Rapid Addition, the leading provider of trading technology to buy- and sell-side financial institutions, is collaborating with Volante Technologies (‘Volante’), a provider of integration technology which enables business information flexibility and agility, to create an end-to-end messaging capability that supports the full trade life cycle.
As market structure evolves and business processes are developed to mitigate systemic risk, the emphasis on Straight Through Processing (STP) messaging from front-to-back office increases. The joint venture between Rapid Addition and Volante offers clients the tools and knowledge to cope with the ever evolving demand of a changing trade life cycle from FIX messaging in the front office through to SWIFT-based messaging in the back office. As cross asset class STP embraces derivatives, there is also the need to handle messages with mixed FIX FpML content, with FIX being used for the business process and FpML for the product descriptor.
Rapid Addition’s solution, RA–Cheetah™, which enables businesses to benefit from increased throughput, lower deterministic latency and operational flexibility, will be operating the front office. Alongside this, Volante will control all other message formats with dashboarding and work flow capabilities, creating a unique and powerful one-stop-shop combination.
Kevin Houstoun, Chairman, Rapid Addition said: “Implementation of message formats is not fully standardised and proprietary formats still exist. Achieving Straight Through Processing to reduce operational risk is now back on the agenda and we have teamed up with Volante to answer industry demands and produce a turnkey solution for our clients”
Vijay Oddiraju, Chairman and CEO, Volante Technologies added: “The front office is where the transaction life cycle begins, and we are delighted to be working with a leader in front-office solutions and FIX messaging, Rapid Addition. We will be offering a next-generation messaging hub with the integration and management features needed for capital markets applications, as well as the ability to adapt on the fly to changing requirements. We look forward to introducing it to our customers.”