Charles River Development, a provider of global investment management software and services, has completed the FIX Protocol Ltd. (FPL) Certification Program for fixed income.
FPL’s FIX Certification program, designed to improve the overall quality and consistency of FIX protocol usage across the industry, provides asset managers with standardized FIX messaging. The first phase of the certification program, launched in January 2005, focuses on fixed income securities and covers pre-trade, trade, and post-trade processing of treasury, agency, and corporate bonds. Charles River completed the certification process with FIX 4.4, using TransactTools’ OpenFIX.net FIX testing service.
Charles River said it is the first order management systems (OMS) vendor and only the second market participant to receive the certification. Charles River also said it is the only organization to complete the FPL testing for all three steps of the trade.
“In order to effectively automate and simplify fixed income trade processing, it is especially urgent for market participants to begin incorporating standardized FIX messaging in their workflows. This FIX certification standardizes trade communications and ensures particular trade details are included with the associated message type,” said Sang Lee, managing partner at Aite Group, an independent research and advisory firm for the financial services industry.