New version of trading platform utilizes industry standard.
Cleartrade Exchange (CLTX), the over-the-counter (OTC) commodity derivatives specialist market, has announced the latest release of its electronic trading platform, which features full FIX 5.0 functionality.
CLTX clients will now be able to integrate the exchange's software into their own trading environment in a standardized fashion. The new release of FIX, which allows for connectivity without specialized application program interfaces, is CLTX's primary reason for adoption, says Zhi Rui Ang, operations director at the exchange.
"Although there has been explosive growth in the use of the FIX protocol within the financial community, certain limitations, present in previous versions of FIX, needed to be addressed, for example the tight coupling of the application layer to the business layer in FIX 4.X versions, which limited the ability to adapt to newer functionality offered by later versions," he says. "These limitations have been addressed in FIX 5.0, which is flexible enough to support future requirements of the market."
Other client benefits from the enhancement will include back office integration, market data messaging and optimization, various compliance enhancements for areas such as reporting, and the use of CLTX's price transparency feed as a source for traditional quote vendors.
The implementation was achieved in conjunction with financial software developer Baymarkets, after CLTX defined the technical roadmap for implementation in the EDGE execution engine.
More from Sell Side Technology
Updating your subscription status
Entries to the Sell-Side Technology Awards 2015 now open
Entries to the 3rd annual Sell-Side Technology Awards are now open. The awards are open to all third-party vendors serving the sell side. Full entry criteria, the list of 2013 and 2014 winners, and descriptions of the 28 categories on offer for this year's program can be found on the SST Awards website.
The catalyst for change in client reporting is a more empowered, digitally aware consumer. Excellence of service delivery will be key to investment managers...
Without a consistent source of data and limited functionalities in existing systems, firms are unable to perform tasks that are becoming increasingly important...