IMO, with DTC onboard, this is evidence the major wirehouses & exchanges will follow suit.........
NEON Buys FIX Engine From Cambridge Technology Partners
Financial Information Exchange Protocol Strengthens NEON's
Product Offering
ENGLEWOOD, Colo. - December 7, 1998 - New Era of Networks™, Inc. (NASDAQ:NEON) announced it has purchased all the rights to Cambridge Technology Partners'
(NASDAQ: CTP) Financial Information eXchange (FIX)
Engine. As part of the agreement, Cambridge will be a reseller
and integration partner of the NEON FIX Engine.
NEON is currently integrating the FIX Engine with its
Enterprise Application Integration (EAI) solution. The
combined product will reduce integration costs and deliver a
vital component to achieve Straight Through Processing (STP).
The FIX protocol was developed for communication between
the buy and sell sides in the securities industry. Goldman Sachs,
Merrill Lynch, Commerzbank, NASDAQ, CSFB, and Kleinwort Benson (Dresdner) are using the FIX Engine. It is also becoming popular in Europe and Japan as part of the Big Bang. The Big Bang is the Japanese financial services industry's effort to make its financial system more competitive with international markets by 2001. "Based on my experience with CTP's FIX Engine and the group that developed it, it is the most comprehensive and proven FIX solution offered to the financial services industry," said Chris Morstatt, Senior Vice President for Commerzbank.
Morstatt was the original author of the FIX protocol, a founding member of the FIX Steering Committee and former co-chairperson of the FIX Technical Committee. "NEON's acquisition of Cambridge's FIX Engine and the integration of
this technology into NEON's product set will offer securities
firms greater access to strategic trade connectivity solutions,"
said Larry Scott, vice president, Money Management and Trading Solutions at Cambridge Technology Partners. "We will
continue to develop FIX and trade connectivity solutions to
take the securities industry to the next level of automation in
pursuit of the STP objectives."
"The FIX protocol is a critical standard in financial services,"
said Rick Adam, CEO of NEON. "We are pleased to incorporate Cambridge's FIX Engine into our Enterprise
Application Integration solution. As we complete our libraries
of financial protocols, this extends our leadership in financial
systems integration."
"We will continue our collaborative agreement with CTP to
develop FIX products and services," said Peter Hoversten,
Senior Vice President, Product Strategy for NEON. "We
believe this product is the best FIX solution available today and
are enthusiastic about adding it to our product base."
NEON and CTP announced in June this year they had entered
an agreement to provide capital market firms ith a cohesive
line of products and services to meet their STP objectives. As a
result, the two companies planned to build a joint solution that
would combine CTP's FIX Engine and NEON's Enterprise Application Integration system. |
