The utility gives developers the ability to make an internet connection to an interactive FIX service designed to replicate the message formats of a FIX counterparty such as an exchange or broker. Available all day, every day, developers can connect to the service on their own convenience, manually perform actions such as execute orders and cancel trades, and test their code against a certification script; all without needing to book a formal testing slot with the counterparty, saving a lot of wasted time for both parties.

"As I talk to our customers about the problems they face when building and maintaining trading connections, three issues keep coming up: access to accurate specifications, access to UAT, and coordinating testing with the counterparty. We believe we addressed the first issue 5 months ago when we first launched FixSpec.com, and today we believe we are tackling the other two head-on. I'm particularly excited that we were able to fully integrate the service directly into FixSpec.com, making it both intuitive and immediately accessible to our registered users" explains FixSpec Founder Chris Lees.

FixSpec offers a service to the issuers of FIX specifications to set up and maintain the service on their behalf for a fixed subscription fee, removing the burden of configuration away from venues and brokers and avoiding the uncertainty of expensive consultancy fees. Since the service is designed to run in the cloud and support multiple venues, there is no need for hardware or software installation, and the resulting cost is dramatically lower than some competitive on-premise products. In order to remain in sync with the underlying venue, FixSpec maintains a connection to the underlying venue's UAT system, continually regression testing it's responses to ensure a high degree of accuracy.

"Everybody wants to bring on new clients faster and give them a good initial experience. Getting it right can be expensive both in terms of hardware and support staff time, both of which are always in short supply. It's easy to forget that your clients and vendors are also connected to other firms too, so we think that a multi-venue utility which shares the cost of provision and ensures a consistent, quality experience makes lot of sense" commented Lees.