Version 2.0 of FIX Conductor Provides Benefits, New Functionality for Automated On-boarding
The LaSalle Technology Group, LLC (“Lasalletech”) has announced the release of version 2.0 of FIX Conductor, a web-based technology that allows electronic trading groups to automate on-boarding and certification for new and existing trading partners. The release of version 2.0 delivers increased functionality and bug fixes for those in the electronic trading industry who are looking to save time, cut support costs and increase efficiency by automating client on-boarding.
FIX Department in a Box: FIX Conductor is a complete FIX certification and on-boarding service that works with existing FIX implementations. An on-boarding manager can manage each client’s connectivity, contact information and provisioning in a single place – all with a simple to use web interface.
The tool dramatically reduces the time it takes to get clients in production. A senior FIX support engineer at a tier 1 sell side bank who asked to remain anonymous said that since they started using FIX Conductor, they have reduced on-boarding time by 66%.
The system also allows clients to proceed through the automated certification process with little or no hands-on support. The support engineer reported that “the Lasalletech product suite has tripled the efficiency of our staff in terms of how much work we can get done in a week.”
Not surprisingly, the bank’s clients also prefer using an automated certification process, because they are not tied to trading hours and are able to certify at their own pace. With manual on-boarding, scheduling over multiple time zones causes headaches and delays. Automating the process removes constraints on when certification can happen. This also helps bank clients improve their own testing and development process. One of Lasalle’s clients reports that they have customers testing 100’s of scenarios 23 hours a day, allowing them to speed up their internal development.
Another benefit to automating the on-boarding process is the ability for a single support engineer to manage more clients simultaneously. Clients report that a single QA person using FIX Conductor for on-boarding can oversee 20 clients certifying simultaneously. This would not have been possible using manual testing methods.
An additional feature to FIX Conductor is the ability to view a client’s web accessible history to see how they’re doing. Step in if clients are having trouble passing particular tests or if it has been a while since they have passed a test successfully. Also, if a client has been signed up for a service to certify against for a week or two, and certification has never started, this gives an opportunity to get in contact with the client and get the ball rolling.
Release 2.0 of the tool offers nearly 50 improvements and over a dozen instances of new functionality to simplify the automated certification process. One such feature is the administrative ability to trigger service/interface re-certification in the event that changes are made to the trading system that affect a FIX specification.
“With this release we aimed at providing a streamlined, easy to use interface for clients to use certifying,” said Jacob Northey, Managing Partner at Lasalletech, “and give on-boarding managers more control over seeing the process and progress that clients make during certification.”
“This is the biggest release we have ever worked on in terms of creating new features and delivering improvements,” Northey added. “We want to make it as easy and efficient as possible for users to automate on-boarding correctly – while still guaranteeing quality.”