1 July 2003
Thomson Financial Announces Strategic Agreement with Sun Microsystems to Offer Electronic Trading Solutions
New York and London, June 17, 2003 /CNW/ -
Thomson Financial, an operating unit of The Thomson Corporation
(NYSE: TOC; TSX: TOC), and leading provider of information and
technology solutions to the global financial community, today
announced a strategic agreement with Sun Microsystems to provide a
low cost package to help the equity trading community participate
in FIX (Financial Information eXchange) electronic trading and
immediately improve overall business efficiency by driving down
trading costs.
The agreement provides a cost effective solution that helps the
trading community link electronically to new and untapped trading
partners. Thomson Financial's AutEx order routing network will now
be accessed using the FIXEdge FIX engine brought to market by
B2BITS and Sun Microsystems and in combination with specialised OMS
functions developed in conjunction with Thebes.
The shrink-wrapped cost-effective connectivity solution will
open up access to a broad community of trade participants, which is
expected to be particularly attractive to the buy side for its
simplicity to install and operate.
This alleviates the need for the client to purchase, amalgamate
and support multiple disparate components necessary for electronic
trading. In one FIX appliance a client now receives full FIX
functionality including FIX 4.4 and future upgrades, benchmarked to
meet the highest volume demands in the market. Users can also run
Sun's low cost Linux servers and are supported globally through a
24/7 help facility.
Rob Woodmansey B2BITS Chief Executive says: "Our vision is to
enable all financial markets participants to benefit from FIX by
delivering the highest quality products and services at a commodity
price. This partnership with Thomson Financial, Sun and THEBES has
global reach and has resulted in a step change reduction in the
time, cost and complexity associated with enabling full FIX
connectivity."
Benefits to the client include:
- Quick and easy deployment, with fast integration into client
workflow
- Immediate trading, with the package already certified and
tested with 150 brokers worldwide
- New mechanism for the sell-side community to capture electronic
order flow
- Cost effective automation of manual execution process
- Ability to process a greater volume of transactions
- Overall business efficiency gains from electronic messaging by
driving down trading costs
- Low cost rental of FIX Appliance - free upgrade to future FIX
releases Access to additional low cost trade support functions,
OMS, Alerts, formatting
AutEx will be marketed globally to new segments in the broker
and buy-side communities by all parties. Installation and
integration will be led by THEBES, which can utilize both its
intimate knowledge of equities trading technologies and first hand
experience of the challenges faced by today's investment
communities to ensure that firms are up and running in the shortest
possible time.
Daniel Singer, Director of Strategic Alliances at THEBES says: "We
are helping large and small firms increase profitability by
migrating towards full STP. This tailor made solution enables us to
deliver connectivity to many different clients that were previously
proscribed such a choice due to untenable costs, and put them
firmly on course to maximise the benefits of Straight Through
Processing"
Nigel Woodward, Global Segment Manager for Capital Markets at
Sun Microsystems adds: "The FIX Appliance initiative from Sun
Microsystems is the combination of our focus on STP functions and
our low cost server products, running in this case on Linux. By
bundling the B2BITS software with our complete server and
distribution capability we are able to provide the global market
with the connectivity, which will enable end-to-end electronic
messaging, and with it, cost savings. The adoption of the FIX
appliance by AutEx contributes vital additional functionality
across the network."
"By combining FIXEdge based on B2BITS FIX expertise and Sun's
server technologies with Thomson Financial's AutEx order routing
capabilities, together with THEBES' market expertise, the strategic
partnership will give the market an immediate, straight forward and
affordable front office Straight through processing trading
solution that improves trading profits," added Tony Booth, Director
of Connectivity, Thomson Financial.
About Thomson Financial
Thomson Financial is a US$1.5 billion provider of information
and technology solutions to the worldwide financial community.
Through the widest range of products and services in the industry,
Thomson Financial helps clients in more than 70 countries make
better decisions, be more productive and achieve superior results.
Thomson Financial is part of The Thomson Corporation (www.thomsonreuters.com),
a leading provider of value-added information, software
applications and tools to more than 20 million users in the fields
of law, tax, accounting, financial services, higher education,
reference information, corporate training and assessment,
scientific research and healthcare. The Corporation reported 2002
revenues of US$7.8 billion and its common shares are listed on the
Toronto and New York stock exchanges (NYSE: TOC; TSX: TOC).
About THEBES
THEBES is a multi service Solutions provider to the Financial
Markets. Our aim is to provide integrated technology solutions and
professional services to investment firms that creates quantifiable
value for their business. Located in London, Milton Keynes and Hong
Kong, Thebes champions the benefits of Straight Through Processing,
and can be seen around the world actively promoting its future.
About B2BITS
B2BITS was founded with a core belief that financial markets
software is a service and this has driven a unique approach to
delivering the most complete range of FIX products available.
B2BITS has lowered the barriers to electronic connectivity through
the introduction of the FIX Antenna range of FIX Engines, providing
world beating performance on entry level hardware and across a
choice of operating systems. B2BITS has also developed a range of
automated testing tools for client testing (FACTS) and self testing
(DART, FORM) which dramatically reduce the cost and time associated
with enabling new counterparty relationships. B2BITS has offices in
London and New York and customers range from the largest sell side
brokers through to small hedge fund operations.
Web sites:
http://www.thomsonfinancial.com
http://www.thomsonreuters.com
Previous news | Next