FIX Flyer, an innovator in solutions for electronic trading, announces today that the Open Finance Network (OFN) has chosen FIX Flyer’s Managed FIX services to provide trading connectivity and integration into the Smartleaf overlay management system.
The Open Finance Network is a leading provider of open architecture front and back-office technology and service solutions for family offices and fee-only advisors. OFN chose Managed FIX because of FIX Flyer’s strong leadership position in wealth management trading connectivity and strong integration expertise to post-trade processing systems.
“Our wealth management clients demand the most efficient and transparent processing possible for every single trade,” says Vic Esclamado, President of OFN. “FIX Flyer lets us confidently accelerate our plans to grow and generate new revenue. Now we can add new functionality quickly while enhancing our customer experience.”
OFN uses FIX Flyer’s Managed FIX services to certify, support and maintain every aspect of their trading connectivity to multiple destinations such as Pershing, Trust Company of America, and TD Ameritrade which give OFNs’ clients many choices to get to the best price available. Once a trade is executed on the OFN platform, FIX Flyer uses the connection to communicate how shares are allocated into client accounts. The solution handles mutual funds and fixed income, as well as equities.
In addition, FIX Flyer exports trades automatically from the Smartleaf overlay management service for OFN, providing seamless integration from their trading application straight through to the sponsored brokers. If a broker uses a custom file format instead of the industry standard FIX protocol to communicate, FIX Flyer transforms to and from the custom formats automatically. This makes it easy for OFN to manage multiple sponsors and reduces ongoing integration and support costs significantly.
FIX Flyer runs the Managed FIX services from OFN’s own secure equipment hosted at Equinix. FIX Flyer’s Support Crew, headquartered in New York’s Financial district, provides hands-on support.
“We are always thrilled when another technology company selects Managed FIX to run important parts of their infrastructure,” remarks Brian Ross, CEO of FIX Flyer. “By choosing to concentrate on their core, OFN delivers best of breed solutions to their clients. And no one can deliver superior performance and support for FIX like FIX Flyer can.”