Raymond James, among the largest independent U.S. broker-dealers, has chosen the Rapid AdditionRA-ShortCut FIX adapter to extend Microsoft’s BizTalk middleware platform for compliance with new reporting regulations on over-the counter fixed-income securities. Raymond James is using RA-ShortCut for TRACE (Trade Reporting and Compliance Engine) reporting of OTC secondary market transactions in eligible fixed-income securities, including mortgage- (MBS) and asset-backed securities (ABS), to the U.S. regulator FINRA, according to today’s release.
RA-ShortCut FIX enables Raymond James’ BizTalk implementation allowing them to send and receive FIX messages and to transform and normalize them between other protocols, such as SWIFT, XML and SQL. The solution offers an opportunity for financial institutions to benefit from reduced risk, manage the cost of automation and achieve true Straight Through Processing. London-based Rapid Addition’s FIX engines are available in JAVA and C# (i.e. RA-Cheetah or RA-Cub) as well as BizTalk; all of which can be used to satisfy the same reporting needs.
In the release, Danny Quattlebaum, Roadmap Manager at Raymond James, commented: “Rapid Addition’s FIX adaptor provides Raymond James with the compatibility and integration necessary to quickly comply with the new regulatory mandate to TRACE report mortgage- and asset-backed securities. In addition, the flexibility of Rapid Addition allows the firm to use a proven platform for future FIX and TRACE initiatives. We are very pleased with the product and support offered by Rapid Addition.”
In a statement Ross Lucas, Head of Sales at Rapid Addition, said: “Clearly we were delighted that Raymond James selected our software to help them fulfill its regulatory reporting needs. The complexities of cross-border, multi-counterparty transactional products and the processing environment, very often composed of numerous legacy systems, can make the costs of achieving process automation prohibitive. The flexibility of our offering enables it to be used anywhere in the business process.”
Adds Toby Corballis, CEO at Rapid Addition, in the same release: “Working with Raymond James demonstrates once again that Rapid Addition is the market choice for FIX, FIX-enabling BizTalk and TRACE reporting, for global financial institutions.”
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