The fourteen new clients using u-Brokerâ¢, which is part of Rapid Additionâs u-Dealer family and built on Rapid Additionâs FIX Cloudâ¢ service, include five in Europe (Erste Bank, Hungary), seven in the Middle East (Naeem Holdings, Egypt) and two in Asia. The FIX Cloudâ¢ service enables users to connect to counterparties on various FIX networks including Autex, the London Stock Exchange network, Nex Rubicaâs Izuka Network and ITG Networks.
u-Brokerâ¢ is Rapid Additionâs web-based, lightweight order-capture application which connects brokers to multiple institutions and supports multiple asset classes, including equities, equity options and futures. Its clients are able to accept and reject all orders from personal blotter screens, export data for automatic loading into third-party applications and receive FIX allocations from their counterparties. u-Traderâ¢, a version of the application aimed at buy-side users, will launch later this year.
u-Brokerâ¢ is built on top of Rapid Additionâs FIX Cloudâ¢ service, which provides the functionality of FIX via web services. FIX Cloudâ¢ is a cost effective solution for firms seeking the benefits of FIX without the cost of a FIX engine. An additional attraction of FIX Cloudâ¢ for users is its low service interruption cost against the potentially lengthy system integration necessary for other systems.
Toby Corballis, CEO of Rapid Addition, commented: âThis has proved to be an excellent year so far for Rapid Addition. Our continued growth by any benchmark proves the value that the Rapid Addition product suite has to offer the market. We are well-positioned to continue to grow through 2010 and into 2011 and are excited about continuing to enhance and develop solutions that best serve our clientsâ needs.â