SolutionForge, provider of financial Straight-Through Processing solutions, has announced that RenCap Securities, Inc. (RenCap), the New York-based broker-dealer, has gone live with its FIX.NET Server product. The successful completion of this project makes RenCap the first Russia-focused broker-dealer to utilize the FIX protocol.
RenCap will use FIX.NET Server on the Transaction Network Services (TNS) network to route orders and executions to and from its clients. Utilizing the TNS infrastructure and the flexibility of FIX.NET Server will enable RenCap to connect to multiple new clients within days. Quick time to market was a key factor in the company’s decision to select FIX.NET Server. As RenCap runs its business on Microsoft servers, FIX.NET’s Windows architecture facilitated go live four weeks after the implementation project began.
“During our search we identified many FIX engines but the SolutionForge product stood out as clearly the best functional and business fit for our needs,” commented Dennis Fulling, CFO of Renaissance Capital, the parent organization of RenCap. “We have currently implemented a certain part of what FIX.NET Server can do, but the technical set-up of the product and its flexibility will allow us to upgrade our FIX capability very quickly as and when required.”
“SolutionForge is delighted to be involved in the introduction of FIX at RenCap,” said Steve Wilkinson, founder and CEO, SolutionForge. “The company is already realizing the benefits that FIX messaging can bring – enabling faster, more efficient business, reduced costs and driving out inefficiencies in the trading process. As a company, we are optimistic about the prospects for the market in 2004 and there will be many more deals to come, as we are witnessing significant interest in FIX.NET Server, and our sell-side order management system, FIX.NET Trader.”