A financial-messaging-network tool has been launched to provide brokers and asset managers with an affordable STP integration platform.
Supporting multiple protocols such as FIX, FIXML and Swift, MarketConnect was created through a joint venture between London-based Integra SP, a real-time software and integration expert and B2Bits, a specialist in financial messaging and trading technology.
"It is multi-messaging aware," says Sven Thiele, CEO of Integra SP. This particular tool can carry messages written in the FIX (Financial Information Exchange) protocol, covering versions 4.0 to 4.1. Version two will transmit messages that speak the Swift protocol as well as the Oasys format used by Omgeo, and is due out this year.
An organization can use the appliance to connect with "an edge of network supplier" for reaching their buy or sell-side counter-parties, or an exchange, says Thiele. The term "edge of network" refers to an appliance that connects to virtual-private networks or network services like Radianz or SwiftNet, and generally sits between the applications and the network.
What makes it a good proposition is pricing, says Thiele. The complete bundled package includes fail-over hardware, bandwidth connections, software and upgrades. "For approximately $6,000 per annum you have got connectivity to a network to support FIX messaging," he says.
In this case, MoneyLine Networks, (a subsidiary of MoneyLine Telerate), will enable firms to communicate with their counter-parties across a secure extranet.
"The appliance sits at the client site. Each of the people we bring on instantly has access to all the other end points on the network," says Brian Andreyko, MoneyLine's vice president of business strategy.
Sun Microsystems is supporting the product, so all the components fall under a single contract.
Sun is also promoting the product on a range of operating systems, including Linux, which has lowered costs. According to Pieter Heyn, Sun's Global Financial Services manager, there's an opportunity to reduce hardware costs by 70 to 80 percent.
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 the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio