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1、ImprovingthederivativestradingprocesswithDB2pureXML?CynthiaM.SaraccoJune2007ExecutiveSummaryTradinginover-the-counter(OTC)andexchange-basedderivativeshasgrowntremendouslyduringthepastseveralyearsandshowslittlesignofabating.AsFig.1illustrates,thenotional
2、amountsforallOTCderivativesreached$415trillioninDecember2006–upfrom$285trillioninDecember2005and$111trillioninDecember12001.Similarly,thenumberofexchange-tradedfuturesandoptionscontractsreached2nearly11.9billionin2006,upfrom10billionin2005.Avarietyoffac
3、torsarefuelingthisrapidgrowth,includingmarketvolatility,anincreasedfocusonmanagingrisk,andincreasedactivityfromhedgefunds,banks,insurancefirms,andotherparties.Fig.1:GrowthofnotionalvalueofOTCderivativesfrom2001–2006Whilethegrowthinderivativestradingoffe
4、rsfinancialinstitutionssignificantopportunitiestoincreaserevenue,attractnewclients,andimprovetheircompetitiveposition,capitalizingontheseopportunitiesisfarfromsimple.Thecomplexnatureofderivatives,coupledwiththerapidincreaseintradedvolumes,hasledtolength
5、yconfirmationcyclesandgreaterrisk,whichregulatorybodiesarepressuringfirmstoresolve.Manyforward-thinkingfirmsareturningtosophisticatedsoftwaretechnologiestohelpthemaddressthesechallenges.Frequently,firmsusetheeXtensibleMarkupLanguage(XML)torepresentandex
6、changederivativesdataelectronicallytoimprovetradingcycleautomation.Consequently,efficientstorageandmanagementofXMLdataisemergingasanewtechnologyimperative.1OTCderivativesmarketactivityreportsissuedtwiceyearlybytheBankforInternationalSettlements.2Burghar
7、dt,G.“AnnualVolumeSurvey:11,859,266,610contractstraded,”FuturesIndustry,March/April2007.1Thispaperexplorestheuniquebusinesscharacteristicsofderivativestradingapplications,explainstheirimpactontraditionalinformationmanagementsystems,anddescribeshowpureXM
8、L?databasemanagementtechnologyavailableinIBM’sDB2addressesthechallengingXMLdataprocessingandperformancerequirementsassociatedwithtradingderivatives.Forthoseunfamiliarwithderivatives,AppendixAprovidesaverybriefintroduction.Busines
