Burlington, MA, London, Melbourne and Singapore - March 30, 2006 â Charles River Development, a market leading provider of investment management software and services, today announced that its global, full-service Financial Information eXchange (FIX) network solution, the Charles River Network, continues to gain momentum as a preferential new option for global FIX connectivity. Over 125 sell side brokers and 30 Charles River Investment Management System (Charles River IMS) clients have joined the network since its launch in July 2005; the firm is in the process of signing up another 75 brokers and 50 Charles River IMS clients. The network is available for equity, fixed income and foreign exchange trading via FIX and its participants currently span over 10 countries.
The Charles River Network, built on the BT Radianz global backbone, bases its FIX Network Service on a dedicated, direct-connect FIX network architecture and is an optional offering for Charles River IMS clients. Investment managers who take advantage of the Charles River Network benefit from a comprehensive, single vendor solution. Charles Riverâs full service approach helps participants leverage the full functionality inherent in the industryâs standard messaging protocol by facilitating the customization of FIX counterparty messages as needed. âThe reality is that most of our broker endpoints require a certain level of customization. The point-to-point connections maintained and certified via the Charles River Network make it easy for us to run different versions of FIX and customized message formats with the different endpoints,â said Grover Heintz, VP Technology at Loomis Sayles. âAs a long-time user of Charles River IMS, we also appreciate that Charles Riverâs FIX network solution is tightly integrated with the OMS. We get the same high quality Charles River support to which we are accustomed; through one phone call we have immediate contact with an expert who is intimately familiar with both offerings.â
Charles River provides one-stop access to Charles River IMS software support and, through its FIX Network Service, global FIX trading destination connectivity, complete FIX software administration, testing and certification, and global connectivity management and support. âSince the launch, an overwhelming majority of new Charles River IMS clients have opted to conduct their FIX trading through the Charles River Network. Participants are pleased with the breadth of global endpoints provided via the BT Radianz network â with over 10,000 available in Europe, Asia and the U.S.,â said Michael Hayes, Director of Alliances and Connectivity at Charles River. âUnlike some of our competitors, we do not force our customers to trade on our network. In addition, many investment managers and brokers have said they prefer our comprehensive support services over alternative offerings.â
Tony Williams, Managing Director of Julius Baer Investment Management LLC states: âThe Charles River Network is highly available and reliable, resulting in an excellent business partner for our global 5X21 trading hours. The 24X7 FIX administration support allows for automated and customized broker connectivity configurations throughout the day, easily facilitating trading across multiple time zones. We are very confident in Charles Riverâs OMS and FIX expertise and very pleased with their real-time monitoring and management of the network.â
Broker participants also appreciate Charles River's sell side services, including comprehensive testing, certification and re-certifications as changes occur. "As a destination on the Charles River Network, we are pleased with the efficiency and speed at which our buy side connections are brought live to the network. It has been a seamless process and we find the entire Charles River team knowledgeable and easy to work with," said Will Sterling, Managing Director of UBS. "As a combination OMS and network provider, Charles River provides a reliable network and a high level of support and service."
Asset managers and brokers interested in connecting to the Charles River Network should contact Michael Hayes at MichaelHayes@crd.com. Asset managers may also be interested in optional FIX administration service whereby Charles River remotely manages the clientâs FIX hardware.