US broker-dealer Raymond James has chosen the RA-ShortCut FIX adapter, provided by technology solutions firm Rapid Addition, which extends Microsoft’s BizTalk middleware platform.
Raymond James is using RA-ShortCut for trade reporting and compliance engine reporting of OTC secondary market transactions in fixed-income securities, including mortgage- and asset-backed securities, to the US regulator the Financial Industry Regulatory Authority.
RA-ShortCut FIX supports Raymond James’ BizTalk implementation, allowing the firm to send and receive FIX messages and to transform and normalise them between other protocols, such as SWIFT, XML and SQL. The solution is intended to allow financial institutions to reduce risk, manage the cost of automation and achieve higher levels of straight-through processing.
“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,” said Danny Quattlebaum, roadmap manager at Raymond James.
Raymond James Financial, the holding company for the Raymond James brokerage, has total client assets of US$278 billion, of which some US$37 billion are managed by the firm’s asset management subsidiaries.