The CameronFIX Engine is a highly scalable implementation of the Financial Information Exchange (FIX) protocol, the messaging standard developed specifically for the real-time electronic exchange of securities transactions, providing comprehensive support for FIX versions 4.0 to 4.4 and workflows including IOIs, orders, lists, executions, and allocations.
Launched earlier this year, FMCNet2 offers a central matching utility, enabling real time messaging among counterparties and a fully automated path from trade initiation to settlement.
FMCâs CameronFIX-enabled post-trade communication network, linking broker/dealers, asset managers and custodians to facilitate trade matching and trade settlement, will offer buy and sell-side counterparties a simplified FIX messaging service for sending and receiving electronic allocations.
The built-in virtual trade matching and delivery instruction database in FMCNet2 facilitates straight-through processing, reducing operational risk and costs. This is the first FIX implementation for FMCNet2.
"The FIX protocol is essential for streamlining FMCNet2", said Bob Shaw, FMCâs Director of Electronic Trade Communications. "In early 2004 we undertook a search for an ASP solution to be deployed within FMCNet2, resulting in the selection of the CameronFIX High Availability Universal Server as it met all our business, technical and support requirements, including stringent business continuity plans."
"As sell-side firms continue to embrace FIX as a key STP solution, clearly pre and post-trade messaging must be included as part of the equation. One problem facing the sell-side is the dependence of the buy-side to deploy a FIX engine. The technical challenges, along with the need to understand and adopt standards, have made this prohibitive for many small and mid-sized managers," said Shaw.
"Deploying the CameronFIX engine within FMCNet2 allows brokers to communicate in the format of their choice. This solution does not eliminate the need for FIX engines, but rather opens up points of contact for firms that choose to deploy FIX solutions. FMCNet2 also reduces the need for support of multiple FIX versions on the part of sell-side firms, and eliminates the need for multiple communication connections to counterparties," said Shaw.
"We are delighted to be working with industry leader FMC to extend FIX into the post-trade area," said George Wishart, Cameron Systems Sales Director for the Americas. "FMCNet2 and CameronFIX share mutual business objectives for accuracy of executions, improved trading efficiencies and an excellent reputation. The tight integration of these products makes an excellent match and will support enhanced straight through processing."
FMC is licensed to use the full CameronFIX product suite including the Universal Server 6.1 and High Availability, Monitoring and Scheduling Options. FMC will use FIX protocol version 4.4 to receive FIX order and allocation messages into its global trade network.
FMC has installed CameronFIX into its network and aims to have it running in production by early 2005. The initial implementation will target NOE messages to allow block level matching to occur within FMCNet2, a cornerstone of the Institutional Trade Processing settlement model being adopted in the Canadian marketplace in June 2005. Additional message support will be released throughout 2005.