Implementing Bloomberg's Multi Product Feed

Bloomberg's Multi Product Feed ("MPF") communications protocol enables market makers and dealers to contribute prices and other information to Bloomberg in its preferred format for electronic trading.

RocketSheet and MPF

RocketSheet communicates with Bloomberg using the native Bloomberg MPF protocol. RocketSheet's Excel add-in software RocketSheet.xla provides fourteen easy-to-use functions that let you publish information to Bloomberg instantaneously, via MPF.

Ceylon's MPF Gateway software facilitates your communications between RocketSheet and Bloomberg. Bloomberg requires users of its MPF facilities to communicate over two, dedicated circuits via Bloomberg-supplied routers. MPF Gateway supports the simultaneous connection of multiple RocketSheet users to Bloomberg via MPF. Thus, firms with multiple RocketSheet users will typically run MPF Gateway as a server, with multiple trader workstations connecting to it for MPF messaging purposes. This arrangement allows for centralized administration of RocketSheet and multiple traders to share the dual, MP circuits.

For single-user deployments, running RocketSheet and MPF Gateway on a single workstation is perfectly feasible.

Coordinating with Bloomberg

If you will be using RocketSheet to publish information on Bloomberg, you should begin working with Bloomberg's Data Acquisition/Contributions department as quickly as possible, as Bloomberg must establish facilities in its data centers for your use as an MPF contributor.

Either Ceylon Support or your Bloomberg Account Executive can put you in touch with an account manager for Bloomberg's Data Acquisition/Contributions team.

Note We recommend that you budget anywhere from several weeks to several months for the activities that must be completed between your firm and Bloomberg in order to put a multi-product feed into production for the first time.

Steps

Implementing Bloomberg's Multi Product Feed requires these basic steps:

  1. Inform Bloomberg you wish to contribute prices or other data via MPF.

  2. If necessary - see the "Circuits for MPF communications" discussion below - order the dual MPF circuits and routers from Bloomberg and facilitate their installation.

    • Receive and approve circuit quotes from Bloomberg's installations department; receive, execute, and return circuit agreements to Bloomberg.

    • Schedule carrier site surveys, circuit delivery and completion, and router installation with Bloomberg's installations department.

    • Connect Bloomberg routers to your network switch and make any configuration changes your firewall, switch, or other network facilities may require.

  3. After confirming the required MPF circuits are in place, work with the Bloomberg Data Acquisition/Contributions department (a) to obtain IP addresses and a port assignment, broker and city codes, and GDCO monitor IDs for the Bloomberg test environment and (b) to set up test GDCO monitors for receiving your data; during this phase, you will provide Bloomberg with a public static IP address from which it can authenticate your inbound MPF connection.

  4. Implement network routes to the Bloomberg test environment and confirm you can telnet to the IP addresses and port Bloomberg provided.

  5. Obtain from Ceylon and install a new certificate.dat file to enable MPF Gateway to communicate with the test environment Bloomberg has set up for your use.

  6. Begin testing with Bloomberg in its test MPF environment. Bloomberg does not provide test cases or follow a formal testing or certification process for initiation of MPF communications. Ceylon recommends this process:

  7. After all parties are satisfied with initial testing, Bloomberg will declare initial testing complete and readiness for your transition to its production MPF environment; obtain from Bloomberg the production IP addresses and port assignment; inform Bloomberg how you would like your GDCO monitors and, if applicable, your dealer pages configured; obtain the GDCO monitor identifier(s) from Bloomberg.

    Note Ceylon Support can assist you with the design and layout of your dealer pages for maximum appeal to Bloomberg subscribers and ease of use.

  8. Implement network routes to the Bloomberg production environment and confirm you can telnet to the IP addresses and port Bloomberg provided.

  9. Obtain from Ceylon and install a new certificate.dat file to enable MPF Gateway to communicate with the production environment Bloomberg has set up for your use.

  10. Begin testing in Bloomberg's production MPF environment; follow the same steps that you used for Bloomberg's test environment, set forth in item 6 above.

  11. After all parties are satisfied with production testing, make any required configuration changes in Bloomberg TOMS; if applicable, confirm that the look, feel, layout, and function of your dealer pages are to your satisfaction; then, begin production contribution via RocketSheet and MPF.

Circuits for MPF communications

As noted above, the MPF protocol requires that users communicate over two, dedicated circuits via Bloomberg-supplied routers.

Many firms already have two or more dedicated circuits to Bloomberg. With Bloomberg's advice and consent, these may be used for MPF communications.

In deciding whether to use existing circuits or order new ones, you should consider average and peak utilization of the existing circuits, whether you wish to mix MPF with other traffic, and cost. Both Ceylon Support and Bloomberg have information to help you with this analysis.

Location considerations

You should also consider the best location for termination of the MPF circuits and, consequently, MPF Gateway.

By MPF protocol, if you have sent Bloomberg seven messages without receiving an acknowledgement message in return from Bloomberg, you must hold in queue all subsequent messages until you receive a Bloomberg acknowledgement message. Thus, by protocol, the maximum size of the unacknowledged message "window" is seven messages. The greater the distance between (a) Bloomberg's data centers in New York and New Jersey and (b) your host machine for MPF Gateway, the longer the time required for Bloomberg's acknowledgement messages to reach your MPF Gateway. During this transit time, if you are holding messages in queue awaiting acknowledgement from Bloomberg, the information in these queued messages cannot be seen by Bloomberg subscribers.

If you anticipate sending an extremely high volume of messages to Bloomberg and your message content is latency sensitive, then you may wish to terminate your MPF circuits and host your MPF Gateway as proximate to Bloomberg's primary, New York data center as possible. Ceylon Support can help you evaluate your options in this regard.

Commencing production operations of your MPF feed

Once you have obtained production IP addresses and a port assignment as well as your GDCO monitor numbers from Bloomberg, you are ready for the next step, which is configuration of several files that RocketSheet uses to compose your MPF messages. Doing so is easy, but must be done carefully in order to ensure that your MPF feed is correct. This user guide's article "Configuring RocketSheet data files" shows you how to do so.




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