New York and London - 24 October 2006

The end of the pure FIX engine is in sight

The fifth major version of the global standard for electronic securities trading introduces significant improvements over previous versions in terms of flexibility and modularity. As the leader in enterprise-scale financial messaging solutions and the overwhelming choice among global electronic trading firms, the TransactTools TCM5 platform will fully support the new standard when it is released, and current customers will be able to take advantage of its new capabilities without a software upgrade.

Applauding the changes, TransactTools CEO Sam Johnson said, "Two thumbs up. FPL has officially validated what we've seen the world's leading trading firms asking for all along. As a single, all-or-nothing specification, the sheer size of recent versions has made FIX untenable for many. Our customers are mixing and matching messages today. Building into 5.0 the ability for users to choose only messages and processes appropriate to their business should greatly speed adoption."

On the long-term impact of FIX 5.0 on the vendor space for financial messaging solutions, Johnson said, “With standard support for transport independence, the FIX 5.0 specification signals the beginning of the end for point-to-point edge solutions dependent on pure FIX engines. As the lingua franca of financial messaging, FIX is now positioned to take over as the backbone messaging format for global electronic trading firms. With existing architectural support for transport independence, TCM5 will expand its position as the premier enterprise platform solution for electronic financial messaging.”

The most fundamental and technically challenging change in FIX 5.0, transport independence removes the long-time tight coupling of FIX to a strict TCP/IP session protocol. Commenting on how the change will impact TCM5, David Litner, VP of Engineering, said, “The impact of FIX 5.0 on TCM5 will be minimal, because our modular architecture specifically supports transport independence. Transport independence and pluggable protocols are features we supported in TCM5 architecturally from the beginning, although architectural support for transport independence is just one of many features that separate our platform from the pure FIX engine vendors. It will be interesting to see other vendors’ market responses to the new specification.”

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