October 13, 2000

The Nasdaq Stock Market has implemented Caplin Software's Real Time Trading Protocol (RTTP) to deliver and display real-time, streaming market data to Nasdaq Online--an extranet used by its listed companies. Caplin's RTTP is a Web protocol that operates in a native browser and operates alongside other Internet protocols such as HTTP and FTP. It allows standard web pages to stream in data without refreshing or re-loading.

As an incentive to retain their company listings, Nasdaq Online has deployed the standard on its site for over 12,000 senior executives. "We have done some research that says the higher the satisfaction with Nasdaq online, the higher the satisfaction with Nasdaq in general," says Bill Teague, managing director of issuer marketing services at Nasdaq. He adds that while it is difficult to measure retention rates or a company not leaving the market because of an additional service, it has been "one of our best years." In the future, Nasdaq is looking to expand the RTTP use into other areas as well, says Teague, who would not comment on those specific plans.

"The Nasdaq site has data coming straight from a server farm in Washington D.C., where it operates a whole farm of RTTP servers for distributing the data," says Paul Caplin, chief executive officer at Caplin. The key technology piece that allows Web pages to act as dynamic rather than static displays of streaming data is the use of dynamic HTML (DHTML), which enables automatic updates and is not disrupted by proxy servers and firewalls. Caplin explains that the publishers of the data must install the Caplin software for RTTP on the server site, but the end users don't need to change anything.

Easdaq, a European stock market that covers technology stocks, is also tapping into the RTTP protocol. The exchange is using RTTP to deliver real-time prices and news to Easdaqlive--a recently launched web site targeted at private investors and financial market professionals. The subscription-based site includes data from 15 of the world's equity markets, along with news from Dow Jones Newswires, currency rates and indices. Other early RTTP users include the International Petroleum Exchange (IPE), which is using the Caplin product to deliver oil prices over the Web. The latest release of the RTTP server will support in excess of 50,000 concurrent users, says Caplin.