London, 25 October 2010: Rapid Addition, the leading provider of trading technology solutions to buy- and sell-side financial institutions, today announced the release of FIX Cloud™, a cloud-based solution offering buy-side firms access to brokers on multiple FIX order routing networks without the need to embed a FIX engine in their in-house systems. The product, which also provides the ability to translate selected FIX messages into their associated SWIFT messages automatically, thereby joining the front, middle and back office functions, leverages Microsoft BizTalk Server and associated technologies.
With the ability to connect to proprietary FIX networks such as Autex, ITG, Izuka, and the London Stock Exchange’s order routing system, FIX Cloud™ enables firms to access counterparties across the globe.
FIX Cloud™ reads extensible mark-up language (XML) messages and converts them to FIX messages – for example, order single messages – before routing them over a client’s selected network to their chosen counterparties. Received FIX messages are then converted back to XML. The service also offers the ability to translate FIX execution reports and allocations into their SWIFT equivalents providing a full STP experience in one hosted service. FIX Cloud™ is built on Microsoft’s technology and showcases its suitability for cloud computing in the financial services industry.Karen Cone, general manager, Worldwide Financial Services, Microsoft, said:
“Capital markets institutions are faced with a daunting challenge – the streamlining of transactions from front office trading platforms to back office settlement systems, and the integration of FIX and SWIFT messaging. Rapid Addition’s FIX Cloud™ solution exemplifies the robust XML-based transaction integration capabilities of Microsoft BizTalk Server, which helps financial services technology leaders such as Rapid Addition to provide the most comprehensive and reliable integration of financial messaging using the SWIFT format and network.”
Toby Corballis, CEO of Rapid Addition, commented:
“Leveraging Microsoft BizTalk technology enabled us to provide a world-class cloud solution in just a few weeks and enables us to continue to bring innovation to our segment of the financial technology market. We are privileged to be able to build on our long-established alliance with Microsoft, and excited to be a part of the cloud experience, especially in a market as complex as financial trading. The cloud computing initiative is an exciting area that we expect to create significant value for both parties across the financial markets globally.”