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LSE selects Rapid Addition provide a high-performance FIX engine

LONDON-The London Stock Exchange (LSE) has selected FIX protocol software vendor Rapid Addition to provide a high-performance FIX engine to the exchange’s TradElect trading platform, DWT has learned.

The LSE will be using Rapid Addition’s engine in the development of an optional FIX 5.0 interface to TradElect, says an LSE spokesperson. “The partnership with Rapid Addition will enable us to leverage the experience and skills of a FIX specialist, while we focus on our core area of expertise-developing and delivering enhanced trading functionality,” she says.

According to the spokesperson, the new interface will give new and existing users a flexible way to access the TradElect platform. However, she declines to state when the exchange plans to take the new interface live.

The LSE is currently in the process of developing and testing the FIX engine, says Toby Corballis, CEO of Rapid Addition. There will be various test cycles, including a period of client-facing tests, he says, without providing further details.

The integration of Rapid Addition’s product with the LSE’s systems has been standard and straightforward, according to Corballis. “The [LSE] are, as far as they can, using it ‘off the shelf,'” he says. Vendor officials didn’t need to adapt the engine to accommodate the LSE.

“But with any software integration there will always be some customization that is required simply because different firms have different systems that behave in different ways. Therefore, we need to accommodate different work flow elements that they have,”” he adds.

Rapid Addition’s FIX gateway, which is written in C# for the .Net environment, can scale to handle approximately 68,000 transactions per second using dual-core processors running Windows, Linux, Unix or Mac OS X operating systems, says Corballis. “[By offering a FIX engine] you make yourself more accessible and you can drive much more flow to yourself,” he adds.

Officials from the LSE announced in mid-2008 that they would be adding a FIX interface to the TradElect platform (DWT, June 23, 2008). The FIX interface and a channel for broadcasting streaming data from the LSE’s Infolect market data distribution system using the FAST messaging protocol would be launched in the first quarter of 2009, Robin Paine, CTO of the LSE, said at the time.

Upcoming enhancements on TradElect include the introduction of a central counterparty as well as the launch of a combined cash-equities and contracts-for-difference market in the first quarter of 2009, officials said at the time.

Cecilia Bergamaschi

2 Mar 2009
Vol 5 No 40
LSE Adopts Rapid Addition for FIX