The Berenberg electronic trading systems group collaborated closely with FIX Flyer in order to develop and enhance the next generation tools for monitoring their client order flow for the new generation of both high-touch and algorithmic trading. Daytona allows Berenberg's FIX connectivity support group to respond to and repair trading exceptions immediately, which is critical in todayâs electronic markets.
Berenberg also provided critical input for significantly upgrading Ignition, FIX Flyer's certification and trade validation product used to thoroughly test and certify FIX APIs and Order Management Systems.
Berenberg was able to leverage FIX Flyerâs development and support team in order to build more relevant software than what is currently being offered as the industry standard. FIX Flyerâs new generation of tools enable Berenberg's trading desk to save time, assuring their clients a consistent and stable platform, and positions them well for the future.
âI had two challenging requests back in 2009,â says Carsten Paschilke, Head of FIX Integration at Berenberg Bank. âFirst was to get a simulation and certification tool which enables me to fully test our OMS and FIX message processing systems when we roll out new releases of them. Ignition is very intuitive and let's us build complex scenarios to emulate our FIX counterparties. Performing a complete test of our applications only takes a fraction of time now and is by far more detailed than it ever was.â
When discussing the close collaboration with Mr. Paschilke, he remarked that the second task was more difficult. Due to increasing
message throughput caused by algorithmic trading, additional execution venues and more trading partners, Berenberg needed something for his team to be able to monitor FIX message flow in realtime. Mr. Paschilke had a look at FIX Flyer's Daytona but at that stage the product wasn't what he needed. "I almost had a different product in place when I asked the FIX Flyer team if they could come up with something that was better for the way the market was unfolding quickly. We developed a functional specification and FIX Flyer created some really stunning features in close collaborationâ added Mr. Paschilke.
Berenberg chose FIX Flyer because they needed to ensure that the solution would give all of their clients comfort that they can handle the potential of a dynamic and quickly emerging marketplace. Because of Flyer's unmatched proficiency as a FIX partner, Berenberg realized early in their evaluation process that Flyer extended their support and tools beyond conventional solutions. FIX Flyer works in some of the most demanding trading environments in the world, and that experience and the ability to listen is valuable to customers like Berenberg.
âEven if we're facing a problem in production Ignition's log analyzer let's us import the messages which caused that problem right from the production FIX log file to create a new test case with ease,â continued Mr. Paschilke. âThis lets us replay that scenario during development of the bug fix and it goes right into the pre-production test suite to make sure we never see this problem again.â
"Collaborating closely with our clients has proven time and again that when we listen to our clients needs, they help to focus and drive our mission to exceed current market standards for transparency and efficiency," observed Brian Ross, CEO of FIX Flyer. "In the case of Berenberg in particular, their input was extremely valuable as we we're able to receive and implement direct requirements from the front line of an international trading desk's support team. This experience has further placed FIX Flyer on the vanguard of our industry globally, providing world class tools for electronic trading that no other provider can."