We started Marketcetera a couple years ago on a mission to develop a fundamentally better method for writing, managing and implementing algorithmic trades for hedge fund managers and proprietary traders. Both Graham and I spent ten years managing trading platforms and strategies for Wall Street hedge funds until we couldn’t stand dealing with slow, bulky software anymore. It got so bad that our trading software was actually hindering our best traders from doing their jobs.
Fast forward from two years ago to today, and we just announced the general availability of Marketcetera Automated Trading Platform version 1.0. If you haven’t already checked out 1.0, key features, include:
• Complex event processing capabilities with Esper implemented as the CEP engine, simplifying calculations like “moving average” and enriching market data triggers to include higher level events such as “S&P 500 up 50”;
• Improved strategy API with support for Java and Ruby and new and easy APIs for orders, market data, positions, execution reports and more;
• Enhanced performance and scalability with headless deployment to reduce overhead and improve latency and memory usage;
• Simplified integration with existing IT infrastructure with new modular framework for real-time data feeds and snap-in analytics, support for server side agents and Photon GUI as well as web services interfaces as part of new client APIs;
• Improved support for multiple simultaneous broker connections with broker notifications and availability through Photon;
• Enhanced UI with new configurable desktop notifications, dynamic trade suggestions and more.
We want to thank our community and partners for all of the feedback and contributions you’ve provided so far. And, while we recognize that the Marketcetera team drinks its own Kool-Aid, the call for open source in hedge funds has gone from a trickle to a flood since October’s crash.
Just last week, Matt Asay blogged on CNET, “Is now the right time for open source in hedge funds?” According to BusinessWeek, YES! Trading volumes are at an all time high and, yet, traders need to be more nimble than ever, while still maintaining control over their trading strategies. That’s why we chose open source two years ago as a method for delivering a strong core automated trading platform. There is no upfront cost to try it and there is little risk since you can see the code – users have the power to decide how they want to extend the software, and can do so without being locked into our solution.
Especially in today’s economy, hedge funds shouldn’t continue to choose software that doesn’t provide the value they need. So, right here and right now, why not try open source?