Customer Success Story – A Large Broker-Dealer/Hedge Fund

A Large Broker-Dealer/Hedge Fund

A Customer Success Story

A large fixed income broker-dealer / hedge fund has retired home grown infrastructure based on the QuickFIX engine, and now relies on FIX Flyer’s Managed FIX Suite for all of its trading infrastructure.

Summary

A large asset management company has simplified its infrastructure and now benefits from FIX Flyer’s FIX Suite solution for trading, market data, and trade reporting:

  • FIX Flyer’s Trading Network provides connectivity to all trading, market data, and trade reporting counterparties.
  • The customer now receives a single consolidated feed for all real-time market data, RFQ’s and a single consolidated trade feed of executions via FIX Flyer.
  • Flyer has integrated custom socket-based market data feeds and manages all connections

Background

This leading Broker Deals provides liquidity and trades in Fixed Income strategies that include muni, high yield and distressed markets.  They had been running on their in-house infrastructure which included several FIX-based market data feeds from Brokers and ECNs, as well as trading partners for which proprietary socket connections were required to receive market data.  This fund had built out their FIX connectivity using the popular QuickFIX open source solution.

Additionally, the customer was using their in-house build of QuickFIX to process RFQ’s (request for quotes) and FIX drop copies (execution reports.)  The firm trades in Municipal bonds and is required to report all muni trades to MSRB (Municipal Securities Rulemaking Board) for which a proprietary feed had been built in-house.

While this in-house infrastructure was able to function, it required an in-house staff of to support and development time to rollout new trading counterparties often took weeks.

Solution

This broker dealer turned to FIX Flyer’s Managed FIX Suite to simplify their infrastructure, improve their agility and reduce costs. FIX Flyer’s Managed FIX suite removed the complexity and support burden of their in-house infrastructure.

This broker dealer has moved its data “plumbing” — a commodity in today’s world — to FIX Flyer’s managed solution, which now:

  • Receives a single feed (via their chosen protocol of MQ messaging for all market data and RFQs
  • Receives a single trade feed of all executions (again, over MQ messaging)
  • Regulatory reporting for muni-bonds to MSRB (another standardized feed) is now managed by FIX Flyer.

Freeing itself of the burden of creating and managing connectivity with its counterparties, it has freed up valuable human capital to focus on their core business of trading instead of dealing with infrastructure and connectivity..

For More Information

FIX Flyer can be found at http://www.fixflyer.com

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