie toutes les sources de latence et applique différentes technologies à différentes couches du système. 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 against 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 the 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 issuer, 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.