Trading technology provider Rapid Addition is offering its FIX Cloud service through the London Stock Exchange's FIX Gateway, allowing buy-side firms to access counterparties, using the FIX messaging protocol, in different locations across the world.
The FIX Gateway is a global message routing service for orders, indicators of interest and request for quotes.
Rapid Addition's FIX Cloud solution is designed to connect users to brokers on multiple networks, using secure web services. The service translates users' order flow from XML format into FIX messages, and acts as a repository for the user's order flow history. Users connect to it via the internet, reducing costs and the need for specialist hardware and maintenance. It has been built to offer a cost effective solution for firms seeking to use FIX without the costs of purchasing and running a FIX engine.
“This makes connectivity far more obtainable for people in emerging markets,” said Toby Corballis, CEO of Rapid Addition. “We've had interest from Egypt, Turkey, Hungary, Malaysia, Asia and Latin America. I don't think we would have seen those client take-ups happening, if it wasn't for it being an affordable way of getting into the market.”
Rapid Addition is also offering a version aimed at sell-side clients. “There's no need to go out and buy anything, or integrate it into your system – it's all taken care of. It's simpler, faster and easier to use, and it's at least a third cheaper,” added Corballis.
Rapid Addition currently has over 50 clients worldwide. FIX Cloud was released in October, 2010.