June 1, 2009
New York, New York — FIX Flyer, an innovator in efficient and transparent trading solutions, announces today that their Commission Sharing Arrangement (CSA) platform is in production with a major broker and their buy side clients. The Flyer CSA platform simplifies the workflow between trading, operations, compliance, legal, vendors, and research partners in order to make it easy for prompt and accurate payments using accrued commissions. Flyer’s CSA platform allows the industry to comply with SEC section 28(e).
The Flyer CSA platform integrates trade system data, along with commission and account reference information, as well as payment information. In addition, the buy side can automatically reconcile trades with the broker by uploading exported trades from their own Order Management Systems or Portfolio Management Systems and searching the broker’s recorded trades. Every payment and approval action between counterparty and internal compliance group is logged and kept in the system. Events and notifications are provided in real time through the web interface and via email.
The platform can be either hosted by Flyer’s secure hosting data center at Equinix or at the customer’s own site, either for the buy side or sell side. All data is integrated to the Flyer CSA platform via FIX drop copies, databases or files from clearing systems. In addition, the platform provides an easy way to keep scanned invoices, contracts, and other important information that can be readily accessed.
For the buy side, the platform was designed to be multi-broker in order to ensure diversity and encourage competition among their brokers. The platform can run without complex integration to the sell side.
For the sell side, the platform can be white-labeled to their clients, and customized for each user. The CSA administrator can entitle access to any type of user, making it easy to create and manage their very own trading community.
Flyer embeds search technology, which makes it easy for users to find what they need quickly, without learning how to use a rigid application, saving a lot of time. Users export data to an Excel spreadsheet or PDF for further processing.
“Our customers are looking for ways to automate their middle office, gain efficiency surrounding CSAs, and share that information with all of their trading community, in an interactive way,” says George Kledaras, Chairman and co-founder of FIX Flyer.
About FIX Flyer
FIX Flyer develops and operates advanced technology for managing complex, multi–asset, institutional securities trading using highly scalable software and network technologies.
Since 2005, as an agile technology provider, we have partnered with our 170+ clients worldwide, including UBS, Barclays, TD Ameritrade, Fidelity, Berenberg, Unicredit, GBM, Interacciones, Bank of America Merrill Lynch, Goldman Sachs, and more to build high quality, feature-rich software.
Flyer has built a team of operational experts who manage and provide Managed FIX software-as-a-service. Our subject matter experts create and operate FIX servers for you to realize the full potential of our software to deliver the highest level of service and return on investment.
The FIX Flyer Engine is the first FIX server designed to manage high volume, ultra low latency trading networks and ECNs, easily scaling to thousands of connections.
FIX Flyer also provides the Daytona trade surveillance monitor, the F1 Risk Control Gateway, the Ignition regression test and certification tool; the Flyer Online hosted Order Management System, and the Flyer Trading Network.
FIX Flyer has headquarters in New York City with offices in Boston and Hyderabad India.