The MarketFactory API (MFAPI) Client consists of little more than a message encoding and decoding layer that presents the contents of messages to callback functions. MarketFactory has specifically limited the work performed within the MFAPI in order to minimize Client-side latency and maximize stability. 

Whisperer Server

The Server-side Whisperer system is composed of the following processes:

The API Server 

The API Server acts as the interface to which the customer infrastructure connects. It creates the customer sessions to the Whisperer platform and permits the customer infrastructure (and the associated users) to gain access to the Venue connections configured for the instance. As the only interface for the customer infrastructure (using the classic implementation), the API Server is also the site of the session handling processes associated with customer connections to Whisperer prior to feed/venue connection subscription.

DB Logger

The DB Logger applies the user authentication requirements for Whisperer, through use of a database. Ensuring that only users established within the designated customer infrastructure, listed individuals, known devices etc.. are the only users granted access to the platform and associated connections. failure to authenticate with the DB Logger will result in the customer infrastructure or user(s) being rejected. These user entries can be made directly to the database or explicitly to a static configuration.

DC Server

The Drop Copy Server (or DC Server) generates a stream of MFAPI TradeCapture Messages. MarketFactory can thenallowanMFAPIClient to subscribe to these messages, similar to a traditional FIX drop copy using the MarketFactory protocol instead. This is an additional feature that can be enabled for customers, the benefits of which are described in more details below (under additional services).

Feed Handlers

Every Trading Venue that MarketFactory's Whisperer is able to integrate with has a FeedServer (a term used synonymously with Feed Handler) which makes the integration possible. The Feed Servers connect directly with the API server under the MFAPI classic model of operation. Customer infrastructure can connect directly to the Feed Server (for market data only) using MarketFactory's new SBE implementation. The benefit of direct connection with the Feed Server being that messages do not have to pass through the single bottleneck of the API server (which traditionally has been the only interface available to the customer infrastructure). The more direct approach is not only aimed at reducing latency at times of high message frequency but also improves high availability by reducing dependency on access to the API server in order to obtain market data from Trading venues.

The Feed Servers also exist as a source of normalisation, by integrating venue messages, tags and fields to align with the MarketFactory message protocol resulting in a Feedserver that aims to be as closely compatible to the venue as possible, whilst maintaining a normalised library of messages to smooth out the differences between differing trading venues and their protocols.

Additional Services

The Whisperer platform is also supplemented with additional features provided by MarketFactory, that enhance the benefits available to customers outside of connectivity alone. These optional modules are explained in detail in further chapters.