Imported from previous forum
Edinburgh based fund manager Baillie Gifford has been trading electronically with their top brokers using FIX since the beginning of this year, making it the first in Scotland to do so.
Whilst Baillie Gifford has an in-house Order Management System (OMS), they did not have the IT development resource to develop, integrate, and test a FIX connection directly into their OMS in the required timeframes. Using Apt FIXcel, Baillie Gifford was able to accelerate their adoption of FIX without tying up precious IT staff. Apt FIXcel pulls the orders out of the OMS and lets the dealer work the order. Dealers know their up-to date position in real-time without constantly communicating with their counterparty on the sell-side.
Keith Guthrie, Head of New Technologies at Baillie Gifford said - “Apt Fixcel has allowed us to complete the STP loop, eliminating the risk of re-keying and transcription errors. In addition it has given our dealers useful experience in using FIX. The combination of Apt Fixcel and the Autex/ATR network permits us to connect to all of our high volume brokers. Because APT FIXcel is certificated to work with Autex “out of the box”, adding additional brokers does not involve lengthy testing, and our last connection was live within 3 working days of initial contact with zero changes to the set-up and has proved 100% reliable since going live.”
Contact:
Keith Guthrie - Baillie Gifford - keith.guthrie@bailliegifford.com
Linda Handley - Apt - linda_handley@aptcompsys.com
Notes.
Baillie Gifford is one of the UK’s leading independent investment management groups with over £28 billion of funds under management and advice as at 30 June 2004. For further information visit: http://www.bailliegifford.com/
Apt FIXcel is a native FIX engine for Microsoft Excel. It is installed and configured in seconds and comes out of the box with order entry for buy and sell-sides, iois, adverts, market data and wizards for pairs, lists and market making.
Apt FIX Suite is a range of leading edge FIX protocol tools for the financial industry. The company’s comprehensive range of FIX engine software has been giving financial organisations the ability to trade electronically and move closer to STP (straight through processing) and quickly and easily gain competitive advantage. For further information visit: http://www.aptcompsys.com/