Imported from previous forum
Solutionforge FIX.NET® Trader™ Selected by SWIFT to Accelerate SWIFTNet FIX Adoption
- Ideal solution for mid-tier organisations that want automated trade execution immediately and cost-effectively
- SWIFTNet FIX can be accessed by every one of the 7,500+ endpoints on the SWIFT network
- Viable alternative to cost and resource draining, large-scale FIX-based trading system implementations
London, 18 May 2005 – Solutionforge, provider of FIX-based straight-through processing (STP) solutions, today announced that SWIFT has selected its FIX.NET Trader trade execution management solution to accelerate SWIFTNet FIX adoption.
Launched in 2003, SWIFTNet FIX is SWIFT’s strategic offering to the financial community for pre-trade and trade messaging, enabling customers to support the full trade cycle over one physical connection to SWIFT. Despite the benefits afforded by SWIFTNet FIX, small to mid-sized firms are often prohibited from using the network due to the cost and complexity of implementing one of the larger FIX-based trading systems.
Built using the latest Microsoft .NET Framework technology, FIX.NET Trader offers a comprehensive, easy-to-use execution management system with a low overall cost of ownership. This makes it the perfect solution for organisations looking for a cost-effective way to leverage SWIFTNet FIX connectivity. “FIX.NET Trader’s ease of use and straightforward deployment coupled with SWIFTNet’s broad reach means that customers can be connected and trading electronically with their counterparties very quickly,” comments Kevin Lee, Sales Director at Solutionforge.
One of the attractions of SWIFTNet FIX is that it can be accessed by every one of the 7,500+ endpoints on the SWIFT network, reducing the need to introduce new processes to deliver FIX connectivity. Further, as SWIFTNet FIX uses the hub and spoke FIX messaging model, the need for inter-firm certification of FIX connections is drastically reduced.
“We are keen to extend the usage of SWIFTNet FIX to mid-tier organisations and finding the right technology partners is key to achieving this. FIX.NET Trader, built for the Microsoft development environment and featuring a low cost of deployment, enables organisations to reap the benefits afforded by automated trade execution, quickly and cost effectively,” comments Richard Young, Business Solutions Manager, SWIFT.
ENDS
ABOUT SOLUTIONFORGE
Solutionforge, a preferred global Microsoft partner, offers connectivity solutions and trading applications designed to maximise the benefits of the FIX protocol. Built on the Microsoft .NET development platform, Solutionforge’s products are easily integrated with existing systems and deliver unparalleled scalability and flexibility on commodity hardware.
Solutionforge supplies the FIX.NET® suite of products, which includes FIX.NET Server, its high performance FIX engine, and FIX.NET Trader, its trading system for mid-tier buy-side and sell-side firms.
Solutionforge is headquartered in the UK and is privately owned and funded. Solutionforge’s installed base of over 400 systems includes some of the world’s leading financial market organisations, such as the London Stock Exchange, JPMorgan, Deutsche Bank, Bank of New York and Swiss Re.
To learn more about Solutionforge and its products please visit: www.solutionforge.com.
ABOUT SWIFT
SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to 7,650 financial institutions in over 200 countries. The SWIFT community includes banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 70%, and system availability approaches 5x9’s reliability — 99.999% of uptime. As of end 2004, the entire SWIFT membership has migrated to SWIFT’s new IP messaging platform, SWIFTNet.
For more information about SWIFT please refer to: www.swift.com.