BOSTON--May 19, 2003--Macgregor(R), a global provider of buy-side trade order management systems (OMS) and FIX network services, today announced a sharp increase in the use of FIX for domestic and international trading. In the month of April alone, the Macgregor FIX Network (MFN) certified 162 new broker FIX connections at a rate of one per hour(a). This represents a 25% increase over the past several months. Ten percent of April's connections were for non-US trading.
Stephen Alepa, EVP Networks for Macgregor commented, "Our OMS clients continue to add brokers at an incredible pace. Our typical client is now connected to 42 of their brokers via FIX and a third of our clients are using FIX to trade internationally. We even have a couple of clients now that are connected to over 100 of their brokers. Our clients are clearly realizing the benefits that FIX was intended to deliver."
Macgregor FIX Network
Established in 1997 as the first commercially available FIX network, MFN offers a unique solution to buy-side firms who want to trade with their brokers electronically. MFN is the only solution available that includes the FIX software, FIX network and the resources to certify and support a firm's broker connections. Since the brokers on MFN are also clients of Macgregor, MFN can manage the versions of FIX the brokers use to ensure compatibility with their OMS clients. The end result is Macgregor OMS clients can get live with all
of their brokers much faster than they could with any other OMS vendor and never have to worry about certifying and supporting connections as that work is entirely outsourced to MFN.