Regulators have been increasingly steaming up the pressure on financial institutions to report their daily trades and open positions amid strong volatility in markets in the last few months..
Rapid Addition, the leading provider of trading technology solutions to buy- and sell-side financial institutions, announced today that Raymond James, one of the largest independent U.S. broker/dealers, has chosen the firm’s RA-ShortCut™ FIX adapter, that extends Microsoft’s BizTalk middleware platform.
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.
RA-ShortCut™ FIX enables Raymond James’ BizTalk implementation allowing them to send and receive FIX messages and to transform and normalise 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.
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.
Ross Lucas, Head of Sales at Rapid Addition, said:
“We are very excited to be working with a company as prestigious as Raymond James. Clearly we were delighted that Raymond James selected our software to help them fulfil 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.”
Danny Quattlebaum, Roadmap Manager at Raymond James, commented:
New Cashback Program in FBS TraderGo to article >>
“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.”
Toby Corballis, CEO at Rapid Addition, added:
“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. We have certainly solidified our expansion into the American marketplace and are committed to building our business wherever the demand takes us.”
About Rapid Addition
With over 70 clients worldwide, including several exchanges, Rapid Addition is the leading provider of FIX and FAST related software solutions to the global financial community. Company chairman Kevin Houstoun is the designer of the FIX Repository for FIX Protocol Limited (FPL). Mr Houstoun co-chairs the FPL Global Technical Committee and is an active member of the FPL Global Steering committee. He is also a member of the lead expert group for the UK Government’s Foresight Committee on the future of computer-based trading.
Rapid Addition is a technology partner of Microsoft and founding member of Intel Low Latency Labs. Rapid Addition is the only FIX vendor to continuously test their products in the labs. RA-Cheetah, the flagship FIX engine, gives a consistent low-latency performance and is the only FIX engine to provide this level of consistent measurement. RA-Cheetah™ and GRHub™ run on our advanced low latency GenerationZero™ technology that ensures no garbage collection.
About Raymond James
Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have more than 5,400 financial advisors serving 1.9 million accounts in 2,400 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $278 billion, of which approximately $37 billion are managed by the firm’s asset management subsidiaries.