FixSpec Establishes FIX Testing Utility

The utility, says FixSpec, allows third-party developers to test processes such as executions and order cancellations with exchanges and brokers without having to set up formal testing slot with counterparties, against a certification script. The service will be offered on a subscription basis.

"Everybody wants to bring on new clients faster and give them a good initial experience," says Chris Lees, founder at FixSpec. "Getting it right can be expensive both in terms of hardware and support staff time, both of which are always in short supply. It's easy to forget that your clients and vendors are also connected to other firms too, so we think that a multi-venue utility which shares the cost of provision and ensures a consistent, quality experience makes lot of sense."