Rapid Addition, the leading provider of trading technology to buy- and sell-side financial institutions, has partnered with Tauri Software Systems, an investment company focused on creating systems and software, to launch an alternative network for routing financial trading information in South Africa and across the globe using the FIX industry protocol.
Neels Britz, Chief Operating Officer,Tauri Software Systems commented: "South Africa's financial sector is focused on improving the quality of the service that it can provide and reducing the overall costs associated with trading. The Johannesburg Stock Exchange (JSE) has been reducing its trading charges in response to global economic conditions. CheetahFIX intends to further reduce the costs of trading in South Africa by electronically connecting counterparties through the Orb FIX Messaging Network."
Tauri Software Systems has teamed up with Rapid Addition, combining local expertise with established FIX message routing products, to provide the high quality and fully compliant Orb FIX Messaging Network. Having eliminated transaction charges, institutions and brokers will benefit from lower costs and a larger electronic network.
The Orb FIX Messaging Network is based in Neotel's Midrand datacentre and offers full fibre connectivity between counterparties for enhanced quality of service and reliability. International connectivity is being provided through London. Connectivity over the internet via a Virtual Private Network is also possible.
CheetahFIX, a platform agnostic FIX Messaging Network, will further promote the unencumbered use of FIX throughout South Africa. It will work locally with the trading community to provide FIX-based solutions to important issues facing the market place.
Kevin Smith, Director, CheetahFIX said: "With the option of using Rapid Addition's FIX expertise and other FIX-based products to liberate and connect up customers' existing in-house systems, more and more business should be transacted end-to-end electronically. This straight through processing ability will prepare customers for the well-publicised changes that are being driven by the initiatives now coming to fruition at the JSE."
Kevin Houstoun, Chairman, Rapid Addition added: "In a tough economic cycle, the Orb FIX Messaging Network will provide a standards driven, cost effective solution to financial business communications that will grow and expand with the advent of other third party services and wider connectivity over the next 12 to 18 months. We look forward to working with businesses in the region to help them get ahead of the competition."