May 6

欢迎来到本次E-Forex Equinix讲座。

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Larry:                     Welcome to this E-Forex Equinix presentation. Today, the subject is FX in the Cloud. We’re pleased to welcome our three speakers: Robin Manicom Director Financial Services Equinix, Javier Paz Senior Analyst at Aite Group, and Jubin Pejman Managing Director at FCM360.

                   欢迎来到本次E-Forex Equinix讲座。今天的主题是云端外汇。我们很高兴邀请到三位嘉宾:Equinix金融服务总监Robin Manicom,Aite集团高级分析Javier Paz,FCM360常务董事Jubin Pejman。

                                Today’s webinar seeks to help institutional sell-side and buy-side FX trading firms better understand cloud computing technologies that increasingly optimize high volume, latency sensitive trading operations. It looks at how cloud enterprise technology, infrastructure location, low latency, and multiple connective options can help firms reduce costs, capture new business opportunities, improve trading performance, and meet the challenges of regulatory reform in FX.

今天的在线研讨会是为了帮助机构的卖方和买方外汇交易公司更好地理解云计算技术,该技术正逐渐优化高容量且对延迟敏感的交易操作。研讨会主要讨论云企业技术,基础设施位置,低延时及多连接选项如何能帮助公司减少成本,抓住新生意机遇,提高交易表现及应对外汇中管制革新的挑战。

To give a brief bio, Robin Manicom has over 20 years’ experience working in the financial services sector, providing high performance solutions within the quantitative and algorithmic electronically traded markets. Robin joined Equinix in 2009 to manage the EMEA Financial Services business strategy for platform Equinix. Before Equinix, Robin spent three years at Markit as Head of Business Strategy, Sales and Marketing where he developed the solutions business for real-time feeds. Prior to this, he held various management and sales positions at IBM’s STP business and also at Sybase. Robin holds a Bachelor of Engineering from Bath University and received his MBA from Surrey University.

首先介绍一下嘉宾,Robin Manicom在金融服务领域有20多年的工作经验,在量化和算法电子交易市场中提供出色的解决方案。Robin于2009年加入Equinix,为平台Equinix管理EMEA金融服务业务战略。在此之前,Robin在Markit做了3年销售市场的业务战略主管,期间他发展了实时反馈的解决方案业务。在这之前,他在IBM的STP业务及Sybase担任过各种管理和销售职位。Robin在巴斯大学获得了工程硕士学位,在萨里大学获得MBA。

Javier Paz is a Senior Analyst at Aite Group within the Wealth Management practice. He examines retail brokerage trends in business, regulations, and technology across asset classes with particular expertise in FX markets. Prior to his current role, Javier was an Industry Consultant and also part of management at an FX brokerage firm, as well as a sell-side analyst for two major banks.

Javier Paz是Aite集团财富管理方面的高级分析师。他具有外汇市场方面的专业知识,研究各资产类别中业务,规章,技术的零售经纪趋势。在这之前,Javier曾在一家外汇经纪公司担任行业顾问及部分管理工作,他也在两家主要银行做过卖方分析师。

Jubin Pejman, Managing Director of FCM360. Prior to founding FCM360 to facilitate turnkey low latency trading infrastructure for hedge funds, banks, and brokerages Pejman had spent over 15 years as an experienced investment industry professional. Jubin recently left the position of VP Americas for GFI Trayport which he held for nearly four years, and was responsible for strategic growth and overall operation for the Americas. Jubin has held various positions at Long Term Capital Management, JP Morgan’s Lab Morgan, Oppenheimer & Co., and GFI Group.

FCM360的常务董事Jubin Pejman。在成立FCM360促进土耳其境内对冲基金,银行和经纪公司的低延时交易基础设施之前,Pejman具有超过15年经验的投资行业专家。Jubin最近辞去了担任了4年的GFI Trayport美洲副总之职,在这期间他负责美洲的战略增长和总体运营。Jubin在Long Term资本管理公司,JP摩根的实验室,Oppenheimer有限公司及GFI集团担任过各种职位。

We would like to welcome our speakers today and thank them for attending this exciting webinar. We will go straight into our first question which Robin Manicom from Equinix will answer.

我们对这3位嘉宾的到来表示欢迎并感谢他们参加此次研讨会。我们马上进行每一个问题的讨论,Equinix 的Robin Manicom会对此进行解答。

Robin, in what ways does the crucial need for colocation and proximity to exchanges, liquidity venues, and low latency market data, and news feeds create drivers for change in the way many buy and sell-side FX trading firms currently have their trading architectures structured?

Robin,对合作的迫切需要,对交易,流动场地和低延时市场数据的接近,以及新闻反馈如何创造改变的驱动因素,目前许多买方和卖方外汇交易公司也正以同样的方式构建自己的交易?

Robin:                   Thanks Larry, and hello to everybody there. Yes, there has been over the past 5 to 8 years there’s definitely been architectural change in the way that you access your trading venue. We all know about colocation and proximity services which is moving your infrastructure out to where those trading venues are in various data centers around the world.

                             谢谢Larry,大家好。是的,在过去5到8年,你访问交易场所的方式确实发生了结构性的变化。我们都知道配置和邻近服务,它们把你的基础设置移至全世界各个数据中心里的交易场地中。

What this presents is an opportunity to, and I think you summed it up in your opening remarks Larry, it presents organizations an opportunity to be able to compete at a more high performance level, or to reduce their costs, or to look for new revenue opportunities within the ecosystems that are being created around where these trading venues are located, and where the colocation and proximity services exist. This is something we’ve seen traditionally in the equity markets and as of recent years, say the past 3 to 4 years we’ve started to see this type of opportunity arise in the FX markets as well.

这带来了一个机遇,就像你在开场白里总结的一样,它使各个机构能在一个更高的表现级别上竞争,或减少成本,或在交易场地及配置和邻近服务附近的生态圈内寻找新的收入机会。这些机会近年来在产权投资市场很常见,而过去3到4年来,这类机会也开始出现在外汇市场中。

Larry:                     Thank you Robin. I will pass the mic now to Javier Paz, over to you Javier.

                             谢谢Robin。下面把话筒交给Javier Paz。

Javier:                   Thank you Larry, it’s good to be with you. So I would say that the cloud and the colocation needs and goals are different for the different firms. We have buy-side firms looking for colocation and proximity to changes as a way to reduce latency and increase transferability.

                             谢谢Larry,很高兴能来到这里。我想说的是不同公司对云和配置的需求及目标是不同的。有买方公司寻找配置和改变,以减少延时及增加可转让性。

On the other hand we have sell-side firms that have much more complex interests to contend with when doing the same. The primary driver for them in adopting cloud technology and moving this direction is to reduce capital expenditure costs and being much more precise in terms of which functionality they wish to move to the cloud. This is a time of high regulatory cost and they need to find savings from somewhere, and so they’re starting to seriously look at the hardware and software intensive functions and what they can pass through their risk management and compliance departments, and be able to put those things in the cloud. At the same time, they have to be responsive to what clients are asking for.

另一方面,也有卖方公司采取两样的做法时有更复杂的利益要去竞争。这些公司采用云技术并朝这个方向努力的主要动力是减少资本花费成本以及使朝云技术发展的功能更加精确。现在的管理成本高,他们需要在某些方面找到节约的办法,因此他们开始认真考虑硬件和软件的集成功能,有哪些可以通过风险管理和监管部门,及能够将云技术运用到这些事物中去。同时,他们不得不回复客户的需求。

Larry:                     Thanks Javier. Now we move to Jubin Pejman of FCM360.

                             谢谢Javier。现在有请FCM360的Jubin Pejman。

Jubin:                    Thanks Larry, it’s good to be here as well. I think it goes down to if it’s a legacy project versus new infrastructure project because most of the banks that we deal with, we’re helping them sit in the middle of connecting to different buy-side and sell-side firms, aggregators, ISVs. As the new algos are being developed, it’s forcing the traders and the brokers to collocate closer to the exchange of the ECNs.

                             谢谢Larry,很高兴来到这儿。我觉得根本在于这是个传统项目还是新的基础设施项目,因为我们在帮和我们打交道的大多数银行处在连接不同的买方和卖方公司,整合者,独立软件开始商之间。随着新算法的发展,交易商和经纪人被迫朝ECN交易方向更紧密地合作。

When you look at how the long-term contracts have been written with the data center space and things like that, they’re starting to be forced into that especially as the traders are branching out into new asset classes. It doesn’t make sense for a bank or a hedge fund to run its own operating center in let’s say 3 or 4 different cities when they can go to let’s say a managed hosting provider or a manage services provider, and be able to have the low latency connectivity between those buildings within a region. The clients are demanding it, and it also helps attract the buy-side clients when the sell-side brokers, prime brokers, and whoever’s providing the liquidity to ISV is actually located closer to that execution point.

当你研究长期合约如何用数据中心空间书写,他们正开始被迫这么做,特别当交易商将分支机构扩展到新的资产类别中去时。当一家银行或一个对冲基金可以找到比如说一家主机托管提供商或一家管理服务提供商,并能在一个区域内在这些建筑之间拥有低延时的联系时,他们没有道理会在比如说3或4个城市中运行自己的运营中心。客户对此有需求,而且当卖方经纪人,主要经纪人及在为独立软件开发商提供资产折现力的任何人离执行点更近时,它也有助于吸引买方客户。

Larry:                     Thanks Jubin. The first question again we have for Javier, question number two. How might cloud applications delivered through shared data centers dramatically alter the dynamics of the FX market to reduce entry barriers, and make previously unprofitable lines of business viable for sell-side institutions?

                             谢谢Jubin。下面是第二个问题。通过共享数据中心传递的云应用会如何显著地改变外汇市场动态以减少进入壁垒并使以前无利可图的业务线对卖方机构可行?

Javier:                   It raises considerable complexity and adds potential cost in moving from one asset class to offering multiple asset classes. There is a natural evolution that I will see taking place from stock trading to trading in all the asset classes where pricing may not be as efficient, so fixing Kenmore foreign exchange options. And also took places where liquidity is more abundant like in FX.

                             它产生大量的复杂性并提高从一个资产类别转向提供多个资产类别的潜在成本。我预见从股票交易到所有资产类别交易会发生一场自然的变革,这些交易的定价可能不够有效率,因此固定Kenmore外汇选项。而且在像外汇市场一样有大量流动资金的地方已经发生了变革。

Brokerage firms, some of them more reluctant to leave than others, are following this strand of adopting multiple asset classes and it’s easier said than done. It’s not just each of the different asset classes, as you need specifications and requirements that again are maybe they like the experience to be able to get up to speed with to be comparative. So they need reliable partners who can quickly and efficiently get them in or out of certain lines of business.

一些相对其它公司更不愿意离开的经纪公司正在采用多资产类别,说起来容易做起来难。这不仅仅是每一个不同的资产类别,因为你需要规格和要求能快速地可以比较。因此他们需要能让自己快速有效地进入或离开某个业务线的可靠的合作伙伴。

Larry:                     Thank you. Robin, we’re going to pass the mic to you now on this question please.

                             谢谢。Robin,请您对第二个问题发表看法。

Robin:                   I think Javier mentioned most of the main points there, but I’ll just add that the cloud commercial terms it presents which allows organizations to acquire the infrastructure that they need to conduct this type of trading in co-locational proximity. To get those gains and advantages we talked about in the first question, prior to cloud has always been expensive because you need to look at a large CAPEX spend in the first instance to acquire all of that infrastructure to build it, and to be able to then begin operating and trading.

                             我认为Javier回答了大部分的要点,我要补充的是它展现的云商业项使机构能获得需要的基础设施以在合作区域附近进行此类交易。为了得到我们在第一个问题中提到的利益和优势,云前总是昂贵的,因为首先你需要一笔很大的资本支出来取得建立云所需要的所有基础设施,接着能够开始运行和交易。

What the cloud presents is an opportunity, it does dramatically as you say it’ll change the dynamics of the FX market by allowing firms to work in a OPEX commercial model where you’re effectively ranging at far lower rates from the start than in the traditional CAPEX model which means you can build out your infrastructure and get yourself to a point to trading with a much lower amount of initial out rate. I think what it does is it renews the barriers to entry, especially for some of the smaller players who may have been unable to get a viable business place for meeting into this market in the past.

云带来的是一个巨大的机遇,正如你所说它会通过允许公司在一个OPEX商业模型中动作而改变外汇市场动态,在这个模型中你一开始的级别会远低于你在传统资本支出模型中的级别,这意味着你可以建立自己的基础设施,并以一个低得多的初始率进行交易。我认为它更新了进入壁垒,特别是对于一些更小的参与者,他们在过去可能没有能力得到一处进入该市场的可行场所。

Larry:                     Jubin, any comments on this question?

                             Jubin,你对这个问题有什么看法吗?

Jubin:                    Yes, it’s an interesting question. But we’re in the middle of viewing with several buy-side institutions that are grappling with this question. Basically we’re seeing the sell-side brokers being able to track sub-brokers and trading customers while they’re competing with the larger banks and prime brokers, collocating the rights facility whereas before, they would never really be able to justify the cost; it didn’t matter.

                             是的,这是个有趣的问题。但我们正在和一些对这个问题有争论的买方机构对此进行考虑。基本来说我们可以看到买方经纪人能够在和更在的银行和主要经纪人竞争及配置正确设施的同时追踪次级经纪人和交易顾客,而之前他们从来没有能够真正表明费用的合理性;过去这并没有关系。

But at this point being in the right facility, being near the ECNs, especially near OTSFx or the retail FX business where there are a lot of private labels of different ECNs. It’s allowing greater access to people who go in and have that sort of institutional edge, be in the same building, be within a proximity where the other brokers would never be able to do in the past.

但此时在正确的设施中,更接近ECN,特别是接近OTSF或有许多不同ECN私人标签的零售外汇业务。它使我们更能接近进入并拥有那类体制边缘,在同一个建筑中,在邻近范围内的人,而过去其它经纪商从来无法办得到。

When you look at the legislation being passed, you’re looking at equal access, you know the government wants equal access for everyone while there’s some caveats on funds being deposited. The playing field is definitely being leveled with this, and the sell-side brokers would normally not be in the hosting business could definitely attract customers and make more money this way.

当你看到有法律被通过,看到机会变得平等,你就知道政府想让每个人拥有平等的机会,同时对于一些安置的基金有一些警告。这使得市场越来越平等,通常不在托管业务中的卖方经纪人一定可以这种方法吸引客户并赚得更多。

Larry:                     Thank you Jubin. Question number three again for you Jubin. Many sell-side institutions have made huge investments in what might now be considered as legacy architecture in non-collocated environments. How does cloud technology make it more attractive for them to switch to the colocation model?

谢谢Jubin。第三个问题。许多卖方机构在非配置环境中大量投资了可能现在被认为是传统建筑的资产。云技术会如何使其更具吸引力让他们转向配置模型呢?

Jubin:                    I touched on this a little bit before, but the basic trend that we’re seeing with the customers that we’re dealing with right now, the banks and the brokers are being forced by buy-side clients from wide proximity access or at least have POPs near their matching entrance. So in particular in New York and London, a lot of the major banks that had policies of never having any infrastructure within somebody else’s building; they always had their own infrastructure, their own building, everything – that trend is definitely changing. These guys need the third-party help until the major contracts end and they can migrate over.

                             我之前稍微提到过一些,但我们现在和交易的客户看到的基本趋势是,银行和经纪人正被广大的或至少有POP的买方客户迫使接近他们的匹配入口。因此特别在纽约和伦敦,许多有规定永远也不会在其他人的大楼里拥有基础设施的主要银行;他们总是拥有自己的基础设施,自己的大楼等等一切——这一趋势毫无疑问正在发生变化。在主要合同结束之前,这些人需要第三方的帮忙,然后他们可以做出改变。

At this point, especially with the economy the way it is right now, a lot of banks are taking a lot longer on the approval processes. We’ve been told that a normal two month approval process is taking between 6 to 9 months in the major banks in London. You can go to a third-party provider located in a data center or a managed services provider and provide that access that your buy-side clients need, and we can call that the cloud. The buy-side provider could actually get access to different venues in Chicago, New York, Tokyo, Brazil with one, essentially one cloud provider until they get their own infrastructure in order based on business needs.

在这一点上,特别是在现在的经济环境下,许多银行的批准过程变得耗时。我们被告知,在伦敦的主要银行,一个通常需要2个月的批准过程现在需要6到9个月。你可以去找一个位于数据中心的第三方供应商或一家管理服务提供商,并提供你的买方客户需要的途径,我们称之为云。买方供应商可以在取得自己的基于业务需要的基础设施前,用一个云接近不芝加哥,纽约,东京,巴西的不同场所。

Larry:                     Thank you Jubin; the next question again for you to start. A wide array of options are now available to help FX trading firms connect to exchanges, ECNs, banks, and market data providers. With a wide variety of possible infrastructure setups, why is it so important that networks must be able to connect seamlessly to trading counterparties in a cost-effective way?

谢谢Jubin;下一个问题还是你先回答。现在有许多选择可以帮助外汇交易公司连接交易所,ECN,银行和市场数据供应商。有了许多可能的基础设施,网络必须以一个成本有效的方式无缝连接交易对应方为什么还如此重要?

Jubin:                    The way that we resolve this issue of the seamless connectivity, cost-effective way, I mean Robin touched on this before when you turn the CAPEX into OPEX. There’s something a little bit more important here though, it’s important for the client to know that a cloud provider can actually provide them with something that is a real-world hosting, real-world telecom, real-world support, but it’s in that cloud. So wrapped around the cloud, all those things have to be there.

                            我们 解决这一无缝连接问题的方式,成本有效的方式,我指当从CAPEX变为OPEX时Robin之前提到过的方式。尽管这里有一些更为重要,但客户知道一个云供应商可以为他们提供一个真实世界的虚拟主机,真实世界的电信,真实世界的支持,但这些是在云里是很重要的。因此所有这些需要被包裹在云周围。

Essentially, we’re calling this the low latency financial class because there’s a very important need for the financial community to have proximity, to have access between Chicago to New York they need on the absolute fastest line. There are connections going from DC to New York and Chicago with the labor and commerce news, there are also westbound European and Asian news coming out of London. You have two major hubs of news right now, DC and London where they’re being distributed throughout the world.

本质上来说,我们把这称为低延时金融类别,因为金融社区非常需要邻近区域,需要能接近芝加哥和纽约之间绝对最快的路线。在华盛顿与芝加哥和纽约之间有连接,带有劳动力和商业新闻,而且也有西欧和亚洲新闻从伦敦流出。你现在的两个主要的新闻中心,华盛顿和伦敦,然后再流传到世界各地。

If you can choose the right cloud provider, they can provide you access with all that under one master services agreement and basically get you up and running without all the headache. Again, you’re looking at market data, sources, the news sources, and their FX clients doing triangle arb. Where do you really need to be to make that happen and are you getting the data from DC or London? You’re going to have to go with the cloud solution or something that’s wrapped in a fun way all-inclusive packaged manner to be able to do that. That’s basically what the cloud is doing for the FX traders that we’re helping.

如果你能选择正确的云供应商,他们能在一个主服务协议下为提供所有信息,并为你省去诸多麻烦。你再看看市场数据,源头,新闻来源和他们的外汇客户这个三角。你需要在哪里才能让这些发生,并且你是否从华盛顿和伦敦接收到这些数据?你将需要和云解决方案或一些以包含一切的方式包裹起来的事物合作才能做到这点。这基本上是云为外汇交易商所做的事。

Larry:                     And just sort of sub question here, when you say the, “FX traders,” are you even seeing individuals, Jubin?

                             这里提个小问题,你说“外汇交易商”,你在和个别交易商见面吗?

Jubin:                    Yeah, we have a client that’s trading 10 million dollars out of his house in Houston Texas and he’s paying $30,000 out of pocket for infrastructure.

                             是的,我们有一个客户在德克萨斯休斯顿的家里交易一千万美元,而他为基础设施支付三万美元。

Larry:                     Wow, okay so it’s doable?

                             哇,所以这是可行的喽?

Jubin:                    There are a lot of those guys.

                             有许多人这么做。

Larry:                     Yeah.

                             哦。

Jubin:                    I mean you’d be surprised actually how many customers, Reuters, and major market data providers they have are 1 and 2 man shops.

                             你为吃惊于他们有如此多的顾客,路透社和主要的市场数据供应商是1和2男士用品商店。

Larry:                     Right. Javier, let’s move the same question over to you, the one we asked in the first place.

                             好的。Javier,谈谈你对刚刚一开始那个问题的看法。

Javier:                   Sure, in terms of setup I think the keyword is seamlessly, be able to connect to the market. You as a firm put yourself in the business of integration, there are various and changing protocols to keep track of. There are new integration or additions, deletions to be made and new APIs that you’re working with.

                             好的,我认为安装的关键词是无缝,能够和市场连接。作为一个公司,你把自己置身于整合业务中,要记录各种各样且不断变化的协议。要进行新的整合或添加,删除,还要与新的API合作。

Data come from these various market sources has to be normalized in a real-time function at speeds that have gotten increasingly closer to zero, shorter and shorter. The task of connecting to its changes goes well beyond the merit connecting and testing some API. A lot could go wrong in the integration process, and it makes a lot of economic sense to have third-party specialists provide a service that has embedded by larger and more sophisticated financial institutions.

来自这些不同市场来源的数据需要以一个快速接近0的实时函数进行归一化。连接其变化的任务并不限于优点连接和测试一些API。许多云在整合过程中出错,让第三方专家提供由更大更有经验的金融机构嵌入的服务是有经济意义的。

Larry:                     Excellent. Robin, do you have anything to add on this question?

                             谢谢。Robin,对此你有什么要补充的吗?

Robin:                   I think they’ve covered the major points.

                             我觉得他们都说到了要点。

Larry:                     Okay, move onto question five and this is for you Robin. Why does latency matter so much, and where does the real value of data center and colocation service lie by algorithmic and high-frequency FX trading firms? We’re looking for improved access to exchanges, FX execution venues, and sources of FX equity and market data.

                             好的。接下来第5个问题是问你的Robin。为什么延时如此重要,算法和高频率外汇交易公司提供的数据中心和配置服务的真实价值体现在哪里?我们在寻找更完美的方式接进交易所,外汇执行场所和外汇股票来源及市场数据。

Robin:                   Okay, well I’ll deal with the latency part first. Latency matters because it’s really analogist to if you think back to the open outcry exchange pits that used to operate where if you were a trader and you wanted to conduct a trade with someone else, the other side of the pit, if you could get there the fastest, if you could run there the fastest or even if they were kind of next door to your booth then you pretty much had a chance of beating the rest of the market to securing that trade.

                             首先来说说延时。延时很重要是因为比如你回想过去实行的公开叫价的交易所坑,如果你是一名交易员并想和坑另一边的其他 人交易,如果你能最快到达那里,如果你能最快跑到那里或他们就在你隔壁,你就很有机会击败市场中的其他人承担这份交易。

It’s exactly the same in electronic trading in that if you want to be able to see what the market’s doing before everybody else, and therefore react to the market and put your trade onto the venue quickest, latency is the challenge for you. Latency is overcome and we think we all made it by being closer, physically closer and having a shorter network table link to that exchange platform.

在电子交易中也一样,因为如果你想在其他人之前看看市场动向,然后对此进行反应并最快地在交易场所进行交易,延时对你就是个挑战。我们认为通过离得更近,物理位置上的更近,并且缩短和交易所平台的网络连线可以克服延时。

You can see why colocation is so important for algorithmic and how you can see it affects trading service because being first on the exchange, seeing the market move the first and getting new orders on is absolutely key to being most effective in the market.

你可以明白为什么配置对于算法如果重要,并且你如何看待它会影响交易服务,因为最选到达交易所,最快看到市场动向,最快拿到新订单是使交易最有效的关键因素。

Now, our job really is to ensure that we bring about all those things you’ve spoken about in the past, the cost-effectiveness, the performance gains, the security to meet regulation requirements – we bring all of that to the FX trading world. We have worked with many different FX trading venues in order to bring them into our facilities around the world, our data centers around the world which ultimately provides our customers that platform dense environment in which they can come and collocate against, not just one, but several different FX trading venues which creates market.

现在,我们的工作实际上是确保能有我们过去说过的好处,成本有效,更优的表现,符合管理要求的安全——我们使外汇交易市场能有所有这些好处。我们和许多不同的外汇交易场所进行了合作,以使他们进入我们位于世界各地的设施,我们的数据中心最终为客户提供平台密集的环境,使客户能配置不只一个而是许多不同的外汇交易场所。

Larry:                     Jubin, do you have something to add there?

                             Jubin,你有什么要补充的吗?

Jubin:                    Sure, we look at this more of a buy-side dilemma than a sell-side dilemma. From the buy-side, the majority of our clients are concerned with what Robin said, getting first on the stack. But essentially we’re at the point now where we can reach the parameter of the matching engine and the lower double digits, if not single double digit below 10 Microsoft package, right?

                             是的,我们更多的是把这看成是一个买方两难的境地而不是卖方两难的境地。从买方来说,我们的大多数客户关心刚刚Robin所说的东西,最快。但本质上来说是我们能达到匹配引擎的参数与更低的两位数,如果不是在10微软包以下的单个两位数。

The first one in line gets filled, right? So you look at it from the main point of the FX trader and the futures trader, the term slippage. What does slippage mean? Slippage means that it took so long for you by the time you looked at your news, your pricing, and where you want to enter your trade and that amount of latency caused you to be last in line. So again, the new location matters a lot if you’re looking at the news, there are machine readable ultra-load latency newsfeeds, there are pricing data location you have to worry about, and then finally the execution engine.

队伍里的第一个满了,对吧?因此你从外汇交易商和期货交易商的主要观点来看,有一个词叫下跌。下跌是什么意思?它指你看新闻,看定价,看你想在哪里进入交易花费了太长时间,这一延时导致你成为队伍里的最后一个。所以,新位置非常重要,如果你看新闻,有机器可读的超负载延时新闻提要,有你担心的定价数据位置,以执行引擎。

The number one thing in my mind when I look at what the customer is complaining about is that actual slippage which in fact is not getting first in line. How long, far down the run do you get dropped before you get in? And you may not be able to get filled, so if you’re doing a complex strategy where you need to get in and out you need liquidity, you need excellent execution. If you’re not getting filled properly, slippage will kill you on top of brokerage commission. You want to make sure that you have the fair chance to get your execution through.

当我在看客户的投诉时我觉得最重要的是真实的下跌量而并非不是队伍中的第一个。在你进入前要多久的时间?你可能无法被填满,因此如果你在进行一个复杂的策略,你需要进入和离开,你需要流动资金,你需要优秀的执行。如果你没有被适当地填满,下跌会使你在经纪佣金之外一败涂地。你想确保你有执行的公平机会。

Larry:                     Javier?

                             Javier有什么要说的吗?

Javier:                   I would just add to those great comments that it is important to look for, even though there is no official cost analysis solution being offered, I mean there’s things that come very close to it. But essentially, latency should be understood in terms of or should be tried to be understood in quantifiable ways and field links certainly is the key component for doing that. So just pitch in the fact that whatever solution we are getting from the cloud, a cloud provider or a community, try to get a sense for the tools available to be able to measure the quality of execution that the firm is getting. Some provide better solutions than others in being able to quantify and measure that kind of efficiency.

                             我只对那些重要的评论进行补充,即使没有官方成本分析解决方案,但有和它类似的东西。但本质上来说,延时应该或应该试图被理解为可量化的方式,而现场链接当然是最关键的部分。因此无论我们从云,云供应商或社区处得到什么样的解决方案,都要努力理解可用的工具使得能够测量公司的执行质量。一些公司提供比其它在量化和测量效率方面更好的解决方案。

Larry:                     Thank you Javier. The next question is for Robin. Robin, why is it important that cloud providers must be able to emulate a traditional hosting model that visually removes all of the complex individual components and makes it easy to set up, trade, and then exit a market in a flexible way?

谢谢Javier。下一个问题是问Robin的。Robin,为什么云供应商必须能够模仿传统主机模式,以视觉上移除所有复杂的单个部分并使得灵活地设置,交易和退出市场变得简单?

Robin:                   Well I think this is the secret to success of cloud business and why there’s so much hype around it. In that is exactly what it’s trying to do, it’s trying to make it seamless for organizations to move into the same type of infrastructure they’re used to, but without presenting the same cost and complexity problems that the traditional infrastructure in their own data centers, managing their own servers and building out their own applications has had in the past. I think it’s true that if the cloud is to be successful or cloud services is to be successful in FX trading, it needs to make it seamless for organizations to move into those cloud services, news, and PREFIX trading.

                             我认为这是云业务的成功以及为什么有如此多关注度的秘诀。这也是云正努力要做的,它正努力使机构能无缝进入他们习惯的同类基础设施,和他们自己数据中心的传统基础设施,以及过去管理自己的服务器和建立自己的应用相比更便宜更简单。我觉得如果云要成功或云服务要在外汇交易中成功,需要能使机构无缝进入那些云服务,新闻和PREFIX交易。

Larry:                     Javier?

                             Javier有什么看法?

Javier:                   Yeah, I would just mention that to render complex individual components into an easy setup it sounds great, it sounds easy, but the fact is if we take a step back and realize that cloud technology is not just an FX thing, it’s not just a financial market’s thing, there’s many cloud providers out there. Certainly it is a complex decision that a firm certainly the larger the firm in terms of where to be positioned.

                             好的,我想说的是,要使复杂的单个部分成为简单的设置,这听上去很棒很简单,但事实是如果我们后退一步并意识到云技术并不是一个外汇事物,只是一个金融市场事物,有许多云供应商存在。当然对于更大的公司来说定位是一个复杂的决定。

At the end of the day, the fact boils down to that within these major clouds being formed, multiple issues such as payments, transactions, training. Some cloud providers are better and more specialized for a particular area than others and that’s where high level of discernment has to be made in terms of not just going with the largest cloud, but certainly the one that offers the most relevant and like you said, easy ways to get in and out of a particular market. You don’t want to be the one client teaching a cloud provider how to, what are your needs? They should already know those. Again, there’s companies like Equinix is more better position if you will than others to provide adequate service to firms involving training.

最后,问题归结于正在形成的这些主要云中的多个问题如支付,交易,培训。一些云供应商更好且在某一领域比其他供应商更专业,因此在识别力级别上不仅要成为最大的云,还要是提供最相关,最容易进出某一市场方式的云。你不想成为一个教云供应商如何做,你的需要是什么的客户。他们应该已经知道这些。而且,有像Equinix一样的公司,它们的位置比其它更好,在培训方面为公司提供充足的服务。

Larry:                     Jubin?

                             Jubin呢?

Jubin:                    I think the number one thing is getting buy-in from decision makers to move into a cloud model and the familiarity to the operational process in which our companies are used to dealing with. It comes down to basic brick and mortar mentality. If they’re familiar with how you present the actual product, they know it’s going to work and it looks like something they’ve been using, although it’s wrapped up in this cloud package with tremendous advantage.

                             我觉得首要问题是从决策者那里取得买进以进入云模型和对公司习惯操作的运行过程的熟悉。它归结为基本的砖块心态。如果他们熟悉你展示真实产品的方式,尽管它被包在云里并有大量的好处,他们也知道这会起作用并且看上去像是他们正在用的东西。

I think also when we look at customers that they’ve got their data center in their telco closet or they’re using some hosting company somewhere in Europe, if you can draw them a logical diagram and show them exactly what they’re getting. You know, this is your security, this is your network layer, this is your layer three, this is your server, these are what the discs are that make up the server, here’s your storage, these are the buildings you can connect to – they all of a sudden can wrap their mind around the cloud and it looks logically what they’re looking for, so there’s a familiarity to move in.

而且如果你能为他们画一幅逻辑图并为他们精确展示他们会得到什么,我们会看到顾客有了自己的数据中心或使用一些欧洲的托管公司。这是你的安全,你的网络层,你的三层,你的服务器,这些是服务器的构成部分,这是你的仓库,这些是你能连接的建筑——他们突然包围了云且逻辑上看是他们在寻找的东西,因此进入有熟悉感。

I think a lot of people just don’t understand what cloud is because it’s been such a widely used term in so many different industries. I mean it comes down to basics, it’s like you draw the diagram, everyone sits around and says, “It looks exactly like what we have. But it’ll let us save that money, it’ll let us open up 2 or 3 locations around the United States or maybe one in Asia, one is Europe, one in New York for the traditional cost.” That’s what I think the real value is. That’s the traditional hosting model, it’s a lot of CAPEX; you have to still maintain it. But draw the logical diagram if you want to sell cloud; make people feel comfortable.

我认为有许多人不理解什么是云,因为云在许多不同的行业被广泛使用。它归结为,像是你画一幅图,周围的每个人都说,“它和我们有的东西完全一样。但会为我们节省费用,让我们在全美国开设2个或3个场所,或者在亚洲开1个,欧洲开1个,纽约开1个。”这是我认为的真正价值所在。这是传统的主机模式,更多涉及CAPEX;你不得不仍旧持有它。如果你想卖云就要画出逻辑图;让人们觉得舒服。

Larry:                     Excellent. Next question which we’ll kick off with Robin Manicom from Equinix. Robin, what levels of investment are typically required to employ data center services, and what steps can be taken by trading firms to shorten colocation deployment timeframes?

                             谢谢。下一个问题是问Equinix的Robin Manicom。Robin,什么级别的投资被特别要求使用数据中心服务,并且交易公司可以采取什么措施来缩短配置的部署时间?

Robin:                   Okay, so I think people will be pleased to hear that the level of investments to move into colocation of proximity trading maybe not be as high as some people out there think. For example, typical spaces and data centers can start at a few thousand dollars a month. But in terms of cloud services that definitely allows that initial capital expenditure expense that is needed to buy all the upfront service which runs into sometimes hundreds of thousands of dollars to really be taking away and move into an operational expense from the word “go”.

                             我觉得人们会很高兴听到进入邻近交易的配置的投资级别可能并不像想象的那么高。比如,一个月几千美元就能只可以启动典型的空间和数据中心。在对于云服务来说,初始购买所有服务的资本花费需要数百或数千美元,并在开始启动后就要运行费用。

I think that approach is moving. I’ve spoken about this before, the traditional CAPEX model to new OPEX model offered by cloud services does help shorten the colocation deployment timeframes for customers who want to move into colocation trading. Also, to add that what has typically in the past always given us long lead times which was the network circuits that had to be established between broker and data centers and the data centers where those trading platforms are which often ran into several months, 2 to 3 months typical timeframe for those sorts of e times.

我认为方法在改变。我之前有讲过,传统的CAPEX模型到云服务提供的新OPEX模型确实有助于为想进入配置交易的客户缩短配置的部署时间。过去要在经纪人和数据中心之间以及数据中心和数据数据之前建立网路交易平台,这一过程常常需要几个月,通常是2到3个月。

When inside colocation of proximity services inside a data center, the cross connects which are the connections between cabinets, all customers within the data center, those cross connects are put in place within 24 hour periods. It is quite feasible to assume that connected to the right circumstances, once a contract is signed, you will be up and running, physically connected within a 24 hour period using this colocation of proximity trading training model that exists today.

当在邻近服务的配置内,在数据中心内,十字路口连接隔间,所有数据中心内的顾客,这些连接在24小时内被放置到正确的位置。可以假设一旦连接到正确的环境,一旦签署了合同,你将会动起来,在24小时内用现在存在的邻近交易培训模型连接。

Larry:                     Jubin?

                             Jubin,你有什么看法?

Jubin:                    I think Robin just did a great job explaining it. I can go into a little bit more detail based on typical trader or prop shop that approaches us, or even the smaller software company. In the straight colo model you absolutely have a lot of capital expenditure. You can start with like what Robin said, for one cabinet several thousands of dollars. On top of that, we usually see about a 50 to $100,000 expenditure on buying the hardware if you want to do it the straight colo method. You have to also factor in the support, the expertise of the cisco switch, the juniper – you hire somebody. Generally speaking, even a small shop will need what we call one and a half people or one and a half technicians to basically run their infrastructure for them.

                             我觉得Robin解释得很好。我会基于典型的交易商或我们接触的道具商店,甚至是更小的软件公司作更详细的解释。在直线colo模型中,你的资本花费肯定很多。你可以像Robin说的一样开始,每个隔间花数千美元。除此之外,如果按照直线colo模型的方法,我们通常花费50到100,000美元用于购买硬件。你还要考虑到支持,思科交换机,杜松——你雇人。总体来说,即使是一家小店也需要1个半人或1个半技术员来运行基础设施。

Then you go over to the hybrid cloud model, when you talk about hybrid cloud sometimes you’re looking at a fully virtualized service with some piece of standalone like storage or some applications on the trading side, need to get that 10% that you lose when you virtualize back into the performance of the CPUs to the NIC card and things like that. You’re talking about the numbers I mentioned before minus 80% to get up and running.

然后你使用混合云模型,当你谈到混合云时,你正在谈的是一个带有内个脱机像储藏或一些交易方应用的完全虚拟化的服务,需要在NIC卡上得到你在虚拟化CPU表现失去的10%。我们讲到我之前说的数字减去80%进行建立和运行。

So your setup cost on the cloud is going to be infinitely lower, and then the actual monthly cost could be as low as 80%. But you’re turning that 50 to $100,000 into sometimes a 5 to $10,000 range to get going which is in the budget of a lot of prop shops and a lot of software companies.

因此你在云上的建立费用将会无限低,且每月支出可低至80%。你在把50到100,000美元的支出变为5到10,000美元,这预算相当于许多道具商店和软件公司的费用。

Again, it’s being driven by the demand of the actual clients. So the sell-side guys are selling their software to brokers and saying, “Look, I don’t want to host this thing in my office. I don’t want to host this thing at the data center down the street. I need to be where traders want to be.” Sell-side companies generally don’t like to spend as much money as buy-side, they’re usually very lean, they’re very relationship driven. This will get them into that 5 to $10,000 range.

另外,它被真实的客户需求所驱动。因此卖主在向经纪人销售软件时说“看,我不想在我们办公室做这件事。我们想在街那头的数据中心做这件事。交易商在哪里克就在哪里。”卖方公司总体来说不喜欢花和买方一样多的钱,他们通常比较拮据,常常是关系驱动。这会让他们只花费5到10,000美元。

Larry:                     Excellent, thanks for that Jubin. Javier, do you have any comments to make on that?

                             谢谢。Javier,你对此有什么看法吗?

Javier:                   No, no comments on that. I think it’s explained well.

                             没什么,我觉得他们解释得很好。

Larry:                     Okay, then the next question is once again for you Robin. How important is it for an FX trading operation to have local technicians near the data center, and what are the basic maintenance options available for those firms operating in data centers located in more remote regions of the world?

                             好的,下一个问题是问Robin的。外汇交易操作拥有靠近数据中心的本地技术员有多重要呢?对于那些在世界更远地域的数据中心操作的公司来说,有哪些可供选择的基本维护选项呢?

Robin:                   Okay, so this is a great question. The FX markets everybody knows a 24 by 6 market, it follows the sun, it exists in all three weekends, mainly out of Tokyo, London, and New York. If you are going to move into FX trading markets and take on the proximity and trading services and all the benefits that we’ve discussed to go with that, then it’s considering how you look after your systems and service your systems is pretty key.
这是个好问题。对于外汇市场,每个人都知道是24乘6,它白天营业,每个月的周末都运营,主要市场有东京,伦敦和纽约。如果你要进入外汇市场并采用邻近交易服务和其它我们讨论过的好处,那个这取决于你如何照看好自己的系统和服务,你的系统是关键。

What we try to look at here is making first of all making it fairly seamless to the trading firms from whether they’re in New York trying to deal with a Tokyo installation, or if they’re in London trying to deal with a New York installation. We make sure that the service engineers, the providers part of the colocation proximity services, from not only us, but I know a lot of our key partners that those engineers speak the local language whether it be English. They understand about technology and there’s not those barriers that go with cross-border, cross-regional differences. Which from a communication point of view makes niching after a global network or a global installation very, very difficult when you don’t understand the local cultures, and you can’t really understand; make it kind of difficult to communicate. We go into great lengths to ensure that communication around the world is all fairly similar and that the customers can have a very similar experience wherever they decide to install.

在这里我们首先是使来自纽约的公司无缝连接东京的服务器,或如果他们在伦敦试图连接上纽约的服务器。我们确保服务引擎,配置邻近服务的供应方,不仅来自我们,而且我知道许多我们的关键合作伙伴的引擎采用本地语言或英语。他们理解技术,并且没有跨边界,跨区域的障碍。从沟通的观点来看,不理解以及不能真正理解当地文化会使得全球网络或全球安装非常困难;使交流非常困难。我们竭尽所能确保全世界范围内的沟通大致相似,并且无论顾客在哪里安装都能有相似的经验。

Larry:                     Thanks. Jubin, go ahead.

                             谢谢。Jubin,你有什么看法。

Jubin:                    So we’re looking at the do-it-yourself model right now and how I would describe it is you’re going to have your initial installations, you have your support, your remote hands once in a while, you’re going to need your support staff in general whether local or remote. So that’s where we lean in a remote hand if you need that incremental non-being on the ground.

我们现在来看一下自己动手模型,比如你将进行初始安装,你有自己的支持,时不时有远程帮助,你大体上来说需要支持人员,无论本地的或远程的。因此如果你需要增加的非人类时不要依靠远程手。

The costs are very high. When you look at regions that I would categorize as difficult regions to deal with just because of the language barriers, the nature of how the business is run; some of them are regulated by the government, some are not. But in Brazil, Hong Kong, and Singapore we see it very hard for customers to start their own setups. It’s very hard to get the accurate pricing, there’s a taxation in some of those countries that reaches 60 to 100% tariff.

成本会很高。看一下这些地区,我会把它们归类为难处理的地区,因为有语言障碍,如何开展业务的本质;一些地区由政府监管,一些没有政府监管。但在巴西,香港和新加坡,我们可以看到顾客很难启动他们自己的配置。很难得到准确的定价,一些国家有高达60%到100%的关税。

The way that we would recommend doing it unless you have people on the ground there, is to go through a third-party that has personal relationships in the data centers, manages their own infrastructure and we’re talking about cloud, I think the cloud is a good way to go in the sense that Brazil, Hong Kong, Singapore, New York, London, Frankford they can all be connected pretty easily by the right company that has the infrastructure to do it. You can leverage that and you can also leverage the expertise on the ground to make sure that post-installation your systems are working well, that your cross connects are going well and you won’t have to worry about that.

如果有在那些区域有人脉,我们推荐的做法是通过一个第三方,他与数据中心有个人关系并管理自己的基础设施也就是我们正说到的云,我认为云是一个很好的方法,可以通过有基础设施的适合的公司将巴西,香港,新加坡,纽约,伦敦 ,法兰克福轻松地连接起来。你可以为其融资,也可以为该地区的专业人员融资以确保安装后你的系统和交叉连接运行良好无需操心。

We’re in the middle of a project right now where the client doesn’t have to do anything on a 10 bank installation, doing all the cross connects within an Equinix facility. They basically contracted with us with one NSA and we’re doing the entire project for them, and it’s a cloud solution where there’s a virtualized component to it, there’s security components to it, and there’s fiber running multiple carriers. We’re also connecting that to New Jersey data center, and we’re bringing it down to Brazil for their phase three.

我们现在正在做一个项目,其中包括10个银行的安装,在Equinix设备内进行所有的交叉连接,客户对此无需做任何事。他们基本上只需要用一个NSA和我们签约后,我们就负责整个项目,这是个云解决方案,其中有一个虚拟部分,还有安全部分和光纤运行多载波。我们也将它与新泽西数据中心相连接,并将在巴西完成项目的第三阶段。

Again, the company has a lot of smart people, they have a lot of good expertise technically; they write software and they charge a lot of money for it. However, they don’t want to bother with this whole, you know they’re not in any of the locations that I mentioned, they’re somewhere else so they don’t have any people there so they lean on a third-party to get it done.

另外,公司有许多聪明人,他们具备许多技术上的专业知识;他们编写软件并收取大量费用。然而,他们不想参与整个项目,因为他们并不是分布在刚刚提到的所有地区中,他们在另外的地区,在那些地区没有人员配置,所以他们依靠每三方完成其它工作。

Larry:                     Thank you. Next question, can smaller FX trading firms get access to data centers, and what are the implications of rack sharing with other companies? Robin, do you want to take off on that one please?

                             谢谢。下一个问题,较小的外汇交易公司可以使用数据中心吗,和其它公司共享机架有什么含义呢?Robin,能否请你回答这个问题?

Robin:                   Okay, so just briefly on this. Yeah at Equinix our smallest unit is one rack so for customers that don’t, that it’s not cost-effective for them to have an entire rack when they only need a fraction of the rack, it surely work with conscious manage service providers which FCM360 is one of those key partners for us. They’re able to offer smaller installations within their own racks I think. I think Jubin would be able to talk a bit more about that now.

                             好的,我简单回答一下。在Equinix,我们最小的单元是一个机架,但当顾客只需要机架的一部分时,拥有一整个机架对于他们来说并不是成本有效的,所以当然什么选择和有意识的管理服务供应商,而FCM360是我们的关键合作伙伴之一。他们能够在他们自己的机架内提供较小的安装。我认为Jubin可以对此进行详细地解答。

Jubin:                    Sure, like Robin said we do start off at the lower space or slices of the rack as it were. I think it’s primarily driven by the amount of people that started approaching us, they were starting hedge funds, starting prop shops, and they’ve left a large bank or a large hedge fund. They have plenty of money to trade, enough to get their account started with the prime broker; they’ve got the market data feeds.

                             是的,像Robin说的,我们确实从较低的空间或几片机架开始。我认为它主要由开始接近我们的人数决定,他们启动对冲基金,启动道具商店,他们留下一家大银行或一个大型对冲基金。他们有很多钱交易,足够和主要经纪人启动他们的帐户;他们有了市场数据馈送。

The one thing that they really don’t want to burn their money on is spending 10 to $20,000 a month to do it themselves. We basically come in and we essentially provide them with the hardware firewalls and provide them with a tier 1 IP. We can provide them access to cross connect into different liquidity providers.

他们不想在上面花钱的一件事是每个月花10到20,000美元自己完成。我们基本上为他们提供硬件防火墙和一个1级IP。我们使他们能连接不同的流动资金供应商。

We just recently connected fiber to NASDAQ in New York. So we were starting to see more FX traders doing news trading off the same server, but they’re hitting NASDAQ for the equity markets. So they’re using the same server, they’re using the same internet, they’re reaching out and getting one extra cross connect that we’re providing to them. And they’re able to take advantage of news coming out of BC, they’re taking advantage of news coming out of London, and University of Michigan through an exclusive that the market data provider has.

最近我们将光纤和纽约的纳斯达克进行了连接。因此我们将会看到越来越多的外汇交易商在同一个服务器上进行新闻交易,但他们在为产权投资市场冲击纳斯达克。因此他们在使用同一个服务器,同一个网络,他们在向外扩展并使用我们提供的一个额外的交叉连接。他们能够通过市场数据供应商的专用效用利用BC,伦敦,密歇根大学流出的新闻。

Again, they’re not actually getting more servers and I had this conversation yesterday with a client, they’re actually starting to trade NASDAQ and BATS, and those are two public exchanges and they’re not going to have to spend much more money, just the cross connect fee.

另外,他们实际上并不是得到更多的服务器,我昨天和一个客户就此进行了交谈,他们实际上开始交易纳斯达克和BATS,这是两家公共交易所,而且他们不准备投入更多的钱,只是交叉连接费用 。

Again, I think you’re taking advantage of economy to scale when you go with third-party. The money’s been invested and often times when you need the cream of the crop latency between major cities like Chicago, New York, London, Frankford, the third-party will very likely be able to cost-effectively give that to you as opposed to you entering into a three year agreement for a 10 gig pipe with a carrier. I mean it’ll take you between 6 to 12 months to get that infrastructure set up yourself all in.

另外,我认为当你和第三方合作时你正按照规定比例利用经济。投资后当你需要利用芝加哥,纽约,伦敦,法兰克福等城市之间的延时时,与第三方合作比你和一家载波供应商签订一个为期三年10gig管的合约要节省成本。我的意思是如果只靠自己需要6到12个月的时间配置好所有的基础设施。

Larry:                     Sounds like a big saving obviously. Next question here once again for Robin. Robin, some buy-side institutions seem reluctant to embrace cloud technology. How can a premium cloud solution go some distance to allay their concerns?

                             显然听上去节省了不少。下一个问题还是问Robin的。Robin,一些买方机构似乎不愿意使用云技术。一项优质的云解决方案如何才能让他们减少担心呢?

Robin:                   Okay, so if I can be bold enough to put some mutes on the phones here. Everybody has been talking about cloud for what seems years now without much sort of tangibility to what cloud actually is. Well, in financial services it’s different to cloud in retail space. So you’re a developer who’s developing iPhone apps for example and using Amazon net services in the cloud for that, that’s one thing. That may not apply and probably doesn’t to the financial markets.

                             希望我够胆量把这里的电话调成静音。每个人都大概谈了谈云,去没有确切说明云到底是什么。云对于金融服务领域和零售领域是不同的。因此比如你是个开发iPhone应用程序的开发商,正在云中使用亚马逊网络服务,这是一方面。这可能并不适用于金融市场。

The public cloud is not a secure environment, its shared infrastructure, it’s unknown in what location that CAD infrastructure exists in terms of the data center. Is it next to the trading venues to take advantage of the low latency side of the proximity and colocation trading? These are all unknowns.

公共云并不是一个安全的环境,它共享基础设施,它并不知道以数据中心存在的CAD基础设施的位置。它是不是在交易场旁边以利用邻近配置交易的低延时?这些都是未知的。

I think cloud in the financial services industry is going to be a lot more defined and a lot more specific. It’s going to make goals of security. We may be talking about cages of cloud of infrastructure which is dedicated to say one broker in particular or one hedge fund and that would become a private cloud. We may be talking about cages of cloud’s infrastructure provided by an exchange for a number of trading companies to use in what is called a community cloud for example. Then there may be the actual location of that equipment which used really be next to where the FX trading venues are to make use of the performance and also the cost benefits of having cross connects versus network connections.

我认为金融服务行业中的云要更加明确更加具体。它要树立安全目标。我们可能在谈谈论基础设施的云,它只为一个经纪人或一个对冲基金服务,可能成为一个私人云。我们也可能在谈论由一家交易所为几个交易公司提供的云基础设施,这被称为社区云。可能设备的真实位置就在外汇交易场所的旁边以利用交叉连接相对网络连接的表现和成本优势。

I think once the cloud providers and banks really start to define what is needed in cloud services financial institutions, we will start to see buy-side institutions understanding it better, not fearing it so much or maybe understanding that it has real benefit to them and it’s more tangible. I definitely see we will be getting more of the buy-side coming into trading FX in the cloud in the future, if we get that recipe right.

我认为一旦云供应商和银行真的开始定义云服务金融机构的需要,我们将开始看到买方机构对云有更好的理解,不再有那么多害怕或者理解云会给他们带来切实的利益,云变得更确切。我肯定如果我们采取了适当的措施,未来会有越来越多的买方在云中交易外汇

Larry:                     Jubin, do you have anything to add to that?

Jubin,你有什么要补充的吗?

Jubin:                    Well yeah, I mean I could tell you that a lot of financial companies approach us regarding this topic. What we wind up having a conversation about is often times a public cloud, some cost per computing. What we quickly say to them is, “How secure is that? What’s the latency? What’s the geography? What will happen to your data?” You’d be surprised that so many people at a high level in these institutions say, “We never really thought about that. We didn’t know that  paying  for CPU cycles, cloud or something like that is really not secure.” And you ask them the logical question, “Why would it be secure? You’re paying them 25 cents a month if you don’t use it to maintain an infrastructure, so what is the advantage of them to really give you what you really need?”

                             许多金融公司就这个话题和我们接触。我们最后常常会谈到公共云,每个计算的费用。我们很快会问他们,“有多安全?延时多少?地理怎么样?你的数据会发生什么?”你会奇怪这些机构会有这么多高层的人说,“我们从来没有想过这些。我们不知道支付CPU循环,云或这样的事物是不安全的。”你问他们逻辑问题,“为什么会安全?如果你不使用它来维持一个基础设施,你每月就支付25美分,所以他们提供你所需要的有什么好处呢?”

                                So we move into again, the logical diagram: what’s the security? What’s the latency? Well we can draw a diagram and say, “This is where our low latency financial cloud is located,” and it turns into a private cloud solution or conversation. So then once you look at the location of a lot of the cloud providers, you realize that they’re nowhere near where a trader wants to be. And only through trial and error, will a trader find out what the latency is. You’ve got a massive shared infrastructure right now on the so-called discount cloud.

所以我们再一次谈到逻辑图:什么是安全?什么是延时?我们可以画一幅图说,“我们的低延时金融云位于这里,”然后就转为一个私人云解决方案或谈话。因此当你看一看许多云供应商的位置,你会意识到他们并不靠近交易商想要的区域。只有通过反复试错,交易商才会知道什么是延时。你现在就在所谓的折扣云上得到了大量共享的基础设施。

And then the question goes the premium cloud will be a private cloud, it will be fully licensed software, it will be using really modern architecture on the servers, the SANs will be very expensive and everything. But you only pay, since the CAPEX has already been spent by the hosting company, you could get a slice of that.

然后问题就变成优质云会成为私人云,它会成为完全被授权的软件,会在服务器上使用真正现代的建筑,SAN会非常昂贵。但是你除了支付别无选择,因为CAPEX已经被托管公司消费,你可以得到其中的一片。

The last thing I’ll add with this is there are a lot of cloud computing companies that are targeting the financial vertical and they have no clue where they need to be to sell. Once a large company approaches them and they cannot disclose the location or they do, they wind up losing the business and then they go back to: how do we give ourselves a premium solution? Go back to an Equinix, go back to the carriers and figure out how to connect this all together. Using the cloud, you can tie it all into one piece.

我最后要补充的一点是有许多云计算公司正朝着金融垂直努力,他们不知道去哪里销售。一旦一家大公司联系了他们,而他们不能披露位置或他们披露了但最终失去了生意,然后他们又回到:我们如何给自己一个优质解决方案?回到Equinix,回到运输公司,弄明白如何把这些都连接起来。你可以用云就将所有这些捆绑成一块。

Larry:                     Excellent there. Javier, do you have anything to add to this question?

                             谢谢。Javier,你有什么要补充的吗?

Javier:                   Well if anything in addition to what has been said, I would just say that even as much as we use logic, there’s always going to be some laggers. A significant portion of the buy-side still is in that category where they’re either concerned for safety and security is so high they are not going to necessarily adopt the cloud technology head on.

                             如果一定要补充点什么,我想说即使我们使用了很多逻辑,仍旧会有一些落后的人。很大一部分买方仍旧落在后头,他们要么非常担心安全导致他们不会采用云技术。

                                What I think will happen as Robin indicated, we’re going to see the emergence of kind of a mixed ecosystem with hybrid, public, and private clouds coexisting or creating within compartments in this environment at the highest level, allows the sharing of information efficiency, but again, with less of a security concern.

像Robin指出的那样,我认为我们会看到出现一种有点混合的生态系统,其中共存着混合云,公共云和私人云或在该环境的最高级别的隔间里创造出来,允许信息被有效地分享,但对安全的担心仍旧较少。

At the other end, you’ll have more specific clients, those dealing with either risk management or proprietary training algos being caged and protected in a very efficient way. But again, this adoption will not happen overnight, but more along the lines of gradually as they understand and warm up to the technology and the adoption rates that continue to rise and rise.

另一方面,你会有更细分的客户,可能涉及风险管理或以非常有效的方式保护资产培训算法。但这个情况不会立马发生,而是随着他们渐渐理解这个技术,兴趣渐渐浓厚以及采用比率持续上升。

Larry:                     Thank you Javier. Next question for Jubin. Please give some practical applications or examples of why a cloud solution would be preferable for EFX deployment, as opposed to normal colocation deployment and what factors might influence this choice?

                             谢谢Javier。下一个问题是问Jubin。请给一些实用的应用或例子说明为什么一个云解决方案相对普通配置部署为说更受到EFX部署的青睐,并且什么因素可能影响一这选择?

Jubin:                    I think it comes down really to cost, there’s a start-up cost and an ongoing maintenance they say in the business the MRC, the monthly recurring cost. There are different components that you have to worry about. You have the pure data center cost if you’re going ahead to do it yourself. You have the telco cost, the ISP, you have software, all of that. I think in the OTC markets it presents more of a problem because of the disparate liquidity where to truly be effective, you would need a colocation cabinet with that entire infrastructure being reproduced in each location. Let’s say there are 3 or 4 locations, where we can go into a cloud solution.

                             我认为这归结为成本原因,有启动成本和持续维护即每月续生成本。有许多不同的你要担心的部分。如果你自己运行,会有纯数据中心成本。你有电信成本,ISP等等,软件成本等等。我认为在场外交易市场这更多地体现为一个问题,因为不同的流动性哪个才是真正有效,你会需要一个配置橱柜,使整个基础设施在每个位置被复制。比如说有3或4个位置可以采用云解决方案。

                                A customer comes to mind, they actually they’re a Forex trading shop, they had been trading with some manage services outside of the primary buildings you want to be in; their strategies were making money. We moved them into a cost-effective solution, we can call the cloud solution because everything was there, we literally just turned them up. They came back to us and complained that the ECMs weren’t really giving them the response. I said, “Well you know, what we could do is we could move you into a better location.” Immediately they went from 500 microseconds to 150 microseconds. We were able to do it without additional startup fees for them, we literally just migrated them over to another building. At this point, their model’s working and they’ve been working on trying to get rid of flash latency.

我想到了一个客户,他们是一家Forex交易商店,他们和一些在主要大楼外的管理服务公司进行交易;他们的策略为他们带来了利润。我们给他们提供了一个成本有效的解决方案,我们可以称之为云解决方案因为所有一切都在那里,我们只是发掘了它们。他们找到我们,抱怨说ECM并没有给他们回应。我说,“你也知道,我们能做的是将你移至一个更好的位置。”他们立刻从500微秒提升到150微秒。无需额外的启动费用我们就能够做到,我们只是将他们移到了另一个大楼。在这眯上,他们的模型和他们都在努力消除瞬时延时。

So we’re looking at different 10 gig cards that are completely offloaded from the CPU, it eliminates that microsecond flash latency they’re getting. They would have never been able to afford it to do it themselves. They had already spoken to about 10 providers before they came to us. At this stage in the game, I’m happy to say they’re at about $1,800 a month total expense be 150 mics away from one menu, 50 mics away from the other one and they’re developing the triangle OB [SP 0:50:17.0] model to success and they’re further getting profitability on a directional model.

所以我们使用了不同的完全从CPU卸下的10gig卡,它消除了微秒延时。如果他们自己来做可能永远也没有能力为些支付费用。他们在找到我们之前已经和大约10家供应商谈过。在博弈的这个阶段,我很高兴地说我们大约每月支付1,800美元可以离一个菜单150微秒远,离另一个50微秒远,而且他们在开发三角OB[SP 0:50:17.0]模型以获得成功,他们在一个定向的模型上将获利更多。

Again, quad solution if you guys, they have the money to trade the strategy, but what do I do now? That’s really what it comes down to. I think for that question, I’m not mentioning the company’s name but that’s the perfect solution for them.

另外,四解决方案,如果他们有交易该策略的资金,但我现在会怎么样呢?这就是问题的根本。我认为对于这个问题,我没有提到这家公司的名字,但这对他们来说是完美的解决方案。

Larry:                     I mean $1,500 a month sounds amazing. What would that have cost them to do themselves? Ballpark.

                             1,500美元一个月,这听上去不可思议。如果他们自己做大概要花多少钱呢?

Jubin:                    They’d probably be at 7 to $10,000 monthly range if they were doing it to our level.

                             如果他们做到我们这个级别,可能每月到花7到10,000美元。

Larry:                     And the CAPEX?

                             CAPEX呢?

Jubin:                    Well, I’d have to say that they may be in the $40,000 to $50,000 range. But again, they’re taking advantage of an infrastructure that costs exponentially more that they would never have access to from a telco specific. Again, if they’re not in the right building, they’re going to be paying between $3,000 to $5,000 a month on a 2 to 3 year term for the right telco to go to the right building.

                             我觉得他们可能会花40,000到50,000美元,但是,他们在利用一个费用成指数增长的基础设施,从一个具体电信运营商处他们可能永远不会有机会用到。如果他们不在正确的大楼内,他们连续2到3年每月都要花3,000到5,000美元为了让电信搬到正确的大楼里。

                                Whereas we can piggyback off our infrastructure and get the lowest latency between Manhattan and New Jersey which is around 170 mics one way. Switch the switch 170 mics, there’s one line, there’s one provider and who’s going to pay for it? You’re not going to go and sign a three year contract, especially when every one of the customers says, “What happens if I go broke in three months, what happens then?” They’re not going to a carrier and signing a three year contract for that.

但是我们可以借助我们的基础设施,在曼哈顿和新泽西之间得到最低约170微秒的延时。切换开关至170微秒,有一条线路,有一家供应商,谁来付钱?你不会去签一个三年的合同,特别是当每个顾客都说“如果我在3个月内破产了怎么办?”他们不会去找一家运输商为此签一个三年合同。

Larry:                     Just for the sake of, Jubin, for some people that don’t understand what is a millisecond, a microsecond, and a nanosecond. I know you refer to mics as microseconds.

                             Jubin,有些人并不理解什么是毫秒,微秒,纳秒。我知道你说mics是指微秒。

Jubin:                    Right.

                             是的。

Larry:                     Could you just give us a brief explanation of those three terms? I know that…

                             能否为我们简单解释下这三个词?

Jubin:                    Absolutely.

                             当然可以。

Larry:                     Most people will know, but there will be some probably won’t. For the benefit of those people, it might be helpful just to mention.

                            大多数人知道,但可能有一些人还不知道。为了那些人,讲一下这三个词会对他们有所帮助。

Jubin:                    Yeah, sure. 1,000 milliseconds is one second. It takes you 200 milliseconds approximately to blink your eye. The majority of our clients are happy trading at under a millisecond which means technically it’s 1/200th of an eye blink. Once they get into that level, they start actually getting stability and they say, “Well, what about microseconds?”

                             当然。1000毫秒就是1秒。你眨一下眼睛大约需要200毫秒。我们的大多数客户在1毫秒内交易就很高兴,这表示技术上是一次眨眼的1/200。一旦他们到了这个级别,他们就开始得到稳定性就会说,“时间缩到微秒级怎么样?”

                                A microsecond, a 1,000 of those is a millisecond so you’re looking at; you’re removing essentially four zeros(0’s) from a second when you look at it in microsecond time, right? I don’t know if I did the math right, but the point is if you’re actually now at 150 microseconds away from a matching engine and you are on average in the metro area of New York let’s say, between 7 to 10 milliseconds – you essentially divided it by 20.

1微秒,1000微秒就是1毫秒;当你以微秒来看时相当于从一秒拿走4个0。我不知道我算的对不对,但关键是你现在和一外匹配引擎相差150微秒,你平均在纽约都市区比如在7到10毫秒之间——相当于把它除以20.

As it goes, you’re paying money for a newsfeed, you’re paying money for the market data, you’re making a decision or actually let me clarify, your algorithm or your software is making decisions to enter a long or short position in whatever market you’re in. You are going to be at that one millisecond roundtrip range probably better than 90% of the traders around the world, okay?

然后,你要支付新闻源,支付市场数据,你在做一个决定或其实,让我来说清楚,你的算法或你的软件在做决定是否进入你所在市场的一个长期或短期位置。你来回可能需要1毫秒,要优于世界上90%的交易商。

And then once you break it down into the 800, 900 microseconds it gets really exciting because exponentially you’re beating people. By the time you’re in the 5 to 50 or sub-100 microsecond latency, you’re really in the 1% or the half of 1% of traders around the world that even has had access to that. By the way, there are a lot of larger firms that don’t have that because they haven’t needed it traditionally because they’ve got better access, and better strategies, and things like that to make money. You’re buying yourself an edge when you go into that realm.

然后一旦你将它分解为800,900微秒,事情就变得让你兴奋起来,因为你正以指数级的速度击败其他人。你有5到50或亚100微秒延时,你在全世界的交易商中就排前1%或前0.5%。顺便说一名,有许多更大的公司并不具备,因为他们没有需要的传统,因为他们有更好的途径,更好的策略来赚钱。当你进入这个领域时你在为自己增加优势。

Larry:                     All right, so basically a millisecond is a 1,000 and a microsecond is 1/10,000 per second, right?

                             所以基本上来说1毫秒就是1000,一微秒就是1/10,000秒,对吗?

Jubin:                    A 1,000 microseconds equals 1 millisecond, a 1,000 so it’s a million. A million microseconds is 1 second.

                             1000微秒等于1毫秒,一百万微秒等于1秒。

Larry:                     Right.

                             正确。

Jubin:                    So you’re going from, yeah we do it on the spreadsheets and figure out…

                             我们写在数据表上,可以看出。。。

Robin:                   I was going to say 10 to the minus 3 is a millisecond, and 10 to the minus 6 is a microsecond.

                             一毫秒就是0.001秒,1微秒就是0.000001秒。

Jubin:                    Six 0’s, there you go.

                             有6个0,请继续。

Larry:                     Okay.

                             好的。

Robin:                   Yeah.

                             是的。

Robin:                   The one I like specifically is with these markets moving so fast, that if you think at the moment you can go back and forth between London and New York six times, so that’s six times to New York and back again in the blink of an eye over the current speed of networks across the Atlantic. If you think that that’s the speed at which networks are operating, then if you’re in a data center and you are within 100 yards of say for argument of the exchange, instead of that distance between London and New York then you’re actually 100 yards away, you can imagine the speed at which you can operate your systems. I always find it easier to sort of think about it in those terms rather than the 10 to the minus 3, 10 to the minus 6 which I think I run out of fingers somewhere along the lines.

                             其中我特别喜欢的是这些市场的快速移动,如果你想现在你能在伦敦和纽约之间来回6次,在眨一次眼睛的时间内,跨大西洋的网络速度就能让你在伦敦和纽约之间往返6次。如果你觉得这是网络运行的速度,那么如果你在一个数据中心并且和交易所的距离在100码之内,而不是伦敦和纽约之间的距离,你可以想你一下你运行系统的速度。我觉得这样想比0.001秒和0.000001秒要简单。

Jubin:                    If you don’t mind Larry, there may be some listeners that are interested because we get a lot of phone calls regarding the thing that I’m mentioning right now. There are a lot of people trying to gain accessibility to the FX markets in the New York metro region and they’re using discount hosts or they’re using maybe not so much discount hosts, but they’re still paying in the 500 to $700 a month range. They’re getting around 7 to 10 milliseconds to a lot of the venues. Keep that in mind, that if you find the right provider it’s actually not that much more expensive.

                             如果你不介意Larry,可能有一些听众有兴趣,因为我们接到许多电话是关于我现在讲到的东西。有许多人试图进入纽约都市区的外汇市场,他们在使用折扣主机或可能没有那么多折扣主机,他们仍旧每月支付500到700美元。他们去许多场所要大约7到10毫秒。记住,如果你找对了供应商,就不用付那么多钱了。

                                A lot of these companies have 2 or t3 locations to get the proximity. Whereas if you’re in a location let’s say in Secaucus, New Jersey, you can literally get the absolute fastest connection to an ECN, for the most part any of the ECNs, and you’re really using that one server. So it becomes a lot cheaper to have yourself in a cloud solution that already has like Robin mentioned, the cross connect feature as opposed to the telco.

很多这类的公司有2或3个位置以获得邻近范围。然而如果你在一个位置比如说新泽西的锡考克斯,你可以最快速地连接到一个ECN,多半任何一个ECN,你正在使用一个服务器。所以相对电信,一个已经有的云解决方案像Robin提到交叉连接功能就便宜多了。

The last thing I’ll say is that 99% of the data centers that you’ll go in to get a hosting, they will absolutely never allow you to connect anything other than the internet, and you’re at their mercy. Again, go on the Equinix list and you can see a lot of those providers. I mean I’ll ploy myself for one second, we’re one of them but we really do take a consultative approach to figure out what someone needs. We tell them if they’re wasting money. We can’t do that without the cloud, right? Because otherwise, we’d have to turn up each client and have a huge CAPEX.

最后我想说99%你在其中获得一个主机的数据中心,绝不会允许你连接除网络外的任何地点,而且你在任其宰割。浏览一下Equinix名单,你可以看到很多那类供应商。我的意思是我会欺骗自己1秒钟,我们是其中一员但我们真的在用一个咨询的方法弄明白他人的需求。我们告诉他们是否在浪费金钱。没有云我们就办不到。因为否则 的话,我们不得不发掘每个客户,拥有一个巨大的CAPEX。

Larry:                     Right, thanks for that. I think it provides a bit of a framework for some people who are not intimately familiar with these terms. Final question and we’ll kick off with you Javier. Colocation and proximity hosting are clearly geographically sensitive, especially FX. What considerations come into play in deciding where to locate, and are multi-continent locations necessary to follow the market around the clock?

                             是的,谢谢。我想这为一些对这些词不够熟悉的人提供了一点点框架。最后一个问题请Javier回答。配置和邻近主机很明显对地理位置敏感特别是外汇。决定位置的时候要考虑哪些因素,多大陆位置有必要昼夜不停地跟着市场吗?

Javier:                   Sure, well thank you, yes. I think yes, there is that colocation and proximity geographic requirement where if you are truly operating in, if your algos or if your clients are located in multiple geographies, you can have the full advantage three in particular there’s London, New York, and Tokyo where you have to be in. If you want to take it a step further, Sydney. But again, it’s very limited, much more limited if you will, group that you’d be influencing.

                            好的,谢谢。是的,我想是的,如果你真的在运行会有配置和邻近地理要求,如果你的算法或你的客户位于多个地理位置,你在三个地方就有充分的优势,有伦敦,纽约和东京,你要在哪里。如果你想更进一步,还有悉尼。但是,这非常有限。

                                As we mentioned before, it’s kind of following the sun. And I would mention in a couple of different ways. One is the physical sun, but in other ways it’s also following the proximity too, just like in French have their French God, their sun God so in here there’s the bigger boys to follow, one of the bigger boys and to be at, and try to be in close proximity to them.

正如我们之前提到的,有点像是跟着太阳。我会用不同的方式来解释。一个是物理上的太阳,但另外它也在跟着邻近地域,就像法国人有法国的神,他们的太阳神,所以在这里有更重要的东西要跟随,其中一个,试图靠近他们。

That’s really, if anything that you remember from this webinar, basically try to be present in those three locations and try to be in close proximity as much as you can to the bigger firms providing most liquidity to the market, particularly in the interview and market. Try to do business and be collocated with firms that understand your business across asset classes and make it easy to get in and out of asset classes and markets, and do so with again cost efficiency and again customized approach to doing business.

如果你还记得这个研究会的内容,基本上来说是要努力在这三个地方出现,并离为市场提供大多数流动资金的较大的公司越近越好,特别是在面试或市场中。努力和理解你生意资产类别的公司合作,并使进入和离开资产类别和市场变得容易,且以成本有效和有针对性的方式来做生意。

Larry:                     Robin, any final words on that last question?

                             Robin,关于最后一个问题有什么要说的吗?

Robin:                   I think Javier covered most of the details on that.

                             我觉得Javier把大部分细节都提到了。

Larry:                     Okay and Jubin, would you like a final say here?

                             好的,Jubin,你呢?

Jubin:                    Yeah, I’ll give you without mentioning client’s names a lot of the problems that are similar to clients across board. So we’ve got a possibility of a multi-continent solution, but it may be hybrid depending on what the execution venue is, what pricing feed or pricing engine you’re using, and if you’re using the low latency news or machine readable feed. I’m breaking this down into kind of like strategy without talking about it, right?

                             我会在不说出客户名字的前提下解释这个问题。我们有可能有一个多大陆解决方案,但可能是混合的,取决于执行地点在哪里,你使用什么定价源或定价引擎,如果你使用低延时新闻或机器可读的源。我会像策略一样进行分解。

                                But you got New York, London, Tokyo. The major players are definitely consolidating their centers, major players being the banks, the ECMs, the brokers and I think it makes sense sometimes to just look at: is there a tradeoff? If you’re trading news coming out of London, you don’t want your execution, your server to be somewhere if you’re trading an ECM located in New York. So likewise, if you are looking at market data coming out of let’s say the US and you’re trading one of the, there’s several large execution venues in London but they’re not the same, you don’t necessarily want to have two servers. You may actually just find a place to just have that.

但你有纽约,伦敦,东京。主要的参与者肯定在巩固他们的中心,主要参与者有银行,ECM,经纪人,我觉得有时要看一看:有没有一个权衡?如果你在交易来自伦敦的新闻,如果你在交易一个位于纽约的ECM,你不想执行和服务器在其它地方。所以类似的,如果你在看来自比如说美国的市场数据并交易其中的一个,伦敦有几个大的执行场所但它们并不相同,你不一定想要两个服务器。你可以实际上找到一个地点以得到服务器。

I think it’s important to understand you are embarking on a project, you have ‘x’ amount of capital to spend on a month or a monthly budget, what is the best blend? Do you really need to have three locations or can you live with 1 or 2? Because if the market data’s coming from one and the execution venue is in a completely different place, that matters. Again, the whole concept of the cloud and FX, the pricing engines often times are coming from the same players that are known as liquidity providers, and there are a handful of prime brokers and ECNs providing that feed. Look very carefully to make sure that you choose the right feed because you may be able to be in one spot, and yet the best of all worlds even if you’re taking data in or news events from another country.

我认为理解你正在开始一个项目是非常重要的,你每月预算有一定数量的资本,最佳配比是怎样的?你真的需要有3个位置还是你有1或2个就行了呢?因为如果市场数据来自一个地方,而执行场所在完全不同的另一个地方,这就很重要了。云个外汇,定价引擎的整个概念,常常来自同一个参与者,即流动资金供应商,有很多主要经纪人和ECN提供这一来源。看清楚确保你选对了来源,因为即使你从另一个国家引入数据或新闻事件,你可能在一个地方,全世界最佳的地点。

Larry:                     Well gentlemen, speakers and people who’ve logged on today to attend – thanks very much. I know there have been a number of questions posted, but unfortunately because we’re right on the hour here, we’ll be unable to take those today because we’ve arrived on our one hour timeline here. But you can and do please feel free to contact any of the speakers shown on the list here. I’ll read out their contact details in a second so that you can contact them directly by telephone or by email, and of course have a good look around the very interesting websites that they have and the services that they provide.

                             好的,先生们,嘉宾们和今天登录参加的听众——非常感谢。我知道大家提出了很多问题,但很遗憾因为时间已经到了,我们今天不能回答其它问题因为已经过了规定的1小时时间。但你们可以也随时欢迎你们联系任何一位嘉宾。我们读出他们的联系方式方便你们用电话或电子邮件直接联系他们,当然好好浏览一下他们有趣的网站和提供的服务。

                                Finally, if you’ve missed any part of this or you wish to listen to parts of it again because there’s a lot to absorb and it’s very interesting, or you wish to pass the data onto a friend or a colleague, the webinar will be available in the next few days online for you to listen to for a period of time.

最后,如果你错过了本次研讨会的任何一个部分,或因为内容有趣且太多来不及消化想再听一遍,或你想把数据发给好友或同事,本次研讨会的内容会在网上停留几天时间供大家收听。

Thank you to our speakers and thank you to our attendees today for attending this event.

感谢我们的嘉宾,感谢我们的听众。

Jubin:                    Thank you.

                             谢谢

Robin:                   Thank you.

谢谢

Javier:                   Thanks Larry.

谢谢


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