- FIX.NET Trader addresses calls from buy-side for the sell-side to embrace FIX-enabled trading.
18th June 2003 - SIA Technology Management Conference and Exhibit, New York - SolutionForge, provider of financial Straight-Through Processing solutions, today launched FIX.NET Trader, an Order Management System targeted at small to medium-sized sell-side firms.
The ubiquity of FIX at major sell-side firms has driven buy-side firms to implement FIX-enabled Order Management Systems (OMS), either from the wide range of buy-side OMS vendors, or through in-house development. In turn, this has caused buy-side institutions to press their second and third tier trading partners to provide FIX-based execution. OMS products for the sell-side have historically been designed to address the needs of large organisations, with purchasing and implementation budgets to match. However, FIX.NET Trader has been developed to cater for the particular business and budget requirements of smaller sell-side firms, boutique and agency brokers.
FIX.NET Trader supports the full electronic trading cycle, enabling users to manage incoming order flow, communicate execution and order status information to trading counterparties via FIX messages. Users will also be able to transmit targeted Indication of Interest (IOI) messages via a sophisticated tiering functionality, communicating IOIs to counterparties in a staggered manner defined by customer relationships.
FIX.NET Trader has been built entirely in C# using the Microsoft .NET framework, leveraging the power of Microsoft's BizTalk Server integration suite, helping to provide easy integration into back office systems and interoperability with other standards-based systems. Designed to run on Windows servers, including Microsoft's new Windows Server 2003, FIX.NET Trader offers lower total cost of ownership (TCO) compared to other systems in this space.
Steve Wilkinson, founder and CEO, SolutionForge comments: "The development of FIX.NET Trader has been driven by demand from smaller sell-side firms to enable trade execution with their buy-side partners via FIX messages. It is a significant move for the company and we are confident that the functional fit with the sell-side, ease of integration and lowered TCO offered by this new product will generate substantial new business. There are currently three organisations evaluating the system."