Imported from previous forum
[ original email was from Jed Hamilton - jed.hamilton@nyfix.com ]
Javelin Technologies Continues Momentum in Fourth Quarter 2002
76 New Clients and Expanded Product Line Solidify Javelin’s Status as the World’s Leading FIX Engine Provider
NEW YORK, March 4, 2003- Javelin Technologies, a wholly-owned subsidiary of NYFIX, Inc. (Nasdaq: NYFX), and the leading supplier of FIX solutions to the global securities industry, today announced that over the course of 2002 it added 59 new clients using its flagship product Appia, including one of the world’s leading investment bank and 17 customers for FIXBox with Instant Integrator. An additional 60 installations were completed in 2002 through Javelin’s OMS redistribution partners.
“While 2002 was a challenging year for everyone in the financial services industry, by joining forces with NYFIX, Javelin was able to reduce costs without sacrificing the quality or resources of our product development, support and sales efforts,” remarked John Coulter, Javelin Technologies president and COO. “It’s a testament to the quality of people at our firm that Javelin added significantly to its FIX leadership position at a time when IT budgets continue to be scrutinized. We are cognizant of our customers’ needs to reduce technology spending and have quickly developed cost-effective products like Instant Integrator, which can be hosted in the NYFIX Data Center eliminating the demand on the client for expensive FIX development, testing and certification resources.”
NYFIX acquired Javelin on March 31, 2002. Synergies between the trading technology leaders continue to come to fruition as 20 of Javelin’s buy-side customers have connected to the NYFIX Network, which is utilized by more than 250 participating brokers and was expanded to the buyside in August 2002. As recently reported, Javelin, with the strength of NYFIX and its balance sheet, was able to increase revenue by 32% in the fourth quarter of 2002.
"Javelin and NYFIX offer buy-side institutions a full set of electronic trading solutions which include on-site or hosted FIX technology, network connectivity, FIX routing and certification and execution services," adds Coulter. "Customer response has been outstanding. As FIX connectivity moves toward the mid-market for equity trading, the range of solutions offered by Javelin and NYFIX are well suited for firms of all sizes. In addition, we enable our customers to choose from a variety of fee structures to suit their individual business needs, including licensing or subscription arrangements.
Javelin has announced plans to release two new product offerings based around its popular Appia offering. Slated for production at the end of the second quarter is a multi-faceted trade monitoring and alerting module that is aimed at larger financial institutions needing to streamline FIX engine administration while enabling traders to run data reports and analytics through a web-based interface. In addition, Javelin is developing a FIX certification offering that will utilize the strengths of the NYFIX Network and Appia to make it easier for customers to be up and trading in less time.
Javelin now has over 350 direct customers using its products in 25 countries worldwide, including many top financial institutions. Javelin’s 17 redistribution partners, including Charles River, Eze Castle, Decalog, INDATA and Portware, have accounted for an additional 400 FIX engine installations, making Javelin by far the world’s most popular and widely-used FIX engine.
About Javelin Technologies, Inc.
Javelin Technologies, a wholly-owned subsidiary of NYFIX, Inc. (Nasdaq: NYFX), is a leading supplier of electronic trade communication technology and the leader in Financial Information Exchange (FIX) technology. Javelin has over 1,200 installations at more than 350 major buy and sell-side institutions, securities clearing houses, hedge fund managers, exchanges and ECNs in 25 countries worldwide. Javelin solutions provide better trading through universal connectivity, while eliminating the high cost and risk of developing proprietary network links and protocol implementations. Javelin is based in New York City with offices in London and Hong Kong. For more information on Javelin’s electronic trading solutions, visit www.javtech.com.
Javelin Contact:
Jed Hamilton
Tel: 212-809-3542
Email: jed.hamilton@nyfix.com