ULLINK, a global provider of electronic trading and connectivity solutions to the financial community, confirmed today its NYFIX Marketplace FIX network is 100% compliant with the latest “FIXS” security standards from the FIX Trading Community. This includes support for the recommended versions of Transport Layer Security (TLS), certificate configurations, ciphers and different methods of authentication as specified. NYFIX is able to support these security best practices across any FIX connection, utilizing both hub-and-spoke and the patented Order Routing Direct (ORD) connection mechanisms.
Increased awareness of cybersecurity across the industry drove the establishment of the “FIX-over-TLS” (FIXS) initiative, led by the Cybersecurity Working Group of the FIX Trading Community, with the mission to define best practices for securing FIX connections as a Technical Standard. ULLINK’s NYFIX has supported SSL/TLS FIX connections since it migrated from a legacy system to its Matrix Architecture in 2010. As a platinum member of the FIX Trading Community, ULLINK has been an active participant in the FIXS initiative since it was founded.
Cybersecurity has been a strong driver in recent growth of the buy-side user community who connect to their executing brokers via NYFIX.
Dan Bassett, Head of Electronic Trading Services at Linedata – a member of the NYFIX Global Alliance Program (GAP), commented, “We are seeing increasing sensitivity in our customer base concerning cybersecurity and specifically around encryption of their FIX message traffic. The in-built support for strong channel security provided by NYFIX is a major factor in our customers’ selection of NYFIX as their network partner”.
Jason Morris, President of Enfusion – also a member of the NYFIX GAP, added, “The ability to deliver robust encryption, in an easily-administered manner and without compromising performance, was a pivotal requirement for Enfusion and is a key driver for our customers to select NYFIX as their network partner. The importance of cybersecurity as a FIX network selection criteria will only continue to increase in coming years”.
NYFIX Marketplace supports FIX connections over the internet and private telecom networks. Internet connections must be encrypted via SSL/TLS FIX or FIX tunneled through a VPN. NYFIX recommends this same level of encryption over private telecom networks in accord with FIXS standards. NYFIX is also cross-connected to a wide variety of other FIX networks and supports encryption on all those connections.
Richard Bentley, Chief Product Officer at ULLINK, concludes, “Security is a must-have capability which we implement as standard in NYFIX. We are committed to maintaining our capabilities at or above the level of current standards, and continuing to contribute to evolution of security standards in the industry”.