LONDON â 19 May 2004: Coexis has implemented Syn~Routing, a FIX- compliant, cross border, real-time, straight through processing order routing system for emerging markets as a key component of the TradeTravellerâ¢ service, for Marco Polo Network in New York. TradeTraveller â¢ accepts orders from the institutions, hedge funds and brokers globally and routes them to execution venues with an emphasis on emerging markets, such as South Africa, which was first to go live .
Marco Polo Network (MPN) was forced to abandon a traditional software provider part way through the development project when it became apparent that the supplier could not support the changing needs of the business to add new market conventions and overcome FIX version compatibility issues which would be costly and time-consuming.
Coexis delivered the initial custom configuration for TradeTravellerâ¢ in 3 months, using the rapid development capabilities of the Syn~ platform; these include graphical definition of processes and dynamically configurable rules expressed in natural language. The majority of the development and implementation work was carried out remotely, with great success.
Cliff Goldman, chief operating officer at MPN said: "Syn~ is a leading edge technology which gives us a significant competitive advantage because it is rules-based and quick to adapt. We have selected Syn~ as a best of breed transaction processing engine underlying TradeTravellerâ¢. Other solutions we evaluated required programming skills to change the code and were too inflexible to address the diverse trading environments of emerging markets."
Syn~Routing has helped MPN overcome the barriers to entry such as the high cost, error rates and settlement requirements in these markets, which offer new untapped trading opportunities. MPN is among the first to focus on emerging markets and provide highly automated and cost-effective processing to their global clients within a secure environment.
Syn~Routing performs message content validation, translation and enrichment, FIX version translation, and client specific rules-based routing. It also supports TradeTravellersââ¢ simplified and cost effective solution of FIX connectivity enabling TradeTravellerâ¢ to be the single point of contact for its clients.
Syn~Routingâs real-time error messages and exception reporting help MPN to deliver pro-active client service. Cliff Goldman explains: "If a transaction exception occurs, Syn~ displays a user friendly, easy to understand message describing the problem which prompts our service team. Most exceptions can be handled in an automated fashion within the FIX protocol, but the service team will facilitate issue resolution between clients and brokers, particularly across time zones. Syn~ applies rules to handle differences seamlessly between the senderâs and receiverâs FIX messaging so avoiding the need to re-key. Our clients donât have to change their systems, practices or conventions."
Trade Travellerâ¢ from MPN delivers automated multiple market access to its clients via a single managed connection. Trade Travellerâ¢ provides normalised FIX messaging customised around each clientsâ existing FIX usage, minimizing its clientsâ investment and lead time for automated access to these markets
MPN is driven by their clientsâ demand. South Africa was the first country to go live and access to Brazil, Malaysia and Greece is in progress. "Syn~Routing simplifies the process of adapting and setting up the rules and functionality for each country. We expect to roll out Trade Traveller to twelve countries including Mexico, India, Thailand, Hong Kong and Turkey within the next nine months." said Peter Jardine, Director of Marketing.
Terry Williams, chief executive officer of Coexis said: "Marco Polo Network clearly demonstrates the value of Syn~ in supporting innovation and the creation of new market opportunities. Traditional software approaches would struggle to keep up."