Rapid Addition offers buy-side FIX Cloud solution
Trading technology provider Rapid Addition has released FIX Cloud, a cloud-based solution offering buy-side firms access to brokers on multiple FIX order routing networks without the need to embed a FIX engine in their in-house systems.
The product, which also provides ability to translate selected FIX messages into their associated SWIFT messages automatically, is designed to join the front-, middle- and back-office functions, leveraging the Microsoft BizTalk Server and associated technologies.
With the ability to connect to proprietary FIX networks such as Autex, ITG, Izuka, and the London Stock Exchange's order routing system, FIX Cloud is engineered to enable firms to access counterparties in different locations around the world.
FIX Cloud reads XML messages and converts them to FIX messages, before routing them over a client's selected network to their chosen counterparties. Received FIX messages are then converted back to XML.
Rapid Addition previously announced in September 2010 the addition of 14 clients to its u-Broker sell-side FIX execution management system, an order-capture program which connects brokers to multiple institutions across equities, equity options and futures.