Raymond James is using RA-ShortCutâ¢ for TRACE (Trade Reporting and Compliance Engine) reporting of OTC secondary market transactions in eligible fixed-income securities, including mortgage- (MBS) and asset-backed securities (ABS), to the U.S. regulator FINRA.
RA-ShortCutâ¢ FIX enables Raymond Jamesâ BizTalk implementation allowing them to send and receive FIX messages and to transform and normalise them between other protocols, such as SWIFT, XML and SQL. The solution offers an opportunity for financial institutions to benefit from reduced risk, manage the cost of automation and achieve true Straight Through Processing.
Rapid Additionâs FIX engines are available in JAVA and C# (i.e. RA-Cheetahâ¢ or RA-Cubâ¢) as well as BizTalk; all of which can be used to satisfy the same reporting needs.
Ross Lucas, Head of Sales at Rapid Addition, said:
âWe are very excited to be working with a company as prestigious as Raymond James. Clearly we were delighted that Raymond James selected our software to help them fulfil its regulatory reporting needs. The complexities of cross-border, multi-counterparty transactional products and the processing environment, very often composed of numerous legacy systems, can make the costs of achieving process automation prohibitive. The flexibility of our offering enables it to be used anywhere in the business process.â
Danny Quattlebaum, Roadmap Manager at Raymond James, commented:
âRapid Additionâs FIX adaptor provides Raymond James with the compatibility and integration necessary to quickly comply with the new regulatory mandate to TRACE report mortgage- and asset-backed securities. In addition, the flexibility of Rapid Addition allows the firm to use a proven platform for future FIX and TRACE initiatives. We are very pleased with the product and support offered by Rapid Addition.â
Toby Corballis, CEO at Rapid Addition, added:
âWorking with Raymond James demonstrates once again that Rapid Addition is the market choice for FIX, FIX-enabling BizTalk and TRACE reporting, for global financial institutions. We have certainly solidified our expansion into the American marketplace and are committed to building our business wherever the demand takes us.â