Imported from previous forum
[ original email was from Jennifer Carberry - jennifer.carberry@nyfix.com ]
NEW YORK, October 26, 2004: NYFIX, Inc. (Nasdaq: NYFX), the leading supplier of Financial Information eXchange (FIX) solutions to the global securities industry, today announced that the Tokyo Commodity Exchange (TOCOM) is the latest organization to select Javelin Technologies’ Appia FIX Engine as the architecture for sending and receiving FIX orders and executions. TOCOM is the first commodity futures exchange in Japan to adopt the FIX Protocol.
TOCOM will use the Appia FIX engine for its new FIX Protocol Gateway to offer its member firms a new means of electronic trading access to the TOCOM market. The introduction of FIX is the most recent effort by TOCOM to promote globalization of its market. The new FIX Protocol Gateway is being developed with NTT Data Corporation, one of the largest system integration firms in Japan.
TOCOM introduced its proprietary trading system in April, 1991, and completely revamped their system in January, 2003. This renewal has been very successful, with the high-speed order and execution processing capabilities receiving high marks from member firms. The need for the FIX Protocol at TOCOM became evident at the 2003 Futures Industry Association’s Expo event in Chicago, where an increasing number of Independent Software Vendors (ISVs) requested access to the FIX Interface. TOCOM has grown into Asia’s leading Commodities and Futures Exchange, and increasing participation by ISVs (there are currently 7 firms enabled with TOCOM) has contributed to this growth as seen in significantly rising trading volumes. At the end of August, 2004, trading volumes via ISV service formed 5% of entire order transactions and 25% of entire volume from overseas participants (over 150,000 contracts) on TOCOM, and further growth is expected with the adoption of the FIX Protocol.
“After extensive market research, TOCOM has selected the Appia FIX Engine from Javelin Technologies, a company with a strong global customer base, as the infrastructure for its FIX Messaging,” commented Mr. Yuichi Fukui, Senior Vice President of TOCOM. He continued by adding, “TOCOM hopes that the FIX interface will become a catalyst for more ISV participation in the TOCOM market and will form the platform for increasing international market presence while further enhancing market surveillance.”
Mr. Takeshi Miyahira, Manager - Trading Systems Group, NTT-Data Corporation commented, “It is expected that the FIX Gateway, which is powered by Javelin’s APPIA FIX Engine, will help increase the involvement of Independent Software Vendors (ISV) and offshore traders who access TOCOM’s service so that TOCOM, which has grown as Asia’s leading commodities futures exchange service provider, can continue to play a significant role in the industry of the commodities futures exchange service market. NTT DATA strives to maintain the partnership with TOCOM and is committed to continuing to help TOCOM grow as a more eminent exchange and attract more overseas traders.”
“We are pleased to welcome TOCOM to our family of valued customers. This project has been very demanding in schedule, but we have been able to provide timely support for TOCOM around the clock through support offices globally. We opened the office in Manila four years ago and Javelin has since been steadily expanding its support team in Asia, where the support engineers have more than 3 years of experience in our products, and the investment by Javelin over years has really paid off in this project,” commented Mr. Gen Utsumi, Sales Director for Javelin Technologies in Japan. “We are excited to see the impact that our FIX solution will have on TOCOM’s globalization strategy of attracting more ISVs worldwide.”
In collaboration with NTT Data and Javelin Technologies, TOCOM plans to release the FIX Protocol Gateway in November, 2004.
About Javelin Technologies
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 provides FIX technology to the Chicago Board of Options Exchange, the Options Clearing Corp., the American Stock Exchange, Pacific Exchange, Inc. and the New York Mercantile Exchange.
Javelin solutions provide better trading through universal connectivity, while eliminating the high cost and risk of developing proprietary network links and protocol implementations. For more information on Javelin’s electronic trading solutions, visit www.javtech.com. Javelin currently has offices in New York, London, Tokyo, Hong Kong and Manila.
About NYFIX, Inc.
NYFIX, Inc. is an established provider to the domestic and international financial markets of trading workstations, middle-office trade automation technologies and trade communication technologies. Our NYFIX Network is one of the industry’s largest networks, connecting broker-dealers, institutions and exchanges. In addition to our headquarters in Stamford, we have offices on Wall Street in New York City, in London’s Financial District, in Chicago, and in San Francisco. We operate three data centers in the northeastern United States, two data centers in Europe and are establishing additional data center hubs Tokyo and Hong Kong. For more information, please visit www.nyfix.com and www.javtech.com.
About the Tokyo Commodity Exchange
The Tokyo Commodity Exchange (TOCOM) was established on November 1, 1984, as an amalgamation of the Tokyo Textile Exchange (established 1951), the Tokyo Rubber Exchange (1952) and the Tokyo Gold Exchange (1982). Since its inception, TOCOM has experienced a remarkable expansion in its market size. TOCOM’s trading volume soared from 4 million contracts in 1985 to 87 million contracts in 2003, more than a twenty-fold increase during a nineteen-year period. In terms of trading value, TOCOM is now the world’s largest futures markets for platinum, gasoline and kerosene, and the second largest for gold, palladium and rubber.
About NTT DATA
NTT DATA traces its roots back to 1967, to the establishment of the Data Communications Bureau within Nippon Telegraph and Telephone Public Corporation (present-day NTT). The Bureau sustained consistent growth based on system development, building, operation, and maintenance across a broad front, ranging from nation wide systems that formed the cornerstones of society to a multiplicity of corporate network systems. In 1988 it began a new chapter in its story when it became NTT DATA Corporation. Today, NTT DATA has grown into a group comprising 90 subsidiaries and affiliates. It possesses comprehensive strengths and has the best track record of any system integrator in Japan.
Javelin Contact:
Jennifer P. Carberry
Tel: 203-425-8000
Email: info@nyfix.com
This update contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to market and develop its products. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.