Ullink’s NYFIX becomes first vendor to revolutionise FIX onboarding through fast and efficient, fully automated certification with global visibility
Ullink, a global provider of market leading electronic trading and connectivity solutions to the financial community, and FixSpec Limited, the London-based FinTech start-up dedicated to simplifying and accelerating financial services connectivity, today announce an agreement to streamline connectivity across the global Ullink NYFIX network using FixSpec's Central platform. Ullink will become the first vendor to implement this new technology.
FixSpec will be installed at global hubs located in Hong Kong, Paris and New York, allowing Ullink staff to monitor and certify the entire global FIX network in real time, from one consolidated internal website. The platform allows Ullink to track client testing traffic, including all internal mappings across the network, as well as validating that outbound order flow sent to brokers and exchanges continues to comply with each venues’ specifications and requirements.
Fully automated certification for the onboarding process means Ullink’s clients can migrate to the Ullink routing network without the need for time consuming and inefficient manual intervention to review and validate against counterparty rules of engagement. With FixSpec, Ullink’s clients’ no longer need to allocate additional manpower to check hundreds of counterparties pre-migration. At the same time it increases the accuracy of the process and eliminates many post-migration issues that could be disruptive to trading and support teams. Additionally the volume of individual connections is no longer limited by the manpower available. Hundreds and thousands of certifications can be electronically validated at the same time, with 100% accuracy.
FixSpec founder Chris Lees said: "We are excited to work with Ullink on this pioneering project, the scope and ambition of which has never been delivered before. Ullink becomes the first FIX network in the world to offer such a solution, which will significantly streamline connectivity for their customers”.
”At Ullink we continually strive to offer cutting-edge and innovative solutions to our clients,” said Richard Ring, Global Operations Director of Ullink’s NYFIX Services. “To become the first vendor in the market that provides automated self-certification is an exciting development for our clients. FixSpec makes our onboarding process one of the fastest and most efficient services in the industry.”
Additional features are planned to further enhance network services for Ullink’s customers, including a new client portal, which will allow customers to view testing traffic, as well as directly request and review additional connectivity routes via a secure interface.