January 20, 2010

FIX Flyer announced that BlockCross ATS has chosen both the Flyer Engine and Daytona Monitoring for their independent alternative trading system (ATS) focused on block-sized trades of U.S. equities. Ease of use and strong technical support were key reasons for the selection, according to the company's announcement.

"Since the volumes are so great these days due to algorithmic trading and best execution, firms need a way to see all of their FIX traffic, organized in real time," explained George Kledaras, founder of FIX Flyer, in a follow-up email. People "also need the ability to jump in front of these trading systems to cancel, correct or bust trades if necessary," wrote Kledaras. "And because the systems people and the traders are now so tightly coupled, we have a FIX messaging view and an OMS (order management system)-like trade view, appealing to the FIX desk and traders with one tool.

BlockCross uses Daytona, FIX Flyer's real-time FIX engine monitoring solution, to monitor and support FIX sessions with all of their counterparties in real time. "Clients rely on us everyday for best execution and good system performance," commented Paul Filipski, director of development at BlockCross. "We've been using FIX Flyer's engine for almost three years now and it's been a reliable solution for us. Daytona lets us extend the manageability of our FIX processing to operations and the support desk using just one application," stated Filipski. "Knowing that our core FIX infrastructure is built and supported by the industry's leading experts lets us concentrate on providing a superior experience to our customers," he added in the release.

BlockCross, which is a division of Pulse Trading Inc., an independent agency brokerage firm, combines buy and sell-side liquidity to provide a broad spectrum of block-sized trading opportunities. An important consideration in choosing FIX Flyer was that the core FIX components are easy to integrate, without compromising scalability and performance, according to BlockCross in the release. BlockCross also had to make sure that the integrated solution was easy to support and it would fit into their existing operations.

While BlockCross uses the FIX Flyer engine, Daytona is also used with other FIX engines such as Orc Cameron FIX, NYSE Technologies' Appia among others, noted Kledaras in the email.

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Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in ...