Yamner & Co., a New Jersey-based broker-dealer, has deployed the CameronFIX Engine for processing real-time execution and settlement information via the Financial Information Exchange (FIX) protocol. The so-called enhanced FIX strategy will support 700+ institutional and several thousand high-net-worth retail clients.
Steve Goldman, Yamner's chief executive officer, states in the release: "For a highly scalable implementation of the FIX protocol, we require the highest-performance, most-mature FIX solution. Such a design should minimize the complexities of FIX, make it simple and allow us to operate with greater ease and efficiencies. After evaluating all of the reputable FIX engines available, we were able to confidently conclude that CameronFIX outperforms not only in speed but also in simplicity."
Goldman further states in the release that Cameron's technologies' impressed the brokerage firm, citing its Monitoring GUI and real-time electronic transactions, mostly in sub-seconds.
Yamner deployed the CameronFIX engine version 6.1 in May 2004, which includes Monitoring 3.0 and Scheduling options. --------------
Eurex U.S., the fully electronic U.S. futures and options exchange, is announcing a package of incentive programs to boost trading activity in U.S. Treasury futures. A new revenue-sharing initiative focusing on high-frequency smaller-size trading for proprietary accounts begins July 12.
The program allows firms to share in 40 percent of Eurex U.S.' 2005 revenues and 25 percent of 2006 revenues, up to $20 million each year. Two separate qualifying periods in 2004, the first beginning July 12, will be used to allocate 2005 revenues. Each qualifying period will count toward 20 percent of 2005 revenues up to $10 million, with a minimum of $5 million per period.
Eurex is also dropping fees for U.S. Treasury futures for all market participants until the end of the year. As a result of Eurex U.S. recently obtaining regulatory authorizations in eleven European countries, most recently in the U.K., it is introducing a European-trading-hours market-making program. The program will offer incentives to participants to provide liquidity during European trading hours from 9:00 a.m. to 2:20 p.m. Central European Standard Time or 2:00 a.m. to 7:20 a.m. Chicago Standard Time (CST). Currently, market makers on Eurex U.S. are active between 7:20 a.m. and 2:00 p.m. CST. Eurex is also adding incentives for market-maker programs including stipends for complying market makers.
"Customers have been very supportive of Eurex U.S., and with the receipt of regulatory approval in the U.K., the exchange can now connect the European and U.S. customer bases in U.S. Treasury futures," states Satish Nandapurkar, chief executive officer of Eurex U.S., in the release. "This incentive plan reinforces our liquidity and will help to enhance the diversity of our order book," he further states in the release. ---------
Automatic Data Processing (ADP) has agreed to acquire the U.S. Clearing and BrokerDealer Services divisions of Bank of America Corporation to implement a new business-processing outsourcing strategy through its ADP Brokerage Services Group, a division of ADP. "U.S. Clearing and ADP have had a longstanding partnership offering industry-leading services to retail and institutional broker-dealers, and we are pleased that this transaction will ensure the continuity of that support to these clients," states Michael Santo, president and chief executive officer of Banc of America Investment Services, in the release.
When the acquisitions of U.S. Clearing and BrokerDealer Services close, ADP says it will be positioned to serve the needs of the financial marketplace, offering three comprehensive levels of service: Brokerage Processing services (service bureau), Operations Outsourcing and Clearing Services.
The transaction is subject to regulatory review and is expected to close before the end of the calendar year.