London, 15 September 2010: Rapid Addition, the leading global provider of trading technology solutions to buy- and sell-side financial institutions, today announced that a further 14 clients have adopted RA Broker, the firm’s sell-side FIX execution management system (EMS).
The fourteen new clients using RA Broker, which is part of Rapid Addition’s u-Dealer family and built on Rapid Addition’s FIX Cloud™ service, include five in Europe (Erste Bank, Hungary), seven in the Middle East (Naeem Holdings, Egypt) and two in Asia. The FIX Cloud™ service enables users to connect to counterparties on various FIX networks including Autex, the London Stock Exchange network, Nex Rubica’s Izuka Network and ITG Networks.RA Broker is Rapid Addition’s web-based, lightweight order-capture application which connects brokers to multiple institutions and supports multiple asset classes, including equities, equity options and futures. Its clients are able to accept and reject all orders from personal blotter screens, export data for automatic loading into third-party applications and receive FIX allocations from their counterparties. RA Trader, a version of the application aimed at buy-side users, will launch later this year.
RA Broker is built on top of Rapid Addition’s FIX Cloud™ service, which provides the functionality of FIX via web services. FIX Cloud™ is a cost effective solution for firms seeking the benefits of FIX without the cost of a FIX engine. An additional attraction of FIX Cloud™ for users is its low service interruption cost against the potentially lengthy system integration necessary for other systems.
Toby Corballis, CEO of Rapid Addition, commented:
“This has proved to be an excellent year so far for Rapid Addition. Our continued growth by any benchmark proves the value that the Rapid Addition product suite has to offer the market. We are well-positioned to continue to grow through 2010 and into 2011 and are excited about continuing to enhance and develop solutions that best serve our clients’ needs.”