Refinitiv’s latest release of its enterprise data platform steps up its cloud compute capabilities, and rebrands the platform from Thomson Reuters Enterprise Platform, or TREP, to Refinitiv Real-Time Distribution System.

The name change is part of a project to eliminate instances of branding relating to former owner Thomson Reuters, but also sees the vendor roll out simplified and standardized branding across its product lines.

For example, RTDS components Advanced Data Hub (ADH) and Advanced Distribution Server (ADS) become Refinitiv Real-Time Advanced Distribution Hub and Refinitiv Real-Time Advanced Distribution Server. Additionally, its Data Access Control System (DACS) permissioning system becomes Refinitiv Real-Time Data Access Control System. And its Elektron-as-a-Service architecture becomes Refinitiv Real-Time Managed Distribution Service.

Despite the name changes, Matt Eddy, head of real-time delivery and integration at Refinitiv, says the new 3.5.0 release of RTDS is not a “watershed” release, but rather is part of a “continuous evolution” and a commitment to get new releases of its software to clients on a regular basis.

In addition, this version and upcoming releases already scheduled on the vendor’s development roadmap add significant capabilities to support the ongoing rollout of RTDS in the cloud as an alternative to traditional client-premise deployments of its data platform, says Steve Moreton, global head of product management at technology support provider CJC.

“For the components released—ADH, ADS and Advanced Transformation Server (ATS)—it’s essentially the same software,” he says. “The software contains many enhancements, however—for example, on the ADH, improvements to load balancing.”

Moreton adds that one notable change is that the ADS component, which distributes data, is now certified for Amazon Web Services (AWS), which will help support Refinitiv’s plans for rolling out RTDS in the cloud. Another small but “important and symbolic” change is support for Amazon Linux 2, an operating system designed to work best in AWS testing environments.

“The TREP/RTDS software is very mature. We support around 800 clients, and each has different configurations of TREP—everything from low-latency, co-located clients, to those who use it to delay data for days before they access it. Wherever you are on that spectrum, you have a choice of using TREP/RTDS on a fully deployed or cloud-deployed model,” he says. “I only know one or two firms that want to keep using on-site deployed technology. … The multicast element is still a challenge in the cloud, but you’ve got to move with your firm and your CTO. And the appetite is definitely there to move to the cloud option.”

Catering for All ‘Cloud Journeys’

Eddy says the “vast majority” of customers are shifting to the cloud, but they are largely going about that transformation in different ways.

“Yes, everyone is on a cloud journey, but the destinations are all different, and everyone is moving at a different speed,” Eddy says. “So we need to cater for all eventualities. Some clients are moving at a very aggressive pace, while others are still exploring this. And as we refine our offering, we’ll be ready for the majority of customers when they are ready to move.”

Future versions of the platform and its components will introduce pre-defined, off-the shelf deployments of software within clouds operated by AWS, Microsoft Azure, and Google Cloud Platform.

“We’ve placed an emphasis on reusability across that spectrum, so any enhancements to the platform made for the cloud version will also be available in the on-premise version of RTDS,” Eddy says. “Of the 60 or so enhancements we’ve introduced over the past two years, 40% of those are cloud-related … to give clients parity, whether they use RTDS on- or off-premise.”

Taking a REST

Separate from the vendor’s cloud efforts, version 3.5.0 builds on the previous introduction of a Representational State Transfer (REST) API to make it easier for users to monitor and interact with their real-time systems.

“In an earlier release in 2020, we enabled clients to remotely monitor their TREP platforms using a REST interface. For some customers that have complex environments, having a command-line interface to query the platform directly is very useful,” Eddy says. “So with the version 3.5 release in November, we’ve been pushing REST capabilities … to ensure customers can access what they need using rules-based systems … and can consume market data snapshots off that, simplifying our range of offerings, and enabling them to build out new capabilities.”

This becomes particularly important for accurately monitoring infrastructures, for example, in the case of zero-trust architectures, where security policies place strict permissioning requirements on administrators needing to access data, or where monitoring systems require ongoing access to data platforms.

As such, Refinitiv has built in the ability to get key metrics direct from the platform via a RESTful API, to help users regardless of whether they have a cloud or on-site version of the system.

“As a managed service provider, we need very good monitoring of systems—for example, we use ITRS, but other firms may use other systems—and we need to pull data from TREP/RTDS into our monitoring system,” he says. “The REST API makes it easier to integrate with off-the-shelf monitoring systems so you can understand your application behavior better, because in a cloud world, your invoice can change from month to month, so you need to understand when it changes, and why.”

Cache and Delay

In the next release of RTDS, version 3.5.1, scheduled for January 2021, the platform will include a delay capability for Level 2 (market depth) data, and a data caching capabilities for Level 2 and customer data.

The vendor has previously offered the ability to delay Level 1 (top-of-book) data, but extended the capability to Level 2 data in response to demand from a “small but vocal” group of European sell-side firms that wanted the ability to delay data to reduce exchange fees. So, for example, back-office staff can access the same prices as their front-office counterparts, but they don’t need them in a real-time manner.

The caching capability allows systems to recover faster and ensure data is accurately reconstructed in the event of an equipment failure.