US-based Global Trade Technologies (GTT), a provider of trade order management software, is planning to release an upgrade to Bizbonds.net, providing a new FIX protocol processing hub for fixed-income securities.
“Web services allows us to create a single implementation to a back-office system like ADP and use that same interface for multiple clients rather than customize each back-office delivery,” said Peter Adams, president and founder of Global Trade based in Sterling, Va.
Bizbonds provides connectivity to Merrill Lynch, but the vendor plans to sign other investment firms besides Merrill within the next year. Adams would not disclose the names of the firms.
Traditionally fixed-income firms have had to adopt existing protocols or create their own protocols to do business with broker/dealers, said Kenneth Hall, CEO of Global Trade. He mentioned that firms designed their own data format and the Bond Market Association’s recent involvement in defining a protocol helped spur the vendor’s interest in providing the service.
A total of 32 firms including Key Bank’s McDonald Securities, SunTrust Bank and Quick & Reilly are currently using Bizbonds.net, said Adams.