Reference Application: Market Data Service

Overview

This application demonstrates the lifecycle of market data subscriptions. Consumers can acquire licenses to subscribe to either raw data streams or streams enriched by analytics. Until the license expires, they can use live data streaming or report issues such as performance outage or stale data streams.

Getting Started

Installing

Disclaimer: This reference application is intended to demonstrate the capabilities of DAML. We recommend that you consider other non-functional aspects, such as security, resiliency, recoverability, etc., prior to production use.

Prerequisites

Be sure you have the following installed:

• DAML SDK
• Java
• Maven
• Python Pipenv

Starting the App

1. Build the App. Type:

   mvn clean package

   Note: If you change the DAML models locally, you need to re-run this command before starting the application.

2. Use separate terminals to launch the individual components:

   launchers/sandbox+navigator+jsonapi
   launchers/populate+automationTriggers
   launchers/automationBots

   The navigator will automatically open in new browser tab at http://localhost:7500.

Stopping the App

1. Stop the every running command by pressing Ctrl+C.

User Guide

This User Guide will take you step-by-step through the process of subscribing to market data streamed by publishers. It will lead you through all the major Navigator screens and data fields that you will need to use.

After working through these steps, you can use the Navigator interface to explore other functionality that is available in the application.

Note: This demo is designed to show a successful conclusion of the workflow without exceptions or error conditions. A full production implementation would include additional features, handle errors and exceptions, and incorporate appropriate security controls.

Workflow

Roles and Responsibilities

There are two fundamental role categories in the business model: publisher and consumer. The publisher streams some market data, observable by its consumers via their licenses. The diagram below shows the publisher-consumer relationships created by the market setup.

Role	Responsibilities
Operator	Represents the infrastructure. Operates model clock, builds relationships between parties, etc.
MarketDataProvider	Provides raw market data. Can reset raw data stream by loading new CSV content. There are two parties in this role.
MarketDataVendor	Collates raw market data streams. Currently just republishes them without any transformation.
AnalyticsVendor	Enriches raw market data using analytical business knowledge and publishes the enriched data. Currently it calculates accrued interest using Act/365 Fixed daycount convention.
EndUser	The data buyer, subscribed to both enriched data and raw data.

Running the Application

Choosing and Changing Roles

When you launch Market Data Service application, you will see the Navigator screen with the option to choose your role.

To log in:

• On the home screen, select the party from the list.

To switch users:

1. Click the name of the current party at the top of the screen.
2. On the home screen, select a different party.

Note: A convenient way to switch between parties is to open separate browsers, e.g., using a private browsing or incognito window.

Setting the Model Time

For better interoperability and demo experience, the model time is emulated by contracts on the ledger. Therefore, the system time (coming from your operating system) and the model time (mainly used to make time-based decisions in the model) are separate concepts, including their speed. You can observe the model time as any party on the CurrentTime contract. You will also need to continue/stop/set time as the Operator to follow the demo workflow as described in the steps below.

Market Setup

The participants listed above in Roles and Responsibilities are added automatically at market setup along with other required reference data. The publisher-consumer relationships are also set up to ease license issuance. The raw market data providers load an initial CSV content to publish market observations.

Workflow 1: Observation of Preloaded Data Streams

Enabling Model Time Progressing

1. Log in as Operator.
2. Select the Time Management tab.
3. Select the Time Manager contract.
4. Select the choice Continue.

Observing Market Data Forwarded by MarketDataVendor

1. Log in as MarketDataVendor.
2. Select the DataStreams: Received data tab (or the DataStreams: Sent data tab).
3. Review the incoming market data that is displayed.
4. Wait 5 seconds.
5. Observe the updated market data.
6. (Optional) Check Include archived to see previously published data.

Observing Market Data Received by EndUser

1. Log in as EndUser.
2. Select the DataStreams: Received data tab.
3. Review the incoming market data that is displayed.
4. Wait 5 seconds.
5. Observe the updated market data.

Workflow 2: New Data Stream Subscription

Requesting Subscription for AnalyticsVendor to EU Bond Market

1. Log in as AnalyticsVendor.
2. Select the Relationships tab.
3. Select the contract where My Role is Consumer.
4. Select the choice RequestStandardWeeklyStream.
5. Fill the market, instrumentId, maturity date exactly as shown here:
   • European Bond Market
   • ISIN 123 1244
   • 2021 Mar 20

Note: You could also select the most general choice RequestStream, which allows you to customize the license, for example:

• starting: 2019 Nov 01 00:00
• ending: 2019 Dec 31 00:00
• staleHours: 2

Replying to Subscription with a Proposal

1. Log in as MarketDataVendor.
2. Select the Stream Requests tab.
3. Select the Received DataStreamRequest contract.
4. Select the choice DataStreamRequest_Propose.
5. Fill the price: 100

Accepting the Proposal

1. Log in as AnalyticsVendor.
2. Select the License Proposals tab.
3. Select the Received DataLicenseProposal contract.
4. Select the choice DataLicenseProposal_Accept.

The Licenses tab shows that the license automatically goes live as does the data stream (Data Streams: Received data tab).

Enabling Model Time Progressing

1. Log in as Operator.
2. Select the Time Management tab.
3. Select the Time Manager contract.
4. Select the choice Continue.

Observing Market Data Received by AnalyticsVendor

1. Log in as AnalyticsVendor.
2. Select the DataStreams: Received data tab.
3. Review the incoming market data showed.
4. Wait 5 seconds.
5. Observe the updated market data.

Workflow 3: Starting a New Raw Data Stream by Uploading a Market Data CSV

Loading the Actual Raw Data

1. Log in as MarketDataProvider1.
2. Select the Data Provider Role tab.
3. Select the role contract.
4. Select the choice LoadCsvDataFromPath.
5. Fill the parameters
   • path (a CSV file under directory data): au-market.csv
   • market: AU Bond Market
   • instrumentId: ISIN 789
   • maturity date: 2021 Apr 25 This step creates a contract on the ledger which triggers the appropriate bot to load data from a file under data/<path-provided> (see data/au-market.csv for the actual data). While it may be an abuse of the model (storing configuration data on the ledger) and the Navigator (specifying a file on the UI), it provides a convenient way to upload data from a CSV file.

Subcribing to the Uploaded Raw Data

Repeat the steps from Workflow 2 but with different parties:

• consumer is MarketDataVendor (in Workflow 2 it was AnalyticsVendor)
• publisher is MarketDataProvider1 (in Workflow 2 it was MarketDataVendor)

See the steps below for the details.

Requesting Subscription for MarketDataVendor to AU Bond Market

1. Log in as MarketDataVendor.
2. Select the Relationships tab.
3. Select the contract where My Role is Consumer.
4. Select the choice RequestStandardWeeklyStream.
5. Fill the market, instrumentId, maturity date exactly as shown here:
   • AU Bond Market
   • ISIN 789
   • 2021 Apr 25

Replying to Subscription with a Proposal

1. Log in as MarketDataProvider1.
2. Select the Stream Requests tab.
3. Select the Received DataStreamRequest contract.
4. Select the choice DataStreamRequest_Propose.
5. Fill in the price: 200

Accepting the Proposal

1. Log in as MarketDataVendor.
2. Select the License Proposals tab.
3. Select the Received DataLicenseProposal contract.
4. Select the choice DataLicenseProposal_Accept.

The Licenses tab shows that the license automatically goes live as does the data stream (Data Streams: Received data tab).

Enabling Model Time Progressing

1. Log in as Operator.
2. Select the Time Management tab.
3. Select the Time Manager contract.
4. Select the choice Continue.

Observing Market Data Received by MarketDataVendor

1. Log in as MarketDataVendor.
2. Select the DataStreams: Received data tab.
3. Review the incoming market data that is displayed.
4. Wait 5 seconds.
5. Observe the updated market data.

Workflow 4: Expiration

To demonstrate expiration, the EndUser's license for MarketDataVendor is shorter than the others -- only 5 days long.

Observing Different License Expiration Dates

1. Log in as EndUser.
2. Select the Licenses tab.
3. Note the license expirations: 2019-11-20 12:30 and 2019-11-22 12:30.

Enabling Model Time Progressing

1. Log in as Operator.
2. Select the Time Management tab.
3. Select the Time Manager contract.
4. Select the choice Continue.

Setting Time Near to Expiry to Avoid Waiting

1. Log in as Operator.
2. Select the Time Management tab.
3. Select the Time Manager contract.
4. Select the choice SetCurrentTime.
5. Fill 2019-11-20 00:00

Observing Market Data Received by EndUser

1. Log in as EndUser.
2. Select the DataStreams: Received data tab.
3. Review the incoming market data showed.
4. Wait until the first expiry date.
5. Observe that after the first expiry date, but before the second expiry date, the incoming data stream from MarketDataVendor has disappeared.

Workflow 5: Claiming Non-Performance

To demonstrate recording a complaint when the publisher does not perform, you need to start over the application without the bots, so intentionally skip the java -jar ... command. Consequently the data stream is not started, so the consumer can make a complaint.

Enabling Model Time Progressing and Pass the Streaming Start Time

1. Log in as Operator.
2. Select the Time Management tab.
3. Select the Time Manager contract.
4. Select the choice Continue.
5. Select the choice AdvanceCurrentTime.

Claiming Non-Performance

1. Log in as EndUser.
2. Select the Licenses tab.
3. Select any license.
4. Select the choice RegisteredDataLicense_ClaimNonPerformance.

Observing Complaints

1. Log in as EndUser.
2. Select the Complaints: NonPerformance tab.
3. Review the created complaints.

Note: you should not start the bots after these steps, as the market setup is damaged.

Workflow 6: Claiming Stale Data

To demonstrate recording a complaint when the publisher streams stale data, you need to start the application as usually, but then stop the bots, so intentionally break with Ctrl+C the java -jar ... command. Consequently the data stream will not be re-published, so the consumer can make a complaint.

Enabling Model Time Progressing and Pass the Stale Time

1. Log in as Operator.
2. Select the Time Management tab.
3. Select the Time Manager contract.
4. Select the choice Continue.
5. Select and exercise 3 times the choice AdvanceCurrentTime.
6. Make sure the model time is advanced by at least 3 hours.

Claiming Stale Data

1. Log in as EndUser.
2. Select the DataStreams: Received data tab.
3. Remember the contract Id of the publication received from MarketDataVendor, probably something similar to #110:7.
4. Select the Licenses tab.
5. Select the license with MarketDataVendor.
6. Select the choice ClaimStale.
7. Fill the contract Id.

Observing Complaints

1. Log in as EndUser.
2. Select the Complaints: StaleData tab.
3. Review the created complaints.

Note: you should not start the bots after these steps, as the market setup is damaged.

Additional Exploration

After completing the workflow, you can explore the application to try other paths such as loading custom CSV and so on.

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