With multiple acquisitions and mergers in recent years and a rapidly evolving regulatory environment, NYSE was faced with aging and diverse matching platforms housed within data center facilities. Growing client needs for faster transaction times along with improved sensitivity, security, and new services fueled an ambitious new program to deploy portions of a Universal Trading Platform across multiple markets; new market data and matching engine-adjacent client services; and new, industry-leading liquidity centers on two continents.
While initially evaluating its low latency hosting business strategy, NYSE engaged CSTechnology for advice. When the initial budget for the 395,000 square foot, US East Coast facility increased by millions of dollars from their initial projections, NYSE brought in CST to lead the integrated program.
After realigning the program to meet the cost and risk appetite of the firm, CST established an Accountability and Management Office which included controls to ensure individual component project activities remained aligned with the overall business strategy and program deliverables. CST launched a comprehensive customer requirements gathering effort across a sampling of NYSE’s clients. Working closely with NYSE teams, CST then focused on business and technology requirements definitions, established and participated in a technology architecture council, and drove design, construction, and migration planning activities.
CST played an integral role in decision-making at every level of the organization related to technology architecture, facility design and construction, and budget and business case planning and management.
After completion of the new data center facility, CST planned and executed the technology fit-out of the facility based on the new architecture as well as the application migration, encompassing every system supporting NYSE’s multi-asset US markets, the National Markets System (NMS) and Corporate/Regulatory Systems. The migration included all production systems, including thousands of servers and hundreds of applications as well as client colocation equipment. The migration efforts required multiple industry-wide tests with major financial institutions as well as significant reporting and communications with industry regulatory bodies.
NYSE realized significant improvements in budgeted time to market and cost (tens of millions of dollars of savings) for a program originally budgeted in the hundreds of millions of dollars.
Without any market or business interruption, NYSE relocated all markets and matching engines, as well as thousands of symbols of publicly traded companies to a new purpose-built facility.
At the conclusion, NYSE had an industry-leading liquidity center – one of the largest, most resilient environments of its kind in the world, and the ability to offer and deliver a host of new services to its clients.