Rapid Addition, the low-latency FIX and FAST engine trading technology provider, has partnered with Latin American FIX integrator Extol to distribute its products in Latin America.
Rapid Addition already has worked with the Bolsa de Valores de Colombia (BVC), which implemented its products as part of the integrated Latin American Exchange MILA. The firm implemented a FIX-based message routing network linking BVC with the Bolsa de Valores de Lima in Peru and the Bolsa de Comercio de Santiagio in Chile.
Mexicos Bolsa Mexicana de Valores said in December that it planned to be the fourth exchange to join MILA. The market recently adopted FIX.4.2, which, along with plans at Brazilian exchange BM&FBOVESPA to reduce latency on its platform, represent a growing demand for FIX services in the region.
The partnership with local FIX provider Extol will offer local support in Latin America for existing Rapid Addition clients, says Kevin Houstoun, chairman at Rapid Addition.
This partnership will present companies in the region with the opportunity to improve their performance and efficiency, through the automation of business processes and the availability of the fastest commercial FIX messaging technology, he says. Extol can now help customers who have a need for a complex integration projects as well as reducing the latency of their trading infrastructure and addressing any issues from their other products.
Edwin Montenegro, CEO at Extol, adds: At a time of incredible change and development in the BRIC marketplace, the demand for proven high performance technology and FIX-compliant products has risen greatly, particularly in Brazil. Partnering with Rapid Addition is the next logical step for this economy.
(CG)