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SmartStream reports high interest from institutions in FIX 4.4 solutions

London, 14th October 2003. SmartStream Technologies led a highly successful event last week on the subject of FIX 4.4. Fifty representatives from some of the world's leading financial institutions attended the session, which identified the clear benefits for the industry to move forward in the post execution trade process management space with the new FIX 4.4 (Financial Information Exchange) protocol.

Simon Leighton-Porter, VP Equity Business Management at Citigroup Global Markets and member of the FIX 4.4. Steering Committee was keynote speaker, presenting on 'Post Trade Messaging and FIX 4.4'. His presentation covered FIX and how version 4.4 can be central to an STP solution that can be implemented across the industry in a low cost, low impact manner.

"Fix 4.4. represents the first real opportunity for banks and institutions to implement matching of allocations and confirmations using an ISO 15022 based FIX messaging standard. Integral to this process is the update and maintenance of the Standing Settlement Instructions between the investment manager, broker dealer and custodian facilitated by the FIX 4.4 messages, together with the mapping of FIX to SWIFT message formats to complete the STP cycle. This enables institutions to regain control over their allocation process and implement an end-to-end STP solution for allocations from matching / confirmation through to settlement. We've already modelled and demonstrated our process flow technology on the new FIX standard and we are ready to put it into practice today." Said Lee Adams, Principal Consultant, SmartStream Technologies.

This event precedes SmartStream's presence at Sibos this year, where it will be demonstrating its solution for FIX 4.4. on stand 4040.