The Fall 2002 issue of OpenFinance magazine features articles on the
SWIFTNet FIX hub, a messaging service pilot program for the financial
services market to improve straight through processing (STP). Developed
for SWIFT by Financial Fusion on the SolarisTM Operating Environment
(Solaris OE), the hub routes, monitors and manages FIX message traffic
in real time through FIX servers maintained in SWIFT datacenters to
ensure a high degree of security and reliability.
Working with SWIFT, Financial Fusion has also developed SWIFTNet Link
for FIX, a Solaris OE or AIX-based application that bridges a FIX engine
to the SWIFT network.
Additional planned features for the FIX service include a certification
program, version translation, browser-based order-entry application,
reporting functionality and interoperability with SWIFT's back-office
products and services, including its core store-and-forward messaging
service, SWIFTNet FIN.
The SWIFTNet FIX Hub requires software known as a FIX engine. FIX
engines are easily available, but the issue is cost and ease of
implementation. To address the issue, Sun is discussing with its
partners two cost-effective Lerce-based solutions -- one from APT
Computer Systems, the other from B2B ITS. APT has developed a 100% Pure
JavaTM certified version of its FIX engine, which runs on most
operating systems, including Linux.
"In the FIX marketplace the barriers to entry have been far too high,"
says B2B ITS chief executive Robert Woodmansey. "We are offering a
commoditized FIX appliance to get people trading."
B2B ITS has also been working with Schroder Salomon Smith Barney to
develop a Sun-supported FIX testing gateway, which automates the
process of testing the link whenever a new client wants to connect to
Salomon's using FIX. Done manually, testing can take anything from two
days to two months. "FIX usage has been spreading -- I'd say it is almost
universal in the U.S.," says Kevin Houstoun, director equity electronic
trading at Schroder Salomon Smith Barney. "In Europe, most brokers have
some FIX capability, either in-house or via order-routing networks. So,
on the buy side, it is becoming easier to adopt because they can cover
all of their brokers.
While Salomons focuses on its own customers, B2B ITS will offer the
gateway, known as FACTS (FIX Antenna Certification & Testing Service),
on an ASP basis.
The Fall issue of OpenFinance magazine also contains articles on the
SunTM LX50 server and the access it offers to features such as
SWIFTNet Link on SolarisTM Operating Environment (Solaris OE).
To see the Fall 2002 issue:
For information on the Sun broadening its SunSM Customer Ready Systems
(Sun CRS) program by shipping entry-level servers pre-loaded with FIX
software, see article number 7869 on this newsletter's Web site.
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