Getting customers on-boarded and actively trading is what using FIX is all about. The longer it takes, the lower the immediate benefits that can be derived from the use of FIX.

What are the issues when it comes to the rapid on-boarding of customers for FIX trading?

• Protocols – FIX provides a standard set of protocols and standards that would make the on-boarding process simple if everyone used the same versions, and in the same way. The reality is they do not. There are four active versions of the FIX protocol standards in use. Trading counterparts are likely to use a number of these standards.
• Rules of engagement - Each participant will potentially have a different set of rules, known as the rules of engagement, for how they use FIX. Rules of engagement processing is required to accomodate these differences.
• Network selection – connecting to customers may well entail the use of a number of different technologies. FIX communications can be implemented using point-to-point, internet, VPN or via a FIX hub. Trading counterparts may well use a mixture of these approaches.
• Different FIX engines – The underlying software that controls how FIX works will most likely be one of the FIX engines available from one of a number of software vendors, such as Cameron or Javelin. These engines, albeit built to the FIX standards, will behave slightly differently under certain conditions.

TriAlius have been providing on-boarding related software and services for over five years. As well as the introduction of the ClearDeal FIX Trading System the professionals at TriAlius have been involved in all aspects of on-boarding:

• Project management – this can include a high level project manager, working with Bank and TriAlius staff.
• Selection of the FIX engine – TriAlius have experience of working with all leading FIX engines.
• Systems integration – this can include building bespoke software solutions where appropriate.
• Testing & Simulation – as well as providing regression and acceptance testing capabilities, this can include simulation testing using additionally available TriAlius software.
• Deployment – this can include implementation & training professionals working with bank staff.

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