The Evolution Of Post-Trade Technology: Alpha Omega Launches FIXAffirm Solution
by
Andrew Saks McLeod
The way trades are processed after execution has been a subject of development for regulators and technology providers alike this year, further demonstrated by today's launch of FIXAffirm by Alpha Omega.
The developmental curve of systems relating to post-trade processing has taken an upward turn over the last twelve months, partly due to the regulatory restructuring in the United States which has completely changed the method by which electronic trades are processed under the Dodd-Frank Act, and partly due to an increasing need among broker/dealers for the trade cycle to be as efficient as possible.
Today, Alpha Omega Financial Systems has announced the launch of a new product which aims at the institutional post-trade segment, and has been based on the principles of the industry standard FIX Protocol.
Automated Allocation
Under the designation of FIXAffirm, Alpha Omega's new solution has been made available in two versions, enterprise as well as hosted.
According to Alpha Omega, FIXAffirm directly connects asset managers and counterparty broker/dealers to deliver fully automated allocation, confirmation and affirmation of trades immediately after trade Execution.
FIXAffirm makes the post-trade process much more efficient and cost-effective for asset managers, hedge funds and broker/dealers.
Standardization In Institutional Post-Trade Processing
At the beginning of this year, FIX Protocol made its foray into implementing a standardization of post-trade industry guidelines to encourage the adoption of FIX Protocol for post-trade processing between buy-sides and sell-sides that can be used bilaterally, as well as through intermediary facilities.
As a result, a number of members of the then named Fix Protocol community began developing post-trade services and leveraging the best practices that have been developed.
At that time, Courtney McGuinn, Fix Protocol's Operations Director explained to Forex Magnates that the reason for embarking on the roll out of a full set of guidelines for post-trade processing were threefold: Firstly, increased availability had become an industry requirement, with direct communication required between Buy-Side and sell-side.
Secondly, there had been an upturn in the demand for automation and processing speed to be enhanced, as a result of STP technology and a requirement to substantially reduce out-of-band communication delay and cost, and lastly a demand for increased acccuracy, traceability, and footing within the post-trade cycle of messaging had become apparent.
Cost and reduction of manual intervention had been taken into consideration, and by May this year, an entire set of guidelines had been published by FIX Protocol which defined a comprehensive worldwide industry standard by which post-trade processing should take place, with an emphasis on the facilitation of phased implementation by both the buy-side and sell-side communities.
Lastly, FIX Protocol underwent a rebranding exercise, the first in its 21 years of existence, and as of August this year became the FIX Trading Community, reflecting its expansion of resources amid the institutional electronic trading industry.
Alignment With FIX Principles
Speaking with regard to Alpha Omega's release of FIXAffirm and detailing the basis upon which it echoes FIX Protocol's industry standard guidelines, Ignatius John, President of Alpha Omega publicly stated that: "Leading asset managers and broker/dealers are spearheading the adoption of the FIX protocol for post-trade in order to benefit from lower costs and better integration with trading systems."
"FIXAffirm facilitates this adoption by offering an off-the-shelf solution that integrates seamlessly with either in-house or third party order management systems," concluded Mr. John.
Early adopters of FIXAffirm include a top global asset manager and leading broker/dealers, the names of which the company has at this stage not announced.
Additionally, Linedata, the global solutions provider to investment managers, has formed a partnership with Alpha Omega to enable clients of its Linedata Longview system to achieve Straight-Through Processing (STP) between their front, middle and back offices.
Adding to Mr. John's commercial statement, Kamal Duggirala, CEO of Alpha Omega commented, "We are very pleased with the performance of FIXAffirm in delivering near real-time post-trade processing.
"Our clients are achieving a significant reduction in post-trade costs, which ultimately adds to portfolio returns," concluded Mr. Duggirala.
The developmental curve of systems relating to post-trade processing has taken an upward turn over the last twelve months, partly due to the regulatory restructuring in the United States which has completely changed the method by which electronic trades are processed under the Dodd-Frank Act, and partly due to an increasing need among broker/dealers for the trade cycle to be as efficient as possible.
Today, Alpha Omega Financial Systems has announced the launch of a new product which aims at the institutional post-trade segment, and has been based on the principles of the industry standard FIX Protocol.
Automated Allocation
Under the designation of FIXAffirm, Alpha Omega's new solution has been made available in two versions, enterprise as well as hosted.
According to Alpha Omega, FIXAffirm directly connects asset managers and counterparty broker/dealers to deliver fully automated allocation, confirmation and affirmation of trades immediately after trade Execution.
FIXAffirm makes the post-trade process much more efficient and cost-effective for asset managers, hedge funds and broker/dealers.
Standardization In Institutional Post-Trade Processing
At the beginning of this year, FIX Protocol made its foray into implementing a standardization of post-trade industry guidelines to encourage the adoption of FIX Protocol for post-trade processing between buy-sides and sell-sides that can be used bilaterally, as well as through intermediary facilities.
As a result, a number of members of the then named Fix Protocol community began developing post-trade services and leveraging the best practices that have been developed.
At that time, Courtney McGuinn, Fix Protocol's Operations Director explained to Forex Magnates that the reason for embarking on the roll out of a full set of guidelines for post-trade processing were threefold: Firstly, increased availability had become an industry requirement, with direct communication required between Buy-Side and sell-side.
Secondly, there had been an upturn in the demand for automation and processing speed to be enhanced, as a result of STP technology and a requirement to substantially reduce out-of-band communication delay and cost, and lastly a demand for increased acccuracy, traceability, and footing within the post-trade cycle of messaging had become apparent.
Cost and reduction of manual intervention had been taken into consideration, and by May this year, an entire set of guidelines had been published by FIX Protocol which defined a comprehensive worldwide industry standard by which post-trade processing should take place, with an emphasis on the facilitation of phased implementation by both the buy-side and sell-side communities.
Lastly, FIX Protocol underwent a rebranding exercise, the first in its 21 years of existence, and as of August this year became the FIX Trading Community, reflecting its expansion of resources amid the institutional electronic trading industry.
Alignment With FIX Principles
Speaking with regard to Alpha Omega's release of FIXAffirm and detailing the basis upon which it echoes FIX Protocol's industry standard guidelines, Ignatius John, President of Alpha Omega publicly stated that: "Leading asset managers and broker/dealers are spearheading the adoption of the FIX protocol for post-trade in order to benefit from lower costs and better integration with trading systems."
"FIXAffirm facilitates this adoption by offering an off-the-shelf solution that integrates seamlessly with either in-house or third party order management systems," concluded Mr. John.
Early adopters of FIXAffirm include a top global asset manager and leading broker/dealers, the names of which the company has at this stage not announced.
Additionally, Linedata, the global solutions provider to investment managers, has formed a partnership with Alpha Omega to enable clients of its Linedata Longview system to achieve Straight-Through Processing (STP) between their front, middle and back offices.
Adding to Mr. John's commercial statement, Kamal Duggirala, CEO of Alpha Omega commented, "We are very pleased with the performance of FIXAffirm in delivering near real-time post-trade processing.
"Our clients are achieving a significant reduction in post-trade costs, which ultimately adds to portfolio returns," concluded Mr. Duggirala.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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