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Syntegra to develop thin-client FIX-based OMS

08 July 2003  |  4041 views  |  0 Syntegra to develop thin-client FIX-based OMS

Syntegra has joined the Financial Information eXchange (FIX) protocol with a view to developing a hosted order management system for tier-two buy and sell side firms.

Syntegra is keen to extend its existing 'Infrastructure for Financial Markets' (IFM) - a secure electronic communications network which provides services such as SettleNet for Crest connectivity - to support the FIX messaging standard.

The company says it is working with securities industry participants to explore the development of a centralised FIX messaging utility. This would be targeted at firms who want to automate their order flow, but do not have the budget for a large, fully integrated Order Management Service (OMS) or FIX capability.

In addition to the core FIX capabilities, Syntegra plans to provide an enhanced offering including security and other value-added features such as full message authentication, non-repudiation and encryption.

Kevin Covington, sector manager for the wholesale financial services division at Syntegra says the initiative will help extend access to FIX automation to a much wider number of market participants, irrespective of their budget or size.

He adds: "We believe that security and non-repudiation is going to become absolutely essential as the FIX protocol moves further down the trade life cycle. We see this initiative as more than a traditional hub and spoke service, but a secure communications infrastructure offering the same level of service as a peer-to-peer connection."

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