Rapid Addition, the leading provider of trading technology solutions to buy- and sell-side financial institutions, today announced that Singular Fit, the developer of advanced trading systems for financial markets, has chosen RA-Cheetah FIX as its FIX Protocol engine.
RA-Cheetah is the world's lowest latency and highest performing messaging engine for the FIX Protocol.
Singular Fit sought a comprehensive package, based upon the FIX protocol, as an alternative to broker-specific TCP/IP solutions for market data and connectivity. Following a thorough evaluation process, Rapid Addition was selected based on Singular Fit's criteria for universality, performance and price.
Keith Marable, Director at Singular Fit, said: "Rapid Addition was able to tailor its services specifically to our needs and ultimately offer us a custom-based solution. They have a great pedigree of clients using its software and offer a truly generic FIX Gateway that does not require the development of ECN-specific (electronic communication network) market venue adaptors. Finally, Rapid Addition's ability to deliver performance was a fundamental factor in our decision. After all, they don't call their product 'Cheetah' for nothing."
By selecting the RA-Cheetah FIX engine, Singular Fit will benefit from increased messaging throughput and consistently faster message delivery than would be available using other systems available on the market. RA-Cheetah's operational flexibility will enable Singular Fit to meet its clients' requirements now and in the future. All of these factors mean that RA-Cheetah provides reduced total cost of ownership and accelerated return on investment. The system is to go live in December.
Toby Corballis, CEO of Rapid Addition, commented: "We were very pleased that RA-Cheetah, our flagship offer, passed Singular Fit's evaluation process. Being peers in the sense that we are leaders in our respective fields made us all the more excited about ensuring that RA-Cheetah meets the requirements of their client base."
This latest Rapid Addition news coincides with the appointment of Rapid Addition's chairman, Kevin Houstoun, as expert adviser to the UK government's Foresight working group on The Future of Computer Trading in Financial Markets.