New Reuters application built on ObjectStore® EdgeXtend® technology enables financial services firms to achieve faster response and transaction Times
Canary Wharf, London, January 27, 2005 ObjectStore, a leader in products for real-time data services, and an operating company of Progress Software Corporation (Nasdaq: PRGS), today announced that Reuters Group (Nasdaq: RTRSY), the global information company, relied on high-performance data access from ObjectStore® EdgeXtend® for its innovative credit limit information and management solution, Kondor Global Limits (KGL). EdgeXtend is the industrys only distributed data access and caching software that meets requirements for all stages of the application lifecycle. KGL is currently helping nearly 2,000 Reuters users worldwide achieve better response times and faster transaction rates.
KGL is an enterprise-scale, multi-system solution that consolidates credit limit information and manages it in real time across a variety of financial instruments. It provides a range of functions including credit limit availability checks, automated regulatory reports, and the capability to set global and local credit limits. The data access layer for KGL was designed, tested, and deployed using ObjectStore EdgeXtends patented caching technique, ensuring rapid response from large KGL installations while minimising infrastructure investments.
The creation of Kondor Global Limits was driven by pressing business needs Reuters customers require split-second access to massive amounts of data, said Didier Sabardu, Development Group Manager of Credit & Market Risk at Reuters. EdgeXtends caching and cache synchronisation technology enables centralisation of global credit risk information without sacrificing real-time performance, fault tolerance and scalability across geographically dispersed trading locations. Our customers can intelligently manage credit risk exposure on a global basis and comply with regulations such as Basel II.
When developing KGL, Reuters addressed its data needs across the development lifecycle by leveraging ObjectStore EdgeXtends core technology for high performance data access. The integrated mapping and distributed dynamic caching eliminated the need for multiple tools and APIs to handle data access during development, testing, and rollout.
Additionally, ObjectStore EdgeXtend produced exceptional performance results. KGL recorded sub-second processing performance with 27,000 parties involved in 200,000 real-time deals across 11 time zones.
Reuters is a data company that is using EdgeXtend to enable higher quality services to its customers, said Chris Keene, vice president of data caching at ObjectStore. ObjectStores real-time data access capability will dramatically change how the banking and financial services industries utilise data.
Reuters leveraged ObjectStore EdgeXtend technology during the entire data access lifecycle, including:
Development: During application development, Reuters was able to reduce the time required to generate data access code by leveraging EdgeXtends automated data layer generation. Object-relational mapping tools eliminated tedious hand-coding and generated high quality, tested data access code, significantly reducing application delivery time and defects.
Tuning: ObjectStore EdgeXtend simplified performance tuning by automatically creating an intelligent, configurable cache. This approach allows Reuters developers to achieve better response times and transaction rates, without additional hardware. EdgeXtend provides higher performance than other caching solutions because it caches not just individual objects but networks of relationships between objects, through a patented technology called schema-aware caching. Developers can easily fine-tune the data or caching model even late in development without having to re-code underlying data access APIs.
Deployment: With EdgeXtend, Reuters avoided common failures of custom development projects, such as slow response times and inconsistent data due to higher than expected demand or network outages. With EdgeXtend, cache clustering broadcasts changes across all caches and delivers a cost-effective means of synchronising data even in Reuters complex, distributed applications involving multiple virtual data centers.
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