- New Functionality Extends STP Workflow Beyond Execution; Streamlines Allocation Process and Reduces Errors –
BURLINGTON, March 29, 2004 — Charles River Development, a leading provider of financial software and consulting services to the global investment management community, today announced its first-to-market support for FIX-based fixed income allocations. The latest release of the Charles River Investment Management System (Charles River IMS), Version 7.2, allows investment managers to allocate fixed income securities trades executed via TradeWeb and MarketAxess using the FIX protocol.
"When utilized in combination with new and forthcoming interface enhancements from trading platforms such as TradeWeb and MarketAxess, Charles River’s support for fixed income allocations via FIX will eliminate the need for traders to duplicate order entries, thus reducing the likelihood of mistakes and improving execution efficiency," said Sean Hanley, vice president, technology operations at Loomis, Sayles and Company. "The efficiency benefits are compelling and should help to drive an increase in liquidity and the volume of fixed income securities available via the FIX protocol."
"The ability to allocate trades using FIX benefits investment managers on many levels – making the allocation process easier, faster, cheaper, and less error prone," said Peter K. Lambertus, president and CEO at Charles River. "By partnering with MarketAxess and TradeWeb to allocate trades using FIX, we are able to offer clients superior and efficient options for fixed income execution and remain at the forefront of STP solutions for trade execution, allocation, and settlement."
Charles River was the first order management system (OMS) vendor to enter into strategic alliances and certify FIX connections with both MarketAxess and TradeWeb, the market leaders in online fixed income liquidity. Charles River IMS v7.2 uses FIX version 4.2, along with a few custom FIX 4.4 fields, to communicate allocations details to MarketAxess and TradeWeb.
!The Global Fixed Income Committee is encouraged by the efforts of our member firms and applaud efforts to support FIX 4.4," commented Daniel Doscas, chairman of the FIX Protocol Ltd.’s Global Fixed Income Committee.
Charles River IMS v7.2 is the second deliverable in Charles River's next-generation technology strategy to offer its market-leading investment management suite on an open, platform-independent, services-based architecture that is able to scale and transform in conjunction with an investment manager's evolving business model.
Version 7.2 delivers a new Java-based Compliance engine, Web-based reporting tools, an XML/XSL Trade Gateway, and additional Messaging and Web Services APIs for systems integration. In addition, Charles River IMS v7.2 incorporates numerous functionality upgrades including enhanced portfolio modeling capabilities, Mortgage trading and TBA processing functionality (including EPN connectivity), FIX-based algorithmic trading, and support for ISO 15022 standards. Charles River will upgrade to FIX 4.4 in Version 8 of Charles River IMS, scheduled for release at the end of this year.