Solutionforge, provider of FIX-based straight through processing (STP) solutions, today announced that SWIFT has selected its FIX.NET Trader trade execution management solution to accelerate SWIFTNet FIX adoption.
Launched in 2003, SWIFTNet FIX is SWIFT's strategic offering to the financial community for pre-trade and trade messaging, enabling customers to support the full trade cycle over one physical connection to SWIFT. Despite the benefits afforded by SWIFTNet FIX, small to mid-sized firms are often prohibited from using the network due to the cost and complexity of implementing one of the larger FIX-based trading systems.
Built using the latest Microsoft .NET Framework technology, FIX.NET Trader offers a comprehensive, easy-to-use execution management system with a low overall cost of ownership. This makes it the perfect solution for organisations looking for a cost-effective way to leverage SWIFTNet FIX connectivity. "FIX.NET Trader's ease of use and straightforward deployment coupled with SWIFTNet's broad reach means that customers can be connected and trading electronically with their counterparties very quickly," comments Kevin Lee, Sales Director at Solutionforge.
One of the attractions of SWIFTNet FIX is that it can be accessed by every one of the 7,500+ endpoints on the SWIFT network, reducing the need to introduce new processes to deliver FIX connectivity. Further, as SWIFTNet FIX uses the hub and spoke FIX messaging model, the need for inter-firm certification of FIX connections is drastically reduced.
"We are keen to extend the usage of SWIFTNet FIX to mid-tier organisations and finding the right technology partners is key to achieving this. FIX.NET Trader, built for the Microsoft development environment and featuring a low cost of deployment, enables organisations to reap the benefits afforded by automated trade execution, quickly and cost effectively," comments Richard Young, Business Solutions Manager, SWIFT.