"If the NYSE doesn't know this until a half-hour before close of trading, and traders discover they have 500,000 trades still in flight, they suffer the penalty of not having everything submitted to the Fed as completed trades: heavy penalties ensue. If we could monitor the event or know about it in advance, we can use operational monitoring to fix the problem in real time and mitigate the impact to an acceptable level of exposure."
Richard Schreiber of Nastel has published a compelling argument here at the ebizQ community for connecting the dots between SOA and complex event processing (CEP).
In the case of the NYSE example here, he notes that "if the systems were provisioned well enough in advance, which SOA enables through messaging among internal and external applications, they would have hours to adjust expectations, and know whether they would be able to complete the trades or not. They might be able to re-provision and complete more trades. Notification to the Fed could be earlier, penalties would be mitigated if not eliminated. Timely, pertinent information would minimize the impact."
However, the challenge is handling a tsumani of information that pours into our enterprises ever day. How do we separate the valuable nuggets of data from the rest of the flood?
Schreiber says automation is the key to handling all this complexity, and complex event processing software is the vehicle that will deliver that automation. "Complex Event Processing software can whip the information maelstrom into a benign enterprise resource. CEP is a framework that can reduce the time, cost, and risk of certain decisions. In a complex world, individual data points or streams are not adequate," he explains. "They’re point solutions in a world requiring a system, viewed with a single gauge, a dashboard."
Part I of Schreiber's view into the possibilities of SOA and CEP is here, Part II can be found here.
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