TransactTools Brings FIX Certification Testing for Fixed-Income to Market
TransactTools is making FPL (FIX Protocol Limited) Fixed-Income Certification testing for the Financial Information Exchange (FIX) protocol available to buy-side and sell-side organizations through its free OpenFIX testing service.
Transact Tools is one of four authorized certifiers selected in February by FPL in conjunction with the Global Fixed Income Committee's Certification Program. The other vendors are Aegis Software, B2BITs and Javelin Technologies Inc. In addition, FPL entered into an agreement with Brook Street Partners, a consulting services firm focusing on investment technology, to develop the fixed-income certification test scripts.
"TransactTools continues to provide market leadership to ensure the adoption of best practices and to promote the expanded use and acceptance of FIX," states Cydney Berry, vice president, professional services at TransactTools, states in the release. "We were able to bring this service to market very quickly due to our experience, our superior products and our rapid implementation capabilities," Berry further states in the release.
The first FPL release provides pre-trade and trade tests for buy-side and sell-side organizations' Treasury bonds as defined by the Fixed Income Certification Working Group, according to TransactTools. This complements existing capabilities for session-level tests and equity application level tests already available on OpenFIX. TransactTools will add coverage for additional security types as well as post-trade tests over the next few months in coordination with the working group. OpenFIX (www.openfix.net) was introduced in 2001, and has become the standard for automated FIX compliance testing, says TransactTools. Used by more than 500 firms around the world, OpenFIX provides users with access to an automated testing server that is available 24x7. Users can send and receive messages from their own systems to test basic levels of compliance with all released versions of the FIX protocol.