DST International (DSTi)has teamed up with NYFIX (NASDAQ: NYFXE) to provide FIX connectivity using the FIXBox Instant Integrator engine for HiOrders, DSTi’s trade order management solution.
This aims to provides access to the NYFIX Network, allowing DSTi’s customers to implement the system and have access to over 200 brokers who are now on the NYFIX Network. The NYFIX Network also provides access to alternative trading systems like Instinet, POSIT and Archipelago.
Kim Holloway, DSTi’s global sales director, said she believed the NYFIX software will add significant value to the company’s offering. “Our clients will be able to increase their trade volumes, have greater access to additional points of liquidity using NYFIX, and reduce their chance of trading errors that can be caused by phoned or faxed trades, while facilitating block and basket trading,” she says. “Moreover, our clients can have considerable savings because they will no longer need in-house FIX expertise or FIX connectivity resources and because all the integration work with FIX is provided. Development and testing costs associated with the FIX network will also be reduced. The NYFIX FIXBox will instantly translate and add defaults to FIX format.” Peter Kilbinger Hansen, NYFIX CEO, added: “As DSTi is a leader in the market in front office systems for investment managers, we believe this relationship is strategic for NYFIX. It makes perfect sense for two innovative companies, who lead the market to join forces to make FIX easy to implement and cost effective. Our hub and spoke network has been designed to meet the needs of the asset management community enabling firms to more easily access their counterparties for seamless order routing.”