Used in conjunction with a secure web service, TransFIX provides brokers with a flexible open interface that translates existing proprietary trading messages into standard FIX message format. The trade execution is then performed and the resulting FIX trade confirmation message translated back into the firmâs original message format. The whole process is transparent to the firm, without it having to write or read any messages in FIX format.
Suitable for both retail and institutional firms, TransFix is available either as a stand-alone installation or as a managed service whereby MBA runs and operates the software and any third party connections on behalf of its client. This removes the need for a broker to adapt current applications or to make an investment in a FIX engine or in expensive FIX consultancy.
TransFIX provides convenient access to an array of trading services that until now have only been accessible through use of a FIX protocol, which requires specialist knowledge, often not readily available within a firm. These trading services support price discovery and the execution of equities, fixed income, collective investments and derivatives.
With increasing numbers of execution destinations becoming FIX-mandatory, TransFIX enables brokers and investment management firms to become FIX-compliant, without having to make costly and time consuming changes to existing message formats or to their order management systems. Major investment in FIX or changes to current trading platforms also becomes unnecessary, allowing investment houses on both the buy and sell side to improve levels of STP.
Used in conjunction with MBAâs high performance FIX engine, FIXeasy, TransFIX enables firms to enhance their best execution policies. For example, by polling multiple RSPs in the process of undertaking âbestâ price discovery and then routing orders through to other FIX-compliant execution venues, thus helping firms seek out new pools of liquidity in the approaching MiFID age.