Rapid Addition, the leading provider of trading technology solutions to buy- and sell-side financial institutions, has partnered with Extol to distribute its products across Latin America. The decision follows the firm's continued success in the US and across Europe.
Rapid Addition is currently working with several businesses in the region, including Bolsa de Valores de Colombia (BVC), operator of the country's main securities exchange which implemented the firm's solutions as part of the LatAm Integrated Market (MILA project).
A major regional integration project along LatAm's Pacific Coast - a FIX-based messaging routing networking linking BVC, Bolsa de Valores de Lima (Peru) and Bolsa de Comercio de Santiago (Chile) - was a testament to the strength of the firm's products and relationships.
Following that success, Rapid Addition has been approached by a number of banks and brokers, stat arb and hedge funds, high frequency trading firms and exchanges across the region, with a view to leveraging their solutions and reaping the benefits.
Further interest in FIX is being generated by Mexico's recent adoption of FIX.4.4 and by platform upgrade plans at BMF Bovespa (Brazil) that aim to reduce the latency of its trading platform.
In response, Rapid Addition evaluated a number of firms, capable of providing on the ground sales and support to meet this demand. Extol, located in one of the world's fastest-growing emerging markets, was selected due to its deep knowledge of FIX and local requirements.
Kevin Houstoun, Chairman at Rapid Addition, commented: "This partnership will present companies in the region with the opportunity to improve their performance and efficiency, through the automation of business processes and the availability of the fastest commercial FIX messaging technology. For those that are already using our low latency technology, it will enhance the local support of those systems that are already in place.
The recent OnX Intel performance benchmarks on FIX engine performance, illustrated that Rapid Addition has the best FIX technology in this market place, and this partnership makes it available in LatAm with local support and integration expertise.
Extol can now help customers who have a need for a complex integration projects as well as reducing the latency of their trading infrastructure and addressing any issues from their other products."
Edwin Montenegro, CEO at Extol, added: "At a time of incredible change and development in the BRIC marketplace, the demand for proven high performance technology and FIX-compliant products has risen greatly, particularly in Brazil. Partnering with Rapid Addition is the next logical step for this economy."
Kevin Houstoun, concluded: "We have experienced strong demand for our solutions across Latin America and Mexico and through working with Extol, one of the most respected FIX integrators in the market, we can react to this and be a part of what is currently a crucial emerging market."