Imported from previous forum
[ original email was from Tony Johnson - tony.johnson@cognito-europe.com ]
Skandia Selects SolutionForge’s FIX.NET Server 2002 for Automated Link to EMX
· FIX-enabled link between Skandia’s back office and EMX will facilitate automated trade processing with UK fund groups
· FIX.NET Server 2002 will improve efficiency and reduce exposure at Skandia
18th September 2002 – London – SolutionForge, the UK-based provider of financial Straight-Through Processing solutions, has today announced that Skandia, one of the UK’s fastest growing financial services groups and creator of the multi-manager investment approach, has selected its FIX.NET Server 2002 FIX engine to enable automated trade processing between its back office and clients. Trade processing will be enabled via the Electronic Message Exchange (EMX) fund trading network.
The link to EMX that FIX.NET Server 2002 will provide is due to go live next year. This will improve the efficiency with which Skandia trades with UK fund groups by removing manual processes and creating true Straight-Through Processing (STP). Automation will also enable Skandia to benefit from reduced exposure and improvements in the quality of its operations by freeing staff time to concentrate on core activities. Skandia hopes to eventually migrate the majority of its daily trade volume onto the EMX platform.
FIX.NET Server 2002, which is built in native Windows code specifically for organisations running Microsoft platforms, will replace the functions currently performed by Skandia via EMX’s ‘half way house’ web browser facility. The web browser facility, launched in EMX software release version 3.0 (which uses a SolutionForge powered test environment to test the FIX connectivity of future software releases, as announced earlier this year), allows web-connected intermediaries and providers to upload messages from a file into EMX and, conversely, to download them from EMX into a file, creating a staggered link between participants.
Skandia approached SolutionForge following extensive market research, including contact with other EMX participants. Jim Roberts, Group Investment Director, Skandia says, “Our selection of SolutionForge’s FIX.NET Server 2002 is one step in our phased plan to enhance our processing with fund groups in the UK and, ultimately, across Europe. Our overall strategy is to improve the level of automation within Skandia operations, including price receipt, reconciliations and settlements. As the creator of the multi-manager approach, Skandia has a reputation as an innovative, fresh-thinking company. With this strategy, and with SolutionForge technology to back us up, we will continue to live up to that reputation”.
Steve Wilkinson, SolutionForge’s founder and CEO comments, “Connectivity to EMX is becoming increasingly crucial for fund managers in the UK and SolutionForge’s relationship with participants on both sides of the equation, coupled with the strength of our offering, puts us in a very strong market position. Skandia is a successful and well respected name in the fund management market and their selection of FIX.NET Server 2002 to link to EMX is yet another example of how our FIX engine is establishing itself as the FIX connectivity solution of choice.”
NOTES TO EDITORS
ABOUT SOLUTIONFORGE
SolutionForge serves the international financial community with a specific focus on Straight-Through Processing solutions. As an experienced provider of solutions that implement the Financial Information Exchange protocol (FIX), SolutionForge has developed a track record of successful customer projects, by complementing off-the-shelf software with focused professional services.
For further information visit www.solutionforge.com
Contact: Kevin Lee +44 (0)1277 312 304.
ABOUT SKANDIA
Skandia in the UK launched in 1979 and is now one of the UK’s fastest growing and leading financial services groups providing pensions, investment and protection products through intermediaries in the UK, EU and overseas. Creator of the multi-manager approach, Skandia has teamed up with the world’s top fund managers to create a range of funds tailored for investors’ individual needs.
Skandia has been the title sponsor of Skandia Life Cowes Week since 1995, with current sponsorship secured until 2005.
Skandia’s parent company, Skandia Insurance Company Limited has operations in over 20 countries and assets exceeding £64 billion.
For more information visit www.skandia.co.uk or www.royalskandia.co.uk.