Trading-system-architecture

Trading-system-architecture

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Modbus Organization Modbus System Integrator Directory Modbus mengelola database perusahaan yang menyediakan layanan Integrasi Sistem dengan menggunakan protokol Modbus. Ini berguna bagi pengguna yang mencari sesuatu dari bantuan dengan aplikasi Modbus untuk menyelesaikan instalasi otomasi kunci-putar. Daftar ini selalu berkembang dan berubah. Jika Anda adalah integrator sistem dan tidak menemukan perusahaan Anda tercantum di sini, silakan kunjungi Contact Page kami untuk mengetahui bagaimana cara mendaftar. Harap dicatat bahwa informasi di bawah ini disediakan oleh masing-masing pemasok, dan bahwa cantuman ini bukan merupakan pengesahan atau garansi dari pihak Organisasi Modbus. Control Solutions, Inc. Control Solutions, Inc. sebuah perusahaan Minnesota yang didirikan pada tahun 1995, menawarkan serangkaian gateway jaringan dan produk kontrol yang disesuaikan dengan manajemen fasilitas, otomatisasi bangunan, telekomunikasi, dan kontrol pemantauan jarak jauh. EK AUTOMATION mengkhususkan diri dalam menyediakan solusi otomasi dan integrasi bangunan total dari konsep, desain, hingga sistem yang terinstal dan terkelola. Berfokus pada total sistem menyediakan rencana spektrum luas yang inovatif dan disesuaikan untuk masa depan berdasarkan kebutuhan dan keinginan individu. Berkomitmen untuk hubungan, berdedikasi pada pelayanan, dan responsif terhadap kebutuhan klien, EK AUTOMATION adalah perusahaan regional milik swasta yang berlokasi di Hernando, MS. Teknologi Komunikasi KALKI KalkiTech adalah pemimpin dalam solusi pengendalian, komunikasi dan komputasi berbasis standar untuk Industri Otomasi Energi. Perusahaan membantu organisasi merancang, mengembangkan dan menyebarkan produk dan sistem cerdas yang mengukur, memantau, mengendalikan, memvisualisasikan, mengelola dan mengoptimalkan aliran energi di seluruh rantai nilai energi - eksplorasi, produksi, pengolahan, konversi, energi terbarukan, transmisi, distribusi, Perdagangan, penyimpanan dan konsumsi. Real Time Otomasi Real Time Automation memberikan kemudahan penggunaan, sederhana untuk menjaga solusi jaringan. Apakah Anda memerlukan gateway dari luar untuk memindahkan data antar jaringan yang berbeda, kartu anak perempuan ke jaringan memungkinkan perangkat serial, atau kode sumber untuk ditambahkan ke prosesor tersemat Anda - Real Time Automation ada di sini untuk membantu. Solusi sederhana dan dukungan terdepan industri kami dijamin akan menghemat waktu, uang dan sakit kepala. Anda mendapatkan dukungan dari seorang insinyur yang mengembangkan produk dan produk buatan Amerika Serikat yang selalu ditebar. Dengan RTA Anda dapat mengambil solusi dari yang ditemukan untuk diimplementasikan dalam sehari. Tim RTA dari insinyur otomasi terkemuka memiliki rekam jejak yang terbukti tepat waktu, sesuai anggaran, dan sesuai standar, dengan pengetahuan kerja yang luas tentang Modbus TCP, Modbus RTU, DeviceNet, EtherNetIP, LonWorks, PROFINET IO, Profibus, AS Interface, CANopen, dan BACnet. Selama lebih dari dua puluh tahun, SELETEC telah merancang dan membuat perangkat elektronik untuk sistem gas medis dan telah menyediakan integrasi sistem di bidang sistem pemantauan dan pengendalian untuk pabrik industri, terutama kapan pun gas medis, ilmiah, atau teknis digunakan. AFCON Software and Electronics Ltd. mengembangkan dan memasarkan solusi perangkat lunak yang efisien dan intuitif untuk SCADAHMI. Produk AFCON menyediakan alat untuk berbagai aplikasi, integrasi dan interaksi proyek antara orang dan mesin, di berbagai bidang yang mencakup Otomasi Industri, Otomasi Gedung, Sistem Keamanan, Telemetri, aplikasi OEM, Telemedicine dan banyak lagi. Didirikan pada tahun 1984, AFCON Software and Electronics Ltd. adalah salah satu perusahaan perangkat lunak pertama yang merintis pengembangan sistem SCADAHMI untuk solusi otomasi industri yang lengkap. Produk AFCON dipasang dan diterapkan di lebih dari 45.000 lokasi industri di seluruh dunia. Pulse SCADAHMI adalah evolusi terbaru dari AFCON yang membuktikan P-CIM untuk solusi SCADA. Pulse adalah lingkungan baru untuk integrasi pemantauan dan pengendalian beberapa jenis aplikasi yang mengkhususkan diri dalam sistem otomasi, keamanan dan keamanan, keamanan dan bangunan industri. Alerton adalah pemimpin dalam sistem otomatisasi bangunan interoperabel (BAS). Betec Engineerings tim pengembangan memiliki pengalaman yang luas dalam industri elektronik. Mereka bekerja secara kooperatif dalam tugas-tugas rumit di bidang perangkat keras dan perangkat lunak, membawa gagasan inovatif ke bidang manufaktur dengan andal dan ekonomis. Bersama dengan pengguna, perancang teknis dan pembeli, mereka menentukan persyaratan proyek, kemudian menetapkan insinyur pengembangan mereka untuk menciptakan desain baru, mengkoordinasikan pengembangan perangkat keras dan perangkat lunak menjadi prototipipe, mengoptimalkan produk baru sampai prototipe lolos pengujian dan siap diproduksi. Singkatnya, Betec menawarkan dukungan teknis selama pengembangan perangkat keras dan perangkat lunak pengembangan produk dan proses, pengembangan sistem, dan prototip perumahan. BluFlo menyediakan teknologi internet untuk pemantauan dan pengendalian jarak jauh ke industri minyak dan gas bumi. CAS menyediakan solusi real time dan embedded, termasuk sistem turnkey untuk monitoringcontrol dan pengembangan perangkat lunak untuk sistem terdistribusi secara real time - perpustakaan perangkat lunak lebih dari 1000000 baris kode sumber yang digunakan sebagai blok bangunan dalam berbagai aplikasi. Kami menggunakan alat modern (terutama kerangka kerja ORACLE dan Microsoft) termasuk bahasa tingkat tinggi, mis. C, C, Modula-2, Java, Pascal (Delphi), Ada, dll dan sistem operasi: Windows, Linux dan Linux real-time. Kami membangun aplikasi terdistribusi terbuka dengan menggunakan XML SQL, COM, OPC, ODBC, dll. Sistem operasi yang aman dijamin oleh teknologi seperti VLAN, VPN, infrastruktur kunci publik, dan sebagainya. FluidIQ menerapkan teknologi digital di lingkungan industri. Keahlian sistem perusahaan meliputi PLC, unit telemetri jarak jauh (RTU), Kontrol Pengawasan dan Akuisisi Data berbasis PC (SCADA), sistem kontrol terdistribusi (DCS), telemetri kabel dan nirkabel, sistem informasi, jaringan serat optik, instrumentasi, dan motor. Kontrol. Kemampuan meliputi layanan teknik, manufaktur, layanan lapangan, dan pelatihan pelanggan. FluidIQs mengkhususkan diri dalam proyek sistem kontrol turnkey di berbagai pasar kota. Modpac Plus RF Modem menyediakan RF menghubungkan antara Modbus dan Modbus Plus perangkat. Teknologi Korenix dikhususkan untuk merancang dan membuat Produk Komunikasi Jaringan Industri yang Berkualitas, seperti switch Ethernet yang dikelola oleh industri dan tidak dikelola PoE yang dikelola dan perangkat komunikasi yang tidak terkelola perangkat lunak server perangkat serial dan modul IO berbasis ethernet. Produk Korenix diterapkan secara luas di pasar vertikal secara global, termasuk pengelolaan manajemen kelayakan industri automationfactory management, pengawasan pemantauan peralatan energi, militer, POS bankingtelekomunikasi, dan obat-obatan. Korenix juga menyediakan layanan yang disesuaikan. MESCO menyadari perkembangan produk yang lengkap untuk pengukuran dan teknologi kontrol otomatis. Layanan rekayasa perangkat lunak perusahaan meliputi program PC, sistem operasi real-time, teknologi WEB, dan komunikasi industri. Layanan rekayasa perangkat keras mencakup tugas dengan pengendali Embedded, server WEB tertanam, teknologi DSP, EMC, dan keamanan intrinsik. Pengembangan proyek yang efisien dilakukan oleh teknisi yang berkualitas dan penerapan metode perencanaan yang konsisten. Odyssey Controls menawarkan solusi untuk pengendalian industri dan otomasi yang berkisar dari komponen listrik paling sederhana hingga sistem kontrol terprogram yang paling canggih. Dengan pengalaman lebih dari 10 tahun di industri ini, tim Odyssey mencakup berbagai kegiatan proyek. Hal ini memungkinkan adanya portofolio produk dan layanan yang beragam, dengan penekanan pada desain untuk membangun enclosure dan sistem kontrol turn-key. Perangkat Lunak Mahakuasa menawarkan ECS, sebuah program otomasi berorientasi objek untuk lingkungan komersial dan industri. Tugas otomatis dapat diimplementasikan melalui jadwal berbasis waktu sederhana dan juga skrip seperti Inggris. ECS dapat diakses dari web browser, webphones, dan PDA. ECS mendukung perangkat ModBus melalui Object-Object Class yang dapat membaca ulang register ModBus. Open Control Solutions (OCS) adalah divisi dari Data Flow Systems, Inc. produsen dan pemasok kunci pengganti Sistem SCADA TAC II sejak tahun 1981. Open Control Solutions dibentuk untuk memasok produk arsitektur terbuka ke industri seperti minyak bumi, listrik Generasi, transmisi cairan, makanan dan minuman, dan gas terkompresi. PLC perusahaan mudah diprogram dan dipasang oleh pengguna akhir. RIO128 menawarkan 40 input digital, 40 output digital, 40 input analog dan 8 output analog semua pada satu papan rel yang terpasang. TCU (T2000) adalah pengendali kecepatan konstan yang ideal. Penggunaan T2000 menghilangkan sebagian besar komponen yang ditemukan di panel kontrol. Semua produk yang disebutkan sebelumnya termasuk antarmuka Modbus. Parijat SCADAHMI Development System, modul Visual Basic dan ActiveX untuk merancang sistem SCADAHMI. Konfigurasi sistem yang lengkap dilakukan melalui database Microsoft Access atau MS SQL. (Parijatmodbusdrivers.html) Solusi Piramida adalah perusahaan rekayasa dan integrasi perangkat lunak utama yang didirikan pada tahun 1990. Grup Sistem Komunikasi kami mengkhususkan diri dalam pengembangan produk dan memungkinkan konektivitas jaringan melalui rekayasa perangkat lunak, integrasi protokol jaringan dan memanfaatkan produk konektivitas utama dari Solusi Piramida dan mitra strategis. . Solusi otomasi dan layanan pemrograman hemat biaya bagi perusahaan manufaktur Pengalaman staf dalam sistem kontrol proses terdistribusi, sistem berbasis pengendali berbasis programmable dan kontrol proses berbasis komputer. Pengalaman industri di bidang Tekstil, Makanan, Tembakau, Kimia (Batch and Continuous), Logam, Utilitas, Mebel, Tirus dan Farmasi. STI memproduksi dan menyimpan beberapa produk standar, termasuk akselerometer dan akselerometer akselerometer hemat biaya rendah. Alat pengukur akselerometer kabel ekstensi kotak persimpangan kotak pengatur monitor tidak mentransmisikan sistem pemantauan dasar. Perusahaan ini juga menawarkan jasa perancangan dan integrasi sistem custome. SCADAware, Inc. (dikenal sebagai grup Otomasi Springfield dari tahun 1994 sampai 2000) berlokasi di Bloomington, Illinois. Kekuatan yang berpengalaman ini memberikan penjualan produk, integrasi sistem kontrol, perancangan perangkat lunak, layanan dan dukungan. Scadaware mengkhususkan diri pada sistem kontrol berbasis PC, sistem IO lapangan-bus, sistem server klien berbasis PC SCADA, driver dan utilitas komunikasi kustom, Custom Software Design, kontrol PLC dan akuisisi dan pelaporan data tingkat perusahaan. Sebagian besar produk yang dibutuhkan untuk membangun setiap sistem tersedia dari SCADAware, Inc. bersama dengan rekayasa dan pemrograman yang diperlukan untuk menyelesaikan solusi turn-key. Stellar Tech Energy Services Inc. adalah perusahaan desain dan integrasi, manufaktur dan servis untuk industri minyak. Kontrol proses dan sistem rekayasa. Tate Engineering Systems, Inc. bertindak sebagai distributor, agen, perwakilan atau integrator boiler dan produk terkait, produk udara tekan, filter, pompa, meter, dan produk khusus lainnya. Komponen rekayasa aplikasi yang terlibat dalam spesifikasi, pemilihan dan penerapan produk rekayasa ini sebagai solusi untuk masalah pelanggan tertentu merupakan inti strategi bisnis nilai tambah Tates. Valquest Systems menciptakan peralatan pemantauan dan kontrol untuk utilitas listrik. Viklele Associates menawarkan solusi teknologi mutakhir untuk akuisisi data, pemantauan proses dan persyaratan otomasi bagi pelanggan kami. Copyright 169 2005-2017 Modbus Organization, Inc. PO Box 628 Hopkinton, MA 01748. Semua hak dilindungi undang-undang. Dengan menggunakan Modbus.org, Anda menerima persyaratan dari perjanjian tamu dan kebijakan privasi kami. Sistem Perdagangan Emisi UE (EU ETS) Sistem perdagangan emisi UE (EU ETS) adalah landasan kebijakan UE untuk memerangi perubahan iklim dan kuncinya. Alat untuk mengurangi emisi gas rumah kaca secara efektif. Ini adalah pasar karbon utama pertama di dunia dan tetap menjadi pasar terbesar. Beroperasi di 31 negara (semua 28 negara Uni Eropa ditambah Islandia, Liechtenstein dan Norwegia) membatasi emisi dari lebih dari 11.000 instalasi penggunaan energi berat (pembangkit listrik pabrik industri) dan perusahaan penerbangan yang beroperasi di antara negara-negara ini mencakup sekitar 45 dari emisi gas rumah kaca Uni Eropa. Sistem cap dan trade EU ETS bekerja berdasarkan prinsip cap dan trade. Sebuah tutup diatur pada jumlah total gas rumah kaca tertentu yang dapat dipancarkan oleh instalasi yang ditutupi oleh sistem. Topi berkurang dari waktu ke waktu sehingga total emisi turun. Di dalam topi itu, perusahaan menerima atau membeli tunjangan emisi yang bisa mereka tukar satu sama lain sesuai kebutuhan. Mereka juga dapat membeli sejumlah kecil kredit internasional dari proyek hemat emisi di seluruh dunia. Batas jumlah tunjangan yang tersedia memastikan bahwa mereka memiliki nilai. Setelah setiap tahun perusahaan harus menyerahkan cukup tunjangan untuk menutupi semua emisinya, jika tidak, denda berat dikenakan. Jika sebuah perusahaan mengurangi emisinya, perusahaan dapat menyimpan tunjangan cadangan untuk memenuhi kebutuhan masa depan atau menjualnya ke perusahaan lain yang kekurangan tunjangan. Perdagangan membawa fleksibilitas yang memastikan emisi dipotong di tempat yang harganya paling sedikit untuk melakukannya. Harga karbon yang kuat juga mendorong investasi dalam teknologi bersih dan rendah karbon. Fitur utama dari fase 3 (2013-2020) EU ETS sekarang berada pada tahap ketiga yang berbeda secara signifikan dari fase 1 dan 2. Perubahan utamanya adalah: Satu, sebagian Uni Eropa mengenai emisi berlaku di tempat sistem tutup nasional sebelumnya Lelang adalah metode default untuk mengalokasikan tunjangan (bukan alokasi gratis), dan aturan alokasi yang disesuaikan berlaku untuk uang saku yang masih diberikan Secara gratis Sektor dan gas lainnya mencakup 300 juta tunjangan yang disisihkan di New Entrants Reserve untuk mendanai penyebaran teknologi energi terbarukan yang inovatif dan penangkapan dan penyimpanan karbon melalui program NER 300 Sektor dan gas yang tercakup Sistem ini mencakup sektor dan gas berikut dengan Fokus pada emisi yang dapat diukur, dilaporkan dan diverifikasi dengan tingkat akurasi yang tinggi: karbon dioksida (CO 2) dari sektor industri energi intensif dan pembangkit energi panas termasuk kilang minyak, pekerjaan baja dan produksi besi, aluminium, logam, semen , Kapur, kaca, keramik, pulp, kertas, kardus, asam dan bahan kimia organik massal penerbangan komersial nitrous oxide (N 2 O) dari produksi Asam nitrat, adipat dan glikoksilat dan perfluorokarbon glioksin (PFC) dari produksi aluminium Partisipasi di ETS UE adalah wajib bagi perusahaan di sektor ini. Tetapi di beberapa sektor hanya tanaman di atas ukuran tertentu yang termasuk instalasi kecil tertentu dapat dikecualikan jika pemerintah menerapkan langkah fiskal atau tindakan lain yang akan mengurangi emisi mereka dengan jumlah yang setara di sektor penerbangan, sampai 2016 ETS UE hanya berlaku untuk penerbangan Antara bandara yang berada di European Economic Area (EEA). Menyampaikan pengurangan emisi ETS Uni Eropa telah membuktikan bahwa menempatkan harga pada karbon dan perdagangan di dalamnya dapat berjalan dengan baik. Emisi dari instalasi dalam skema tersebut jatuh seperti yang diperkirakan sekitar 5 dibandingkan dengan awal tahap 3 (2013) (lihat angka 2015). Pada tahun 2020. Emisi dari sektor yang dicakup oleh sistem akan menjadi 21 lebih rendah dari tahun 2005. Mengembangkan pasar karbon Didirikan pada tahun 2005, EU ETS adalah sistem perdagangan emisi internasional pertama dan terbesar di dunia, terhitung selama tiga perempat perdagangan karbon internasional. EU ETS juga mengilhami pengembangan perdagangan emisi di negara dan wilayah lain. Uni Eropa bertujuan untuk menghubungkan ETS UE dengan sistem lain yang kompatibel. Peraturan EU ETS Utama Laporan pasar karbon Revisi EU ETS untuk tahap 3 Pelaksanaan Legislatif Sejarah Petunjuk 200387EC Bekerja sebelum proposal Komisi Proposal Komisi Oktober 2001 Reaksi komisi terhadap pembacaan proposal di Dewan dan Parlemen (termasuk dewan umum) Terbuka Semua pertanyaan Pertanyaan dan Jawaban mengenai Sistem Perdagangan Emisi UE yang direvisi (Desember 2008) Apa tujuan dari perdagangan emisi Tujuan Sistem Perdagangan Emisi UE (EU ETS) adalah untuk membantu Negara-negara Anggota UE mencapai komitmen mereka untuk membatasi atau mengurangi gas rumah kaca Emisi dengan biaya yang efektif. Membiarkan perusahaan yang berpartisipasi untuk membeli atau menjual tunjangan emisi berarti pemotongan emisi dapat dicapai setidaknya biaya. EU ETS adalah landasan strategi EU untuk memerangi perubahan iklim. Ini adalah sistem perdagangan internasional pertama untuk emisi CO 2 di dunia dan telah beroperasi sejak tahun 2005. Pada tanggal 1 Januari 2008, peraturan tersebut tidak hanya berlaku untuk 27 Negara Anggota UE, namun juga kepada tiga anggota dari European Economic Area Norwegia, Islandia dan Liechtenstein. Saat ini mencakup lebih dari 10.000 instalasi di sektor energi dan industri yang secara kolektif bertanggung jawab atas hampir separuh emisi UE dari CO2 dan 40 dari total emisi gas rumah kaca. Sebuah amandemen terhadap EU ETS Directive yang disepakati pada bulan Juli 2008 akan membawa sektor penerbangan masuk ke sistem dari 2012. Bagaimana cara kerja perdagangan emisi EU ETS adalah sistem perdagangan dan topi, artinya menaikkan tingkat emisi keseluruhan yang diperbolehkan namun , Dalam batas itu, memungkinkan peserta dalam sistem untuk membeli dan menjual tunjangan sesuai kebutuhan. Tunjangan ini adalah mata uang perdagangan umum di jantung sistem. Satu tunjangan memberi pemegang hak untuk memancarkan satu ton CO2 atau setara dengan gas rumah kaca lain. Batas jumlah tunjangan menciptakan kelangkaan di pasar. Pada periode perdagangan pertama dan kedua di bawah skema tersebut, Negara-negara Anggota harus menyusun rencana alokasi nasional (RAN) yang menentukan tingkat emisi ETS mereka total dan berapa banyak tunjangan emisi yang dipasang setiap instalasi di negara mereka. Pada akhir setiap tahun instalasi harus menyerahkan tunjangan setara dengan emisi mereka. Perusahaan yang mempertahankan emisinya di bawah tingkat tunjangan mereka dapat menjual kelebihan kelebihan mereka. Mereka yang menghadapi kesulitan dalam menjaga emisi mereka sesuai dengan tunjangan mereka memiliki pilihan antara mengambil tindakan untuk mengurangi emisi mereka sendiri seperti berinvestasi pada teknologi yang lebih efisien atau menggunakan sumber energi intensif karbon atau membeli tunjangan tambahan yang mereka butuhkan di pasar, atau Kombinasi keduanya. Pilihan seperti itu kemungkinan akan ditentukan oleh biaya relatif. Dengan cara ini, emisi dikurangi dimanapun biaya yang paling efektif untuk melakukannya. Sudah berapa lama ETS Uni Eropa beroperasi ETS Uni Eropa diluncurkan pada tanggal 1 Januari 2005. Periode perdagangan pertama berlangsung selama tiga tahun sampai akhir tahun 2007 dan merupakan pembelajaran dengan melakukan fase untuk mempersiapkan periode perdagangan kedua yang penting. Periode perdagangan kedua dimulai pada 1 Januari 2008 dan berlangsung selama lima tahun sampai akhir 2012. Pentingnya periode perdagangan kedua berasal dari kenyataan bahwa bersamaan dengan periode komitmen pertama Protokol Kyoto, di mana Uni Eropa dan negara-negara lain Negara industri harus memenuhi target mereka untuk membatasi atau mengurangi emisi gas rumah kaca. Untuk periode perdagangan kedua, emisi ETS UE telah dibatasi sekitar 6,5 di bawah tingkat 2005 untuk membantu memastikan bahwa UE secara keseluruhan, dan Negara-negara Anggota secara individu, menyampaikan komitmen Kyoto mereka. Apa pelajaran utama yang dipetik dari pengalaman sejauh ini ETS Uni Eropa telah menetapkan harga karbon dan membuktikan bahwa perdagangan emisi gas rumah kaca bekerja. Periode perdagangan pertama berhasil membangun perdagangan bebas tunjangan emisi di seluruh UE, menerapkan infrastruktur yang diperlukan dan mengembangkan pasar karbon dinamis. Manfaat lingkungan dari tahap pertama mungkin terbatas karena alokasi tunjangan yang berlebihan di beberapa Negara Anggota dan beberapa sektor, terutama karena ketergantungan pada proyeksi emisi sebelum data emisi terverifikasi tersedia di bawah ETS UE. Ketika publikasi data emisi terverifikasi untuk tahun 2005 menyoroti alokasi berlebihan ini, pasar bereaksi seperti yang diharapkan dengan menurunkan harga pasar tunjangan. Ketersediaan data emisi yang diverifikasi telah memungkinkan Komisi untuk memastikan bahwa pembatasan alokasi nasional di bawah tahap kedua ditetapkan pada tingkat yang menghasilkan pengurangan emisi secara nyata. Selain menggarisbawahi kebutuhan akan data yang terverifikasi, pengalaman sejauh ini telah menunjukkan bahwa harmonisasi yang lebih besar dalam EU ETS sangat penting untuk memastikan bahwa UE mencapai tujuan pengurangan emisi setidaknya biaya dan dengan distorsi kompetitif minimal. Kebutuhan akan harmonisasi lebih jelas sehubungan dengan bagaimana tutup pada tunjangan emisi secara keseluruhan ditetapkan. Dua periode perdagangan pertama juga menunjukkan bahwa metode nasional yang sangat berbeda untuk mengalokasikan tunjangan untuk instalasi mengancam persaingan yang sehat di pasar internal. Selanjutnya, harmonisasi, klarifikasi dan penyempurnaan yang lebih besar diperlukan sehubungan dengan ruang lingkup sistem, akses terhadap kredit dari proyek pengurangan emisi di luar UE, kondisi untuk menghubungkan ETS UE ke sistem perdagangan emisi di tempat lain dan pemantauan, verifikasi dan persyaratan pelaporan. Apa perubahan utama pada EU ETS dan kapan akan berlaku Perubahan disetujui akan berlaku pada periode perdagangan ketiga, yaitu Januari 2013. Sementara persiapan akan segera dimulai, peraturan yang berlaku tidak akan berubah sampai Januari 2013 Untuk memastikan stabilitas peraturan dipertahankan. ETS Uni Eropa pada periode ketiga akan menjadi sistem yang lebih efisien, lebih harmonis dan adil. Peningkatan efisiensi dicapai dengan jangka waktu perdagangan yang lebih lama (8 tahun, bukan 5 tahun), penurunan emisi yang kuat dan tahunan (21 penurunan pada tahun 2020 dibandingkan tahun 2005) dan peningkatan yang substansial dalam jumlah pelelangan (dari kurang dari 4 Pada fase 2 sampai lebih dari setengah pada fase 3). Harmonisasi yang lebih banyak telah disepakati di banyak bidang, termasuk sehubungan dengan penetapan batas (tutupan EU-lebar daripada topi nasional pada fase 1 dan 2) dan peraturan untuk alokasi bebas transisi. Keadilan sistem telah meningkat secara substansial oleh langkah menuju peraturan alokasi bebas Uni Eropa untuk instalasi industri dan dengan diperkenalkannya mekanisme redistribusi yang memberi hak kepada negara-negara anggota baru untuk melelang lebih banyak tunjangan. Bagaimana teks terakhir dibandingkan dengan proposal Komisi awal Target iklim dan energi yang disepakati oleh Dewan Eropa Musim Semi 2007 telah dipelihara dan keseluruhan arsitektur proposal Komisi mengenai ETS UE tetap utuh. Artinya, akan ada satu tutup Uni Eropa untuk jumlah tunjangan emisi dan tutup ini akan turun setiap tahunnya sepanjang garis tren linier, yang akan berlanjut melampaui akhir periode perdagangan ketiga (2013-2020). Perbedaan utama dibandingkan dengan proposal tersebut adalah bahwa pelelangan tunjangan akan bertahap secara lebih lambat. Apa saja perubahan utama dibandingkan dengan proposal Komisi Singkatnya, perubahan utama yang telah diajukan terhadap proposal tersebut adalah sebagai berikut: Negara-negara Anggota tertentu diijinkan pengurangan sementara dan sementara dari peraturan tersebut sehingga tidak ada tunjangan yang dialokasikan secara gratis. Ke generator listrik sampai 2013. Pilihan untuk mengurangi tersedia bagi Negara-negara Anggota yang memenuhi persyaratan tertentu yang berkaitan dengan interkonektivitas jaringan listrik mereka, pangsa satu bahan bakar fosil dalam produksi listrik, dan GDPcapita sehubungan dengan rata-rata EU-27. Selain itu, jumlah tunjangan gratis yang dapat dialokasikan oleh Negara Anggota ke pembangkit listrik terbatas pada 70 emisi karbon dioksida dari pabrik yang relevan pada tahap 1 dan menurun pada tahun-tahun berikutnya. Selanjutnya alokasi gratis di tahap 3 hanya bisa diberikan kepada pembangkit listrik yang sedang beroperasi atau dalam pembangunan paling lambat akhir 2008. Lihat balas pertanyaan 15 di bawah ini. Akan ada rincian lebih lanjut dalam Petunjuk mengenai kriteria yang akan digunakan untuk menentukan sektor atau sub-sektor yang dianggap terkena risiko kebocoran karbon yang signifikan. Dan tanggal publikasi awal daftar Komisi sektor tersebut (31 Desember 2009). Selain itu, untuk meninjau kapan tercapai kesepakatan internasional yang memuaskan, instalasi di semua industri yang terbuka akan menerima 100 tunjangan gratis sejauh mereka menggunakan teknologi yang paling efisien. Alokasi bebas untuk industri terbatas pada pangsa emisi industri ini dalam total emisi pada tahun 2005 sampai 2007. Jumlah total tunjangan yang dialokasikan secara gratis untuk instalasi di sektor industri akan menurun setiap tahunnya seiring dengan turunnya tutup emisi. Negara-negara Anggota juga dapat mengkompensasi instalasi tertentu untuk biaya CO2 yang diteruskan dengan harga listrik jika biaya CO2 dapat mengungkapkan risiko kebocoran karbon tersebut. Komisi telah melakukan modifikasi pedoman Komunitas bantuan negara untuk perlindungan lingkungan dalam hal ini. Lihat balasan ke pertanyaan 15 di bawah ini. Tingkat pelelangan tunjangan untuk industri yang tidak terkena dampak akan meningkat secara linier seperti yang diusulkan oleh Komisi, namun daripada mencapai 100 pada tahun 2020, akan mencapai 70, dengan tujuan mencapai 100 pada tahun 2027. Seperti yang diramalkan dalam proposal Komisi , 10 dari tunjangan pelelangan akan didistribusikan ulang dari Negara-negara Anggota dengan pendapatan per kapita yang tinggi kepada mereka yang memiliki pendapatan per kapita rendah untuk memperkuat kemampuan keuangan yang terakhir untuk berinvestasi dalam teknologi ramah iklim. Ketentuan telah ditambahkan untuk mekanisme redistributif lain dari 2 tunjangan lelang untuk memperhitungkan Negara-negara Anggota yang pada tahun 2005 telah mencapai pengurangan paling sedikit 20 emisi gas rumah kaca dibandingkan dengan tahun referensi yang ditetapkan oleh Protokol Kyoto. Bagian dari pendapatan lelang yang direkomendasikan oleh Negara-negara Anggota untuk bertarung dan beradaptasi terhadap perubahan iklim terutama di dalam UE, tetapi juga di negara-negara berkembang, meningkat dari 20 menjadi 50. Teks tersebut memberikan sebuah top-up ke tingkat yang diizinkan yang diusulkan Penggunaan kredit JICDM dalam 20 skenario untuk operator yang ada yang menerima anggaran terendah untuk mengimpor dan menggunakan kredit tersebut sehubungan dengan alokasi dan akses terhadap kredit pada periode 2008-2012. Sektor baru, pendatang baru di periode 2013-2020 dan 2008-2012 juga akan bisa menggunakan kredit. Jumlah total kredit yang mungkin digunakan akan, bagaimanapun, tidak melebihi 50 dari pengurangan antara tahun 2008 dan 2020. Berdasarkan pengurangan emisi yang lebih ketat dalam konteks kesepakatan internasional yang memuaskan, Komisi dapat mengizinkan akses tambahan ke CER dan ERU untuk Operator dalam skema Komunitas. Lihat balasan ke pertanyaan 20 di bawah ini. Hasil pelelangan 300 juta tunjangan dari cadangan pendatang baru akan digunakan untuk mendukung hingga 12 proyek dan proyek demonstrasi penangkapan dan penyimpanan karbon yang menunjukkan teknologi energi terbarukan yang inovatif. Sejumlah kondisi melekat pada mekanisme pembiayaan ini. Lihat balasan ke pertanyaan 30 di bawah ini. Kemungkinan untuk memilih keluar instalasi pembakaran kecil asalkan mereka tunduk pada langkah-langkah ekuivalen telah diperluas untuk mencakup semua instalasi kecil terlepas dari aktivitasnya, ambang emisi telah meningkat dari 10.000 menjadi 25.000 ton CO2 per tahun, dan ambang kapasitas yang Instalasi pembakaran harus dipenuhi selain telah dinaikkan dari 25MW menjadi 35MW. Dengan peningkatan ambang batas ini, porsi emisi tertutup yang berpotensi dikeluarkan dari sistem perdagangan emisi menjadi signifikan, dan akibatnya ketentuan telah ditambahkan untuk memungkinkan pengurangan yang sesuai dari tutup Uni Eropa mengenai tunjangan. Akankah masih ada rencana alokasi nasional (NAP) No. Dalam NAP mereka untuk periode perdagangan pertama (2005-2007) dan kedua (2008-2012), Negara-negara Anggota menetapkan jumlah total tunjangan yang harus dikeluarkan dan bagaimana hal tersebut Akan dialokasikan untuk instalasi yang bersangkutan. Pendekatan ini telah menghasilkan perbedaan yang signifikan dalam aturan alokasi, menciptakan insentif bagi setiap Negara Anggota untuk mendukung industri mereka sendiri, dan telah menyebabkan kompleksitas yang tinggi. Dari periode perdagangan ketiga, akan ada satu tutup dan tunjangan EU-wide yang dialokasikan berdasarkan peraturan yang harmonis. Oleh karena itu, rencana alokasi nasional tidak diperlukan lagi. Bagaimana cap emisi pada tahap 3 ditentukan Aturan untuk menghitung tutup Uni Eropa adalah sebagai berikut: Dari tahun 2013, jumlah total tunjangan akan menurun setiap tahun secara linier. Titik awal dari baris ini adalah jumlah total tunjangan rata-rata (batas 2 fasa) yang akan dikeluarkan oleh Negara-negara Anggota untuk periode 2008-12, disesuaikan untuk mencerminkan cakupan sistem yang diperluas dari tahun 2013 dan juga instalasi kecil mana pun Negara telah memilih untuk dikecualikan. Faktor linier dimana jumlah tahunan akan menurun adalah 1,74 dalam kaitannya dengan tutupan fasa 2. Titik awal untuk menentukan faktor linier 1,74 adalah pengurangan 20 keseluruhan gas rumah kaca dibandingkan tahun 1990, yang setara dengan penurunan 14 dibandingkan tahun 2005. Namun, pengurangan yang lebih besar diperlukan dari ETS UE karena lebih murah untuk mengurangi Emisi di sektor ETS. Pembagian yang meminimalkan pengurangan biaya keseluruhan adalah: pengurangan 21 emisi sektor ETS UE dibandingkan tahun 2005 pada tahun 2020 merupakan pengurangan sekitar 10 dibandingkan tahun 2005 untuk sektor-sektor yang tidak tercakup dalam EU ETS. Penurunan 2120 pada 2020 menghasilkan cap ETS pada tahun 2020 dari jumlah maksimum 1720 juta tunjangan dan menyiratkan cap tahap 3 rata-rata (2013 sampai 2020) dari sekitar 1846 juta tunjangan dan pengurangan 11 dibandingkan dengan cap tahap 2. Semua angka mutlak ditunjukkan sesuai dengan cakupan pada awal periode perdagangan kedua dan oleh karena itu jangan memperhitungkan penerbangan, yang akan ditambahkan pada tahun 2012, dan sektor lain yang akan ditambahkan pada tahap 3. Angka terakhir untuk kenaikan emisi tahunan Pada tahap 3 akan ditentukan dan diterbitkan oleh Komisi pada tanggal 30 September 2010. Bagaimana cap emisi di luar fase 3 ditentukan Faktor linier 1,74 yang digunakan untuk menentukan tutupan tahap 3 akan terus berlanjut melampaui akhir periode perdagangan di 2020 dan akan menentukan tutup untuk periode perdagangan keempat (2021 sampai 2028) dan seterusnya. Hal ini dapat direvisi paling lambat 2025. Sebenarnya, pengurangan emisi yang signifikan sebesar 60-80 dibandingkan tahun 1990 akan diperlukan pada tahun 2050 untuk mencapai tujuan strategis untuk membatasi kenaikan suhu rata-rata global hingga tidak lebih dari 2C di atas tingkat pra-industri. Tutupan tunjangan emisi EU-lebar akan ditentukan untuk setiap tahun. Apakah ini mengurangi fleksibilitas untuk instalasi yang bersangkutan Tidak, fleksibilitas untuk instalasi tidak akan berkurang sama sekali. Setiap tahun, tunjangan yang dilelang dan didistribusikan harus dikeluarkan oleh pihak yang berwenang pada tanggal 28 Februari. The last date for operators to surrender allowances is 30 April of the year following the year in which the emissions took place. So operators receive allowances for the current year before they have to surrender allowances to cover their emissions for the previous year. Allowances remain valid throughout the trading period and any surplus allowances can now be banked for use in subsequent trading periods. In this respect nothing will change. The system will remain based on trading periods, but the third trading period will last eight years, from 2013 to 2020, as opposed to five years for the second phase from 2008 to 2012. For the second trading period Member States generally decided to allocate equal total quantities of allowances for each year. The linear decrease each year from 2013 will correspond better to expected emissions trends over the period. What are the tentative annual ETS cap figures for the period 2013 to 2020 The tentative annual cap figures are as follows: These figures are based on the scope of the ETS as applicable in phase 2 (2008 to 2012), and the Commissions decisions on the national allocation plans for phase 2, amounting to 2083 million tonnes. These figures will be adjusted for several reasons. Firstly, adjustment will be made to take into account the extensions of the scope in phase 2, provided that Member States substantiate and verify their emissions accruing from these extensions. Secondly, adjustment will be made with respect to further extensions of the scope of the ETS in the third trading period. Thirdly, any opt-out of small installations will lead to a corresponding reduction of the cap. Fourthly, the figures do not take account of the inclusion of aviation, nor of emissions from Norway, Iceland and Liechtenstein. Will allowances still be allocated for free Yes. Industrial installations will receive transitional free allocation. And in those Member States that are eligible for the optional derogation, power plants may, if the Member State so decides, also receive free allowances. It is estimated that at least half of the available allowances as of 2013 will be auctioned. While the great majority of allowances has been allocated free of charge to installations in the first and second trading periods, the Commission proposed that auctioning of allowances should become the basic principle for allocation. This is because auctioning best ensures the efficiency, transparency and simplicity of the system and creates the greatest incentive for investments in a low-carbon economy. It best complies with the polluter pays principle and avoids giving windfall profits to certain sectors that have passed on the notional cost of allowances to their customers despite receiving them for free. How will allowances be handed out for free By 31 December 2010, the Commission will adopt EU-wide rules, which will be developed under a committee procedure (Comitology). These rules will fully harmonise allocations and thus all firms across the EU with the same or similar activities will be subject to the same rules. The rules will ensure as far as possible that the allocation promotes carbon-efficient technologies. The adopted rules provide that to the extent feasible, allocations are to be based on so-called benchmarks, e.g. a number of allowances per quantity of historical output. Such rules reward operators that have taken early action to reduce greenhouse gases, better reflect the polluter pays principle and give stronger incentives to reduce emissions, as allocations would no longer depend on historical emissions. All allocations are to be determined before the start of the third trading period and no ex-post adjustments will be allowed. Which installations will receive free allocations and which will not How will negative impacts on competitiveness be avoided Taking into account their ability to pass on the increased cost of emission allowances, full auctioning is the rule from 2013 onwards for electricity generators. However, Member States who fulfil certain conditions relating to their interconnectivity or their share of fossil fuels in electricity production and GDP per capita in relation to the EU-27 average, have the option to temporarily deviate from this rule with respect to existing power plants. The auctioning rate in 2013 is to be at least 30 in relation to emissions in the first period and has to increase progressively to 100 no later than 2020. If the option is applied, the Member State has to undertake to invest in improving and upgrading of the infrastructure, in clean technologies and in diversification of their energy mix and sources of supply for an amount to the extent possible equal to the market value of the free allocation. In other sectors, allocations for free will be phased out progressively from 2013, with Member States agreeing to start at 20 auctioning in 2013, increasing to 70 auctioning in 2020 with a view to reaching 100 in 2027. However, an exception will be made for installations in sectors that are found to be exposed to a significant risk of carbon leakage. This risk could occur if the EU ETS increased production costs so much that companies decided to relocate production to areas outside the EU that are not subject to comparable emission constraints. The Commission will determine the sectors concerned by 31 December 2009. To do this, the Commission will assess inter alia whether the direct and indirect additional production costs induced by the implementation of the ETS Directive as a proportion of gross value added exceed 5 and whether the total value of its exports and imports divided by the total value of its turnover and imports exceeds 10. If the result for either of these criteria exceeds 30, the sector would also be considered to be exposed to a significant risk of carbon leakage. Installations in these sectors would receive 100 of their share in the annually declining total quantity of allowances for free. The share of these industries emissions is determined in relation to total ETS emissions in 2005 to 2007. CO 2 costs passed on in electricity prices could also expose certain installations to the risk of carbon leakage. In order to avoid such risk, Member States may grant a compensation with respect to such costs. In the absence of an international agreement on climate change, the Commission has undertaken to modify the Community guidelines on state aid for environmental protection in this respect. Under an international agreement which ensures that competitors in other parts of the world bear a comparable cost, the risk of carbon leakage may well be negligible. Therefore, by 30 June 2010, the Commission will carry out an in-depth assessment of the situation of energy-intensive industry and the risk of carbon leakage, in the light of the outcome of the international negotiations and also taking into account any binding sectoral agreements that may have been concluded. The report will be accompanied by any proposals considered appropriate. These could potentially include maintaining or adjusting the proportion of allowances received free of charge to industrial installations that are particularly exposed to global competition or including importers of the products concerned in the ETS. Who will organise the auctions and how will they be carried out Member States will be responsible for ensuring that the allowances given to them are auctioned. Each Member State has to decide whether it wants to develop its own auctioning infrastructure and platform or whether it wants to cooperate with other Member States to develop regional or EU-wide solutions. The distribution of the auctioning rights to Member States is largely based on emissions in phase 1 of the EU ETS, but a part of the rights will be redistributed from richer Member States to poorer ones to take account of the lower GDP per head and higher prospects for growth and emissions among the latter. It is still the case that 10 of the rights to auction allowances will be redistributed from Member States with high per capita income to those with low per capita income in order to strengthen the financial capacity of the latter to invest in climate friendly technologies. However, a provision has been added for another redistributive mechanism of 2 to take into account Member States which in 2005 had achieved a reduction of at least 20 in greenhouse gas emissions compared with the reference year set by the Kyoto Protocol. Nine Member States benefit from this provision. Any auctioning must respect the rules of the internal market and must therefore be open to any potential buyer under non-discriminatory conditions. By 30 June 2010, the Commission will adopt a Regulation (through the comitology procedure) that will provide the appropriate rules and conditions for ensuring efficient, coordinated auctions without disturbing the allowance market. How many allowances will each Member State auction and how is this amount determined All allowances which are not allocated free of charge will be auctioned. A total of 88 of allowances to be auctioned by each Member State is distributed on the basis of the Member States share of historic emissions under the EU ETS. For purposes of solidarity and growth, 12 of the total quantity is distributed in a way that takes into account GDP per capita and the achievements under the Kyoto-Protocol. Which sectors and gases are covered as of 2013 The ETS covers installations performing specified activities. Since the start it has covered, above certain capacity thresholds, power stations and other combustion plants, oil refineries, coke ovens, iron and steel plants and factories making cement, glass, lime, bricks, ceramics, pulp, paper and board. As for greenhouse gases, it currently only covers carbon dioxide emissions, with the exception of the Netherlands, which has opted in emissions from nitrous oxide. As from 2013, the scope of the ETS will be extended to also include other sectors and greenhouse gases. CO 2 emissions from petrochemicals, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. The capture, transport and geological storage of all greenhouse gas emissions will also be covered. These sectors will receive allowances free of charge according to EU-wide rules, in the same way as other industrial sectors already covered. As of 2012, aviation will also be included in the EU ETS. Will small installations be excluded from the scope A large number of installations emitting relatively low amounts of CO 2 are currently covered by the ETS and concerns have been raised over the cost-effectiveness of their inclusion. As from 2013, Member States will be allowed to remove these installations from the ETS under certain conditions. The installations concerned are those whose reported emissions were lower than 25 000 tonnes of CO 2 equivalent in each of the 3 years preceding the year of application. For combustion installations, an additional capacity threshold of 35MW applies. In addition Member States are given the possibility to exclude installations operated by hospitals. The installations may be excluded from the ETS only if they will be covered by measures that will achieve an equivalent contribution to emission reductions. How many emission credits from third countries will be allowed For the second trading period, Member States allowed their operators to use significant quantities of credits generated by emission-saving projects undertaken in third countries to cover part of their emissions in the same way as they use ETS allowances. The revised Directive extends the rights to use these credits for the third trading period and allows a limited additional quantity to be used in such a way that the overall use of credits is limited to 50 of the EU-wide reductions over the period 2008-2020. For existing installations, and excluding new sectors within the scope, this will represent a total level of access of approximately 1.6 billion credits over the period 2008-2020. In practice, this means that existing operators will be able to use credits up to a minimum of 11 of their allocation during the period 2008-2012, while a top-up is foreseen for operators with the lowest sum of free allocation and allowed use of credits in the 2008-2012 period. New sectors and new entrants in the third trading period will have a guaranteed minimum access of 4.5 of their verified emissions during the period 2013-2020. For the aviation sector, the minimum access will be 1.5. The precise percentages will be determined through comitology. These projects must be officially recognised under the Kyoto Protocols Joint Implementation (JI) mechanism (covering projects carried out in countries with an emissions reduction target under the Protocol) or Clean Development Mechanism (CDM) (for projects undertaken in developing countries). Credits from JI projects are known as Emission Reduction Units (ERUs) while those from CDM projects are called Certified Emission Reductions (CERs). On the quality side only credits from project types eligible for use in the EU trading scheme during the period 2008-2012 will be accepted in the period 2013-2020. Furthermore, from 1 January 2013 measures may be applied to restrict the use of specific credits from project types. Such a quality control mechanism is needed to assure the environmental and economic integrity of future project types. To create greater flexibility, and in the absence of an international agreement being concluded by 31 December 2009, credits could be used in accordance with agreements concluded with third countries. The use of these credits should however not increase the overall number beyond 50 of the required reductions. Such agreements would not be required for new projects that started from 2013 onwards in Least Developed Countries. Based on a stricter emissions reduction in the context of a satisfactory international agreement . additional access to credits could be allowed, as well as the use of additional types of project credits or other mechanisms created under the international agreement. However, once an international agreement has been reached, from January 2013 onwards only credits from projects in third countries that have ratified the agreement or from additional types of project approved by the Commission will be eligible for use in the Community scheme. Will it be possible to use credits from carbon sinks like forests No. Before making its proposal, the Commission analysed the possibility of allowing credits from certain types of land use, land-use change and forestry (LULUCF) projects which absorb carbon from the atmosphere. It concluded that doing so could undermine the environmental integrity of the EU ETS, for the following reasons: LULUCF projects cannot physically deliver permanent emissions reductions. Insufficient solutions have been developed to deal with the uncertainties, non-permanence of carbon storage and potential emissions leakage problems arising from such projects. The temporary and reversible nature of such activities would pose considerable risks in a company-based trading system and impose great liability risks on Member States. The inclusion of LULUCF projects in the ETS would require a quality of monitoring and reporting comparable to the monitoring and reporting of emissions from installations currently covered by the system. This is not available at present and is likely to incur costs which would substantially reduce the attractiveness of including such projects. The simplicity, transparency and predictability of the ETS would be considerably reduced. Moreover, the sheer quantity of potential credits entering the system could undermine the functioning of the carbon market unless their role were limited, in which case their potential benefits would become marginal. The Commission, the Council and the European Parliament believe that global deforestation can be better addressed through other instruments. For example, using part of the proceeds from auctioning allowances in the EU ETS could generate additional means to invest in LULUCF activities both inside and outside the EU, and may provide a model for future expansion. In this respect the Commission has proposed to set up the Global Forest Carbon Mechanism that would be a performance-based system for financing reductions in deforestation levels in developing countries. Besides those already mentioned, are there other credits that could be used in the revised ETS Yes. Projects in EU Member States which reduce greenhouse gas emissions not covered by the ETS could issue credits. These Community projects would need to be managed according to common EU provisions set up by the Commission in order to be tradable throughout the system. Such provisions would be adopted only for projects that cannot be realised through inclusion in the ETS. The provisions will seek to ensure that credits from Community projects do not result in double-counting of emission reductions nor impede other policy measures to reduce emissions not covered by the ETS, and that they are based on simple, easily administered rules. Are there measures in place to ensure that the price of allowances wont fall sharply during the third trading period A stable and predictable regulatory framework is vital for market stability. The revised Directive makes the regulatory framework as predictable as possible in order to boost stability and rule out policy-induced volatility. Important elements in this respect are the determination of the cap on emissions in the Directive well in advance of the start of the trading period, a linear reduction factor for the cap on emissions which continues to apply also beyond 2020 and the extension of the trading period from 5 to 8 years. The sharp fall in the allowance price during the first trading period was due to over-allocation of allowances which could not be banked for use in the second trading period. For the second and subsequent trading periods, Member States are obliged to allow the banking of allowances from one period to the next and therefore the end of one trading period is not expected to have any impact on the price. A new provision will apply as of 2013 in case of excessive price fluctuations in the allowance market. If, for more than six consecutive months, the allowance price is more than three times the average price of allowances during the two preceding years on the European market, the Commission will convene a meeting with Member States. If it is found that the price evolution does not correspond to market fundamentals, the Commission may either allow Member States to bring forward the auctioning of a part of the quantity to be auctioned, or allow them to auction up to 25 of the remaining allowances in the new entrant reserve. The price of allowances is determined by supply and demand and reflects fundamental factors like economic growth, fuel prices, rainfall and wind (availability of renewable energy) and temperature (demand for heating and cooling) etc. A degree of uncertainty is inevitable for such factors. The markets, however, allow participants to hedge the risks that may result from changes in allowances prices. Are there any provisions for linking the EU ETS to other emissions trading systems Yes. One of the key means to reduce emissions more cost-effectively is to enhance and further develop the global carbon market. The Commission sees the EU ETS as an important building block for the development of a global network of emission trading systems. Linking other national or regional cap-and-trade emissions trading systems to the EU ETS can create a bigger market, potentially lowering the aggregate cost of reducing greenhouse gas emissions. The increased liquidity and reduced price volatility that this would entail would improve the functioning of markets for emission allowances. This may lead to a global network of trading systems in which participants, including legal entities, can buy emission allowances to fulfil their respective reduction commitments. The EU is keen to work with the new US Administration to build a transatlantic and indeed global carbon market to act as the motor of a concerted international push to combat climate change. While the original Directive allows for linking the EU ETS with other industrialised countries that have ratified the Kyoto Protocol, the new rules allow for linking with any country or administrative entity (such as a state or group of states under a federal system) which has established a compatible mandatory cap-and-trade system whose design elements would not undermine the environmental integrity of the EU ETS. Where such systems cap absolute emissions, there would be mutual recognition of allowances issued by them and the EU ETS. What is a Community registry and how does it work Registries are standardised electronic databases ensuring the accurate accounting of the issuance, holding, transfer and cancellation of emission allowances. As a signatory to the Kyoto Protocol in its own right, the Community is also obliged to maintain a registry. This is the Community Registry, which is distinct from the registries of Member States. Allowances issued from 1 January 2013 onwards will be held in the Community registry instead of in national registries. Will there be any changes to monitoring, reporting and verification requirements The Commission will adopt a new Regulation (through the comitology procedure) by 31 December 2011 governing the monitoring and reporting of emissions from the activities listed in Annex I of the Directive. A separate Regulation on the verification of emission reports and the accreditation of verifiers should specify conditions for accreditation, mutual recognition and cancellation of accreditation for verifiers, and for supervision and peer review as appropriate. What provision will be made for new entrants into the market Five percent of the total quantity of allowances will be put into a reserve for new installations or airlines that enter the system after 2013 (new entrants). The allocations from this reserve should mirror the allocations to corresponding existing installations. A part of the new entrant reserve, amounting to 300 million allowances, will be made available to support the investments in up to 12 demonstration projects using the carbon capture and storage technology and demonstration projects using innovative renewable energy technologies. There should be a fair geographical distribution of the projects. In principle, any allowances remaining in the reserve shall be distributed to Member States for auctioning. The distribution key shall take into account the level to which installations in Member States have benefited from this reserve. What has been agreed with respect to the financing of the 12 carbon capture and storage demonstration projects requested by a previous European Council The European Parliaments Environment Committee tabled an amendment to the EU ETS Directive requiring allowances in the new entrant reserve to be set aside in order to co-finance up to 12 demonstration projects as requested by the European Council in spring 2007. This amendment has later been extended to include also innovative renewable energy technologies that are not commercially viable yet. Projects shall be selected on the basis of objective and transparent criteria that include requirements for knowledge sharing. Support shall be given from the proceeds of these allowances via Member States and shall be complementary to substantial co-financing by the operator of the installation. No project shall receive support via this mechanism that exceeds 15 of the total number of allowances (i.e. 45 million allowances) available for this purpose. The Member State may choose to co-finance the project as well, but will in any case transfer the market value of the attributed allowances to the operator, who will not receive any allowances. A total of 300 million allowances will therefore be set aside until 2015 for this purpose. What is the role of an international agreement and its potential impact on EU ETS When an international agreement is reached, the Commission shall submit a report to the European Parliament and the Council assessing the nature of the measures agreed upon in the international agreement and their implications, in particular with respect to the risk of carbon leakage. On the basis of this report, the Commission shall then adopt a legislative proposal amending the present Directive as appropriate. For the effects on the use of credits from Joint Implementation and Clean Development Mechanism projects, please see the reply to question 20. What are the next steps Member States have to bring into force the legal instruments necessary to comply with certain provisions of the revised Directive by 31 December 2009. This concerns the collection of duly substantiated and verified emissions data from installations that will only be covered by the EU ETS as from 2013, and the national lists of installations and the allocation to each one. For the remaining provisions, the national laws, regulations and administrative provisions only have to be ready by 31 December 2012. The Commission has already started the work on implementation. For example, the collection and analysis of data for use in relation to carbon leakage is ongoing (list of sectors due end 2009). Work is also ongoing to prepare the Regulation on timing, administration and other aspects of auctioning (due by June 2010), the harmonised allocation rules (due end 2010) and the two Regulations on monitoring and reporting of emissions and verification of emissions and accreditation of verifiers (due end 2011).Trading Floor Architecture Trading Floor Architecture Executive Overview Increased competition, higher market data volume, and new regulatory demands are some of the driving forces behind industry changes. Firms are trying to maintain their competitive edge by constantly changing their trading strategies and increasing the speed of trading. A viable architecture has to include the latest technologies from both network and application domains. It has to be modular to provide a manageable path to evolve each component with minimal disruption to the overall system. Therefore the architecture proposed by this paper is based on a services framework. We examine services such as ultra-low latency messaging, latency monitoring, multicast, computing, storage, data and application virtualization, trading resiliency, trading mobility, and thin client. The solution to the complex requirements of the next-generation trading platform must be built with a holistic mindset, crossing the boundaries of traditional silos like business and technology or applications and networking. This documents main goal is to provide guidelines for building an ultra-low latency trading platform while optimizing the raw throughput and message rate for both market data and FIX trading orders. To achieve this, we are proposing the following latency reduction technologies: High speed inter-connectInfiniBand or 10 Gbps connectivity for the trading cluster High-speed messaging bus Application acceleration via RDMA without application re-code Real-time latency monitoring and re-direction of trading traffic to the path with minimum latency Industry Trends and Challenges Next-generation trading architectures have to respond to increased demands for speed, volume, and efficiency. For example, the volume of options market data is expected to double after the introduction of options penny trading in 2007. There are also regulatory demands for best execution, which require handling price updates at rates that approach 1M msgsec. for exchanges. They also require visibility into the freshness of the data and proof that the client got the best possible execution. In the short term, speed of trading and innovation are key differentiators. An increasing number of trades are handled by algorithmic trading applications placed as close as possible to the trade execution venue. A challenge with these quotblack-boxquot trading engines is that they compound the volume increase by issuing orders only to cancel them and re-submit them. The cause of this behavior is lack of visibility into which venue offers best execution. The human trader is now a quotfinancial engineer,quot a quotquantquot (quantitative analyst) with programming skills, who can adjust trading models on the fly. Firms develop new financial instruments like weather derivatives or cross-asset class trades and they need to deploy the new applications quickly and in a scalable fashion. In the long term, competitive differentiation should come from analysis, not just knowledge. The star traders of tomorrow assume risk, achieve true client insight, and consistently beat the market (source IBM: www-935.ibmservicesusimcpdfge510-6270-trader.pdf ). Business resilience has been one main concern of trading firms since September 11, 2001. Solutions in this area range from redundant data centers situated in different geographies and connected to multiple trading venues to virtual trader solutions offering power traders most of the functionality of a trading floor in a remote location. The financial services industry is one of the most demanding in terms of IT requirements. The industry is experiencing an architectural shift towards Services-Oriented Architecture (SOA), Web services, and virtualization of IT resources. SOA takes advantage of the increase in network speed to enable dynamic binding and virtualization of software components. This allows the creation of new applications without losing the investment in existing systems and infrastructure. The concept has the potential to revolutionize the way integration is done, enabling significant reductions in the complexity and cost of such integration (gigaspacesdownloadMerrilLynchGigaSpacesWP.pdf ). Another trend is the consolidation of servers into data center server farms, while trader desks have only KVM extensions and ultra-thin clients (e.g. SunRay and HP blade solutions). High-speed Metro Area Networks enable market data to be multicast between different locations, enabling the virtualization of the trading floor. High-Level Architecture Figure 1 depicts the high-level architecture of a trading environment. The ticker plant and the algorithmic trading engines are located in the high performance trading cluster in the firms data center or at the exchange. The human traders are located in the end-user applications area. Functionally there are two application components in the enterprise trading environment, publishers and subscribers. The messaging bus provides the communication path between publishers and subscribers. There are two types of traffic specific to a trading environment: Market DataCarries pricing information for financial instruments, news, and other value-added information such as analytics. It is unidirectional and very latency sensitive, typically delivered over UDP multicast. It is measured in updatessec. and in Mbps. Market data flows from one or multiple external feeds, coming from market data providers like stock exchanges, data aggregators, and ECNs. Each provider has their own market data format. The data is received by feed handlers, specialized applications which normalize and clean the data and then send it to data consumers, such as pricing engines, algorithmic trading applications, or human traders. Sell-side firms also send the market data to their clients, buy-side firms such as mutual funds, hedge funds, and other asset managers. Some buy-side firms may opt to receive direct feeds from exchanges, reducing latency. Figure 1 Trading Architecture for a Buy SideSell Side Firm There is no industry standard for market data formats. Each exchange has their proprietary format. Financial content providers such as Reuters and Bloomberg aggregate different sources of market data, normalize it, and add news or analytics. Examples of consolidated feeds are RDF (Reuters Data Feed), RWF (Reuters Wire Format), and Bloomberg Professional Services Data. To deliver lower latency market data, both vendors have released real-time market data feeds which are less processed and have less analytics: Bloomberg B-PipeWith B-Pipe, Bloomberg de-couples their market data feed from their distribution platform because a Bloomberg terminal is not required for get B-Pipe. Wombat and Reuters Feed Handlers have announced support for B-Pipe. A firm may decide to receive feeds directly from an exchange to reduce latency. The gains in transmission speed can be between 150 milliseconds to 500 milliseconds. These feeds are more complex and more expensive and the firm has to build and maintain their own ticker plant (financetechfeaturedshowArticle.jhtmlarticleID60404306 ). Trading OrdersThis type of traffic carries the actual trades. It is bi-directional and very latency sensitive. It is measured in messagessec. and Mbps. The orders originate from a buy side or sell side firm and are sent to trading venues like an Exchange or ECN for execution. The most common format for order transport is FIX (Financial Information eXchangefixprotocol.org ). The applications which handle FIX messages are called FIX engines and they interface with order management systems (OMS). An optimization to FIX is called FAST (Fix Adapted for Streaming), which uses a compression schema to reduce message length and, in effect, reduce latency. FAST is targeted more to the delivery of market data and has the potential to become a standard. FAST can also be used as a compression schema for proprietary market data formats. To reduce latency, firms may opt to establish Direct Market Access (DMA). DMA is the automated process of routing a securities order directly to an execution venue, therefore avoiding the intervention by a third-party (towergroupresearchcontentglossary.jsppage1ampglossaryId383 ). DMA requires a direct connection to the execution venue. The messaging bus is middleware software from vendors such as Tibco, 29West, Reuters RMDS, or an open source platform such as AMQP. The messaging bus uses a reliable mechanism to deliver messages. The transport can be done over TCPIP (TibcoEMS, 29West, RMDS, and AMQP) or UDPmulticast (TibcoRV, 29West, and RMDS). One important concept in message distribution is the quottopic stream,quot which is a subset of market data defined by criteria such as ticker symbol, industry, or a certain basket of financial instruments. Subscribers join topic groups mapped to one or multiple sub-topics in order to receive only the relevant information. In the past, all traders received all market data. At the current volumes of traffic, this would be sub-optimal. The network plays a critical role in the trading environment. Market data is carried to the trading floor where the human traders are located via a Campus or Metro Area high-speed network. High availability and low latency, as well as high throughput, are the most important metrics. The high performance trading environment has most of its components in the Data Center server farm. To minimize latency, the algorithmic trading engines need to be located in the proximity of the feed handlers, FIX engines, and order management systems. An alternate deployment model has the algorithmic trading systems located at an exchange or a service provider with fast connectivity to multiple exchanges. Deployment Models There are two deployment models for a high performance trading platform. Firms may chose to have a mix of the two: Data Center of the trading firm (Figure 2 )This is the traditional model, where a full-fledged trading platform is developed and maintained by the firm with communication links to all the trading venues. Latency varies with the speed of the links and the number of hops between the firm and the venues. Figure 2 Traditional Deployment Model Co-location at the trading venue (exchanges, financial service providers (FSP)) (Figure 3 ) The trading firm deploys its automated trading platform as close as possible to the execution venues to minimize latency. Figure 3 Hosted Deployment Model Services-Oriented Trading Architecture We are proposing a services-oriented framework for building the next-generation trading architecture. This approach provides a conceptual framework and an implementation path based on modularization and minimization of inter-dependencies. This framework provides firms with a methodology to: Evaluate their current state in terms of services Prioritize services based on their value to the business Evolve the trading platform to the desired state using a modular approach The high performance trading architecture relies on the following services, as defined by the services architecture framework represented in Figure 4. Figure 4 Service Architecture Framework for High Performance Trading Ultra-Low Latency Messaging Service This service is provided by the messaging bus, which is a software system that solves the problem of connecting many-to-many applications. The system consists of: A set of pre-defined message schemas A set of common command messages A shared application infrastructure for sending the messages to recipients. The shared infrastructure can be based on a message broker or on a publishsubscribe model. The key requirements for the next-generation messaging bus are (source 29West): Lowest possible latency (e.g. less than 100 microseconds) Stability under heavy load (e.g. more than 1.4 million msgsec.) Control and flexibility (rate control and configurable transports) There are efforts in the industry to standardize the messaging bus. Advanced Message Queueing Protocol (AMQP) is an example of an open standard championed by J.P. Morgan Chase and supported by a group of vendors such as Cisco, Envoy Technologies, Red Hat, TWIST Process Innovations, Iona, 29West, and iMatix. Two of the main goals are to provide a more simple path to inter-operability for applications written on different platforms and modularity so that the middleware can be easily evolved. In very general terms, an AMQP server is analogous to an E-mail server with each exchange acting as a message transfer agent and each message queue as a mailbox. The bindings define the routing tables in each transfer agent. Publishers send messages to individual transfer agents, which then route the messages into mailboxes. Consumers take messages from mailboxes, which creates a powerful and flexible model that is simple (source: amqp.orgtikiwikitiki-index.phppageOpenApproachWhyAMQP ). Latency Monitoring Service The main requirements for this service are: Sub-millisecond granularity of measurements Near-real time visibility without adding latency to the trading traffic Ability to differentiate application processing latency from network transit latency Ability to handle high message rates Provide a programmatic interface for trading applications to receive latency data, thus enabling algorithmic trading engines to adapt to changing conditions Correlate network events with application events for troubleshooting purposes Latency can be defined as the time interval between when a trade order is sent and when the same order is acknowledged and acted upon by the receiving party. Addressing the latency issue is a complex problem, requiring a holistic approach that identifies all sources of latency and applies different technologies at different layers of the system. Figure 5 depicts the variety of components that can introduce latency at each layer of the OSI stack. It also maps each source of latency with a possible solution and a monitoring solution. This layered approach can give firms a more structured way of attacking the latency issue, whereby each component can be thought of as a service and treated consistently across the firm. Maintaining an accurate measure of the dynamic state of this time interval across alternative routes and destinations can be of great assistance in tactical trading decisions. The ability to identify the exact location of delays, whether in the customers edge network, the central processing hub, or the transaction application level, significantly determines the ability of service providers to meet their trading service-level agreements (SLAs). For buy-side and sell-side forms, as well as for market-data syndicators, the quick identification and removal of bottlenecks translates directly into enhanced trade opportunities and revenue. Figure 5 Latency Management Architecture Cisco Low-Latency Monitoring Tools Traditional network monitoring tools operate with minutes or seconds granularity. Next-generation trading platforms, especially those supporting algorithmic trading, require latencies less than 5 ms and extremely low levels of packet loss. On a Gigabit LAN, a 100 ms microburst can cause 10,000 transactions to be lost or excessively delayed. Cisco offers its customers a choice of tools to measure latency in a trading environment: Bandwidth Quality Manager (BQM) (OEM from Corvil) Cisco AON-based Financial Services Latency Monitoring Solution (FSMS) Bandwidth Quality Manager Bandwidth Quality Manager (BQM) 4.0 is a next-generation network application performance management product that enables customers to monitor and provision their network for controlled levels of latency and loss performance. While BQM is not exclusively targeted at trading networks, its microsecond visibility combined with intelligent bandwidth provisioning features make it ideal for these demanding environments. Cisco BQM 4.0 implements a broad set of patented and patent-pending traffic measurement and network analysis technologies that give the user unprecedented visibility and understanding of how to optimize the network for maximum application performance. Cisco BQM is now supported on the product family of Cisco Application Deployment Engine (ADE). The Cisco ADE product family is the platform of choice for Cisco network management applications. BQM Benefits Cisco BQM micro-visibility is the ability to detect, measure, and analyze latency, jitter, and loss inducing traffic events down to microsecond levels of granularity with per packet resolution. This enables Cisco BQM to detect and determine the impact of traffic events on network latency, jitter, and loss. Critical for trading environments is that BQM can support latency, loss, and jitter measurements one-way for both TCP and UDP (multicast) traffic. This means it reports seamlessly for both trading traffic and market data feeds. BQM allows the user to specify a comprehensive set of thresholds (against microburst activity, latency, loss, jitter, utilization, etc.) on all interfaces. BQM then operates a background rolling packet capture. Whenever a threshold violation or other potential performance degradation event occurs, it triggers Cisco BQM to store the packet capture to disk for later analysis. This allows the user to examine in full detail both the application traffic that was affected by performance degradation (quotthe victimsquot) and the traffic that caused the performance degradation (quotthe culpritsquot). This can significantly reduce the time spent diagnosing and resolving network performance issues. BQM is also able to provide detailed bandwidth and quality of service (QoS) policy provisioning recommendations, which the user can directly apply to achieve desired network performance. BQM Measurements Illustrated To understand the difference between some of the more conventional measurement techniques and the visibility provided by BQM, we can look at some comparison graphs. In the first set of graphs (Figure 6 and Figure 7 ), we see the difference between the latency measured by BQMs Passive Network Quality Monitor (PNQM) and the latency measured by injecting ping packets every 1 second into the traffic stream. In Figure 6. we see the latency reported by 1-second ICMP ping packets for real network traffic (it is divided by 2 to give an estimate for the one-way delay). It shows the delay comfortably below about 5ms for almost all of the time. Figure 6 Latency Reported by 1-Second ICMP Ping Packets for Real Network Traffic In Figure 7. we see the latency reported by PNQM for the same traffic at the same time. Here we see that by measuring the one-way latency of the actual application packets, we get a radically different picture. Here the latency is seen to be hovering around 20 ms, with occasional bursts far higher. The explanation is that because ping is sending packets only every second, it is completely missing most of the application traffic latency. In fact, ping results typically only indicate round trip propagation delay rather than realistic application latency across the network. Figure 7 Latency Reported by PNQM for Real Network Traffic In the second example (Figure 8 ), we see the difference in reported link load or saturation levels between a 5-minute average view and a 5 ms microburst view (BQM can report on microbursts down to about 10-100 nanosecond accuracy). The green line shows the average utilization at 5-minute averages to be low, maybe up to 5 Mbitss. The dark blue plot shows the 5ms microburst activity reaching between 75 Mbitss and 100 Mbitss, the LAN speed effectively. BQM shows this level of granularity for all applications and it also gives clear provisioning rules to enable the user to control or neutralize these microbursts. Figure 8 Difference in Reported Link Load Between a 5-Minute Average View and a 5 ms Microburst View BQM Deployment in the Trading Network Figure 9 shows a typical BQM deployment in a trading network. Figure 9 Typical BQM Deployment in a Trading Network BQM can then be used to answer these types of questions: Are any of my Gigabit LAN core links saturated for more than X milliseconds Is this causing loss Which links would most benefit from an upgrade to Etherchannel or 10 Gigabit speeds What application traffic is causing the saturation of my 1 Gigabit links Is any of the market data experiencing end-to-end loss How much additional latency does the failover data center experience Is this link sized correctly to deal with microbursts Are my traders getting low latency updates from the market data distribution layer Are they seeing any delays greater than X milliseconds Being able to answer these questions simply and effectively saves time and money in running the trading network. BQM is an essential tool for gaining visibility in market data and trading environments. It provides granular end-to-end latency measurements in complex infrastructures that experience high-volume data movement. Effectively detecting microbursts in sub-millisecond levels and receiving expert analysis on a particular event is invaluable to trading floor architects. Smart bandwidth provisioning recommendations, such as sizing and what-if analysis, provide greater agility to respond to volatile market conditions. As the explosion of algorithmic trading and increasing message rates continues, BQM, combined with its QoS tool, provides the capability of implementing QoS policies that can protect critical trading applications. Cisco Financial Services Latency Monitoring Solution Cisco and Trading Metrics have collaborated on latency monitoring solutions for FIX order flow and market data monitoring. Cisco AON technology is the foundation for a new class of network-embedded products and solutions that help merge intelligent networks with application infrastructure, based on either service-oriented or traditional architectures. Trading Metrics is a leading provider of analytics software for network infrastructure and application latency monitoring purposes (tradingmetrics ). The Cisco AON Financial Services Latency Monitoring Solution (FSMS) correlated two kinds of events at the point of observation: Network events correlated directly with coincident application message handling Trade order flow and matching market update events Using time stamps asserted at the point of capture in the network, real-time analysis of these correlated data streams permits precise identification of bottlenecks across the infrastructure while a trade is being executed or market data is being distributed. By monitoring and measuring latency early in the cycle, financial companies can make better decisions about which network serviceand which intermediary, market, or counterpartyto select for routing trade orders. Likewise, this knowledge allows more streamlined access to updated market data (stock quotes, economic news, etc.), which is an important basis for initiating, withdrawing from, or pursuing market opportunities. The components of the solution are: AON hardware in three form factors: AON Network Module for Cisco 2600280037003800 routers AON Blade for the Cisco Catalyst 6500 series AON 8340 Appliance Trading Metrics MampA 2.0 software, which provides the monitoring and alerting application, displays latency graphs on a dashboard, and issues alerts when slowdowns occur (tradingmetricsTMbrochure.pdf ). Figure 10 AON-Based FIX Latency Monitoring Cisco IP SLA Cisco IP SLA is an embedded network management tool in Cisco IOS which allows routers and switches to generate synthetic traffic streams which can be measured for latency, jitter, packet loss, and other criteria (ciscogoipsla ). Two key concepts are the source of the generated traffic and the target. Both of these run an IP SLA quotresponder,quot which has the responsibility to timestamp the control traffic before it is sourced and returned by the target (for a round trip measurement). Various traffic types can be sourced within IP SLA and they are aimed at different metrics and target different services and applications. The UDP jitter operation is used to measure one-way and round-trip delay and report variations. As the traffic is time stamped on both sending and target devices using the responder capability, the round trip delay is characterized as the delta between the two timestamps. A new feature was introduced in IOS 12.3(14)T, IP SLA Sub Millisecond Reporting, which allows for timestamps to be displayed with a resolution in microseconds, thus providing a level of granularity not previously available. This new feature has now made IP SLA relevant to campus networks where network latency is typically in the range of 300-800 microseconds and the ability to detect trends and spikes (brief trends) based on microsecond granularity counters is a requirement for customers engaged in time-sensitive electronic trading environments. As a result, IP SLA is now being considered by significant numbers of financial organizations as they are all faced with requirements to: Report baseline latency to their users Trend baseline latency over time Respond quickly to traffic bursts that cause changes in the reported latency Sub-millisecond reporting is necessary for these customers, since many campus and backbones are currently delivering under a second of latency across several switch hops. Electronic trading environments have generally worked to eliminate or minimize all areas of device and network latency to deliver rapid order fulfillment to the business. Reporting that network response times are quotjust under one millisecondquot is no longer sufficient the granularity of latency measurements reported across a network segment or backbone need to be closer to 300-800 micro-seconds with a degree of resolution of 100 igrave seconds. IP SLA recently added support for IP multicast test streams, which can measure market data latency. A typical network topology is shown in Figure 11 with the IP SLA shadow routers, sources, and responders. Figure 11 IP SLA Deployment Computing Services Computing services cover a wide range of technologies with the goal of eliminating memory and CPU bottlenecks created by the processing of network packets. Trading applications consume high volumes of market data and the servers have to dedicate resources to processing network traffic instead of application processing. Transport processingAt high speeds, network packet processing can consume a significant amount of server CPU cycles and memory. An established rule of thumb states that 1Gbps of network bandwidth requires 1 GHz of processor capacity (source Intel white paper on IO acceleration inteltechnologyioacceleration306517.pdf ). Intermediate buffer copyingIn a conventional network stack implementation, data needs to be copied by the CPU between network buffers and application buffers. This overhead is worsened by the fact that memory speeds have not kept up with increases in CPU speeds. For example, processors like the Intel Xeon are approaching 4 GHz, while RAM chips hover around 400MHz (for DDR 3200 memory) (source Intel inteltechnologyioacceleration306517.pdf ). Context switchingEvery time an individual packet needs to be processed, the CPU performs a context switch from application context to network traffic context. This overhead could be reduced if the switch would occur only when the whole application buffer is complete. Figure 12 Sources of Overhead in Data Center Servers TCP Offload Engine (TOE)Offloads transport processor cycles to the NIC. Moves TCPIP protocol stack buffer copies from system memory to NIC memory. Remote Direct Memory Access (RDMA)Enables a network adapter to transfer data directly from application to application without involving the operating system. Eliminates intermediate and application buffer copies (memory bandwidth consumption). Kernel bypass Direct user-level access to hardware. Dramatically reduces application context switches. Figure 13 RDMA and Kernel Bypass InfiniBand is a point-to-point (switched fabric) bidirectional serial communication link which implements RDMA, among other features. Cisco offers an InfiniBand switch, the Server Fabric Switch (SFS): ciscoapplicationpdfenusguestnetsolns500c643cdccont0900aecd804c35cb.pdf. Figure 14 Typical SFS Deployment Trading applications benefit from the reduction in latency and latency variability, as proved by a test performed with the Cisco SFS and Wombat Feed Handlers by Stac Research: Application Virtualization Service De-coupling the application from the underlying OS and server hardware enables them to run as network services. One application can be run in parallel on multiple servers, or multiple applications can be run on the same server, as the best resource allocation dictates. This decoupling enables better load balancing and disaster recovery for business continuance strategies. The process of re-allocating computing resources to an application is dynamic. Using an application virtualization system like Data Synapses GridServer, applications can migrate, using pre-configured policies, to under-utilized servers in a supply-matches-demand process (wwwworkworldsupp2005ndc1022105virtual.htmlpage2 ). There are many business advantages for financial firms who adopt application virtualization: Faster time to market for new products and services Faster integration of firms following merger and acquisition activity Increased application availability Better workload distribution, which creates more quothead roomquot for processing spikes in trading volume Operational efficiency and control Reduction in IT complexity Currently, application virtualization is not used in the trading front-office. One use-case is risk modeling, like Monte Carlo simulations. As the technology evolves, it is conceivable that some the trading platforms will adopt it. Data Virtualization Service To effectively share resources across distributed enterprise applications, firms must be able to leverage data across multiple sources in real-time while ensuring data integrity. With solutions from data virtualization software vendors such as Gemstone or Tangosol (now Oracle), financial firms can access heterogeneous sources of data as a single system image that enables connectivity between business processes and unrestrained application access to distributed caching. The net result is that all users have instant access to these data resources across a distributed network (gridtoday030210101061.html ). This is called a data grid and is the first step in the process of creating what Gartner calls Extreme Transaction Processing (XTP) (gartnerDisplayDocumentrefgsearchampid500947 ). Technologies such as data and applications virtualization enable financial firms to perform real-time complex analytics, event-driven applications, and dynamic resource allocation. One example of data virtualization in action is a global order book application. An order book is the repository of active orders that is published by the exchange or other market makers. A global order book aggregates orders from around the world from markets that operate independently. The biggest challenge for the application is scalability over WAN connectivity because it has to maintain state. Todays data grids are localized in data centers connected by Metro Area Networks (MAN). This is mainly because the applications themselves have limitsthey have been developed without the WAN in mind. Figure 15 GemStone GemFire Distributed Caching Before data virtualization, applications used database clustering for failover and scalability. This solution is limited by the performance of the underlying database. Failover is slower because the data is committed to disc. With data grids, the data which is part of the active state is cached in memory, which reduces drastically the failover time. Scaling the data grid means just adding more distributed resources, providing a more deterministic performance compared to a database cluster. Multicast Service Market data delivery is a perfect example of an application that needs to deliver the same data stream to hundreds and potentially thousands of end users. Market data services have been implemented with TCP or UDP broadcast as the network layer, but those implementations have limited scalability. Using TCP requires a separate socket and sliding window on the server for each recipient. UDP broadcast requires a separate copy of the stream for each destination subnet. Both of these methods exhaust the resources of the servers and the network. The server side must transmit and service each of the streams individually, which requires larger and larger server farms. On the network side, the required bandwidth for the application increases in a linear fashion. For example, to send a 1 Mbps stream to 1000recipients using TCP requires 1 Gbps of bandwidth. IP multicast is the only way to scale market data delivery. To deliver a 1 Mbps stream to 1000 recipients, IP multicast would require 1 Mbps. The stream can be delivered by as few as two serversone primary and one backup for redundancy. There are two main phases of market data delivery to the end user. In the first phase, the data stream must be brought from the exchange into the brokerages network. Typically the feeds are terminated in a data center on the customer premise. The feeds are then processed by a feed handler, which may normalize the data stream into a common format and then republish into the application messaging servers in the data center. The second phase involves injecting the data stream into the application messaging bus which feeds the core infrastructure of the trading applications. The large brokerage houses have thousands of applications that use the market data streams for various purposes, such as live trades, long term trending, arbitrage, etc. Many of these applications listen to the feeds and then republish their own analytical and derivative information. For example, a brokerage may compare the prices of CSCO to the option prices of CSCO on another exchange and then publish ratings which a different application may monitor to determine how much they are out of synchronization. Figure 16 Market Data Distribution Players The delivery of these data streams is typically over a reliable multicast transport protocol, traditionally Tibco Rendezvous. Tibco RV operates in a publish and subscribe environment. Each financial instrument is given a subject name, such as CSCO.last. Each application server can request the individual instruments of interest by their subject name and receive just a that subset of the information. This is called subject-based forwarding or filtering. Subject-based filtering is patented by Tibco. A distinction should be made between the first and second phases of market data delivery. The delivery of market data from the exchange to the brokerage is mostly a one-to-many application. The only exception to the unidirectional nature of market data may be retransmission requests, which are usually sent using unicast. The trading applications, however, are definitely many-to-many applications and may interact with the exchanges to place orders. Figure 17 Market Data Architecture Design Issues Number of GroupsChannels to Use Many application developers consider using thousand of multicast groups to give them the ability to divide up products or instruments into small buckets. Normally these applications send many small messages as part of their information bus. Usually several messages are sent in each packet that are received by many users. Sending fewer messages in each packet increases the overhead necessary for each message. In the extreme case, sending only one message in each packet quickly reaches the point of diminishing returnsthere is more overhead sent than actual data. Application developers must find a reasonable compromise between the number of groups and breaking up their products into logical buckets. Consider, for example, the Nasdaq Quotation Dissemination Service (NQDS). The instruments are broken up alphabetically: This approach allows for straight forward networkapplication management, but does not necessarily allow for optimized bandwidth utilization for most users. A user of NQDS that is interested in technology stocks, and would like to subscribe to just CSCO and INTL, would have to pull down all the data for the first two groups of NQDS. Understanding the way users pull down the data and then organize it into appropriate logical groups optimizes the bandwidth for each user. In many market data applications, optimizing the data organization would be of limited value. Typically customers bring in all data into a few machines and filter the instruments. Using more groups is just more overhead for the stack and does not help the customers conserve bandwidth. Another approach might be to keep the groups down to a minimum level and use UDP port numbers to further differentiate if necessary. The other extreme would be to use just one multicast group for the entire application and then have the end user filter the data. In some situations this may be sufficient. Intermittent Sources A common issue with market data applications are servers that send data to a multicast group and then go silent for more than 3.5 minutes. These intermittent sources may cause trashing of state on the network and can introduce packet loss during the window of time when soft state and then hardware shorts are being created. PIM-Bidir or PIM-SSM The first and best solution for intermittent sources is to use PIM-Bidir for many-to-many applications and PIM-SSM for one-to-many applications. Both of these optimizations of the PIM protocol do not have any data-driven events in creating forwarding state. That means that as long as the receivers are subscribed to the streams, the network has the forwarding state created in the hardware switching path. Intermittent sources are not an issue with PIM-Bidir and PIM-SSM. Null Packets In PIM-SM environments a common method to make sure forwarding state is created is to send a burst of null packets to the multicast group before the actual data stream. The application must efficiently ignore these null data packets to ensure it does not affect performance. The sources must only send the burst of packets if they have been silent for more than 3 minutes. A good practice is to send the burst if the source is silent for more than a minute. Many financials send out an initial burst of traffic in the morning and then all well-behaved sources do not have problems. Periodic Keepalives or Heartbeats An alternative approach for PIM-SM environments is for sources to send periodic heartbeat messages to the multicast groups. This is a similar approach to the null packets, but the packets can be sent on a regular timer so that the forwarding state never expires. S,G Expiry Timer Finally, Cisco has made a modification to the operation of the S,G expiry timer in IOS. There is now a CLI knob to allow the state for a S,G to stay alive for hours without any traffic being sent. The (S,G) expiry timer is configurable. This approach should be considered a workaround until PIM-Bidir or PIM-SSM is deployed or the application is fixed. RTCP Feedback A common issue with real time voice and video applications that use RTP is the use of RTCP feedback traffic. Unnecessary use of the feedback option can create excessive multicast state in the network. If the RTCP traffic is not required by the application it should be avoided. Fast Producers and Slow Consumers Today many servers providing market data are attached at Gigabit speeds, while the receivers are attached at different speeds, usually 100Mbps. This creates the potential for receivers to drop packets and request re-transmissions, which creates more traffic that the slowest consumers cannot handle, continuing the vicious circle. The solution needs to be some type of access control in the application that limits the amount of data that one host can request. QoS and other network functions can mitigate the problem, but ultimately the subscriptions need to be managed in the application. Tibco Heartbeats TibcoRV has had the ability to use IP multicast for the heartbeat between the TICs for many years. However, there are some brokerage houses that are still using very old versions of TibcoRV that use UDP broadcast support for the resiliency. This limitation is often cited as a reason to maintain a Layer 2 infrastructure between TICs located in different data centers. These older versions of TibcoRV should be phased out in favor of the IP multicast supported versions. Multicast Forwarding Options PIM Sparse Mode The standard IP multicast forwarding protocol used today for market data delivery is PIM Sparse Mode. It is supported on all Cisco routers and switches and is well understood. PIM-SM can be used in all the network components from the exchange, FSP, and brokerage. There are, however, some long-standing issues and unnecessary complexity associated with a PIM-SM deployment that could be avoided by using PIM-Bidir and PIM-SSM. These are covered in the next sections. The main components of the PIM-SM implementation are: PIM Sparse Mode v2 Shared Tree (spt-threshold infinity) A design option in the brokerage or in the exchange.
Moving-average-convergence-divergence
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