Financial services group Skandia is to implement SolutionForge's FIX.NET Server 2002 FIX engine to automate trade processing between its back office and clients via the Eelectronic Message Exchange (EMX) fund trading network.
The automated link to EMX, set to be implemented next year, is being implemented to improve the efficiency with which Skandia trades with UK fund groups by removing manual processes.
FIX.NET Server 2002, which will replace the functions currently performed by Skandia via EMX's 'half way house' Web browser system, allows users to upload messages from a file into EMX and also download them into a file, creating a staggered link between participants.
Jim Roberts, group investment director, Skandia, says: "Our overall strategy is to improve the level of automation within Skandia operations, including price receipt, reconciliations and settlements."
Skandia hopes to eventually migrate the majority of its daily trade volume onto the EMX platform.