TransactTools Announces Support for Open Source FIX Project

Removing Barriers and Promoting Wider Adoption of Electronic Trading

Apr 19, 2005, 01:00 ET from TransactTools

    NEW YORK, April 19 /PRNewswire/ -- TransactTools, the leading provider of
 enterprise solutions for electronic trading connectivity, announced today a
 new partnership with QuickFIX, the freely-available open source FIX engine
 project. Under the terms of the partnership, TransactTools will contribute
 source code, resources, and support to QuickFIX.
     QuickFIX was first released into open source in early 2001.  It has since
 gained worldwide popularity and acceptance as a production-quality FIX
 implementation.  QuickFIX continues to provide an up-to-date implementation
 for anyone to use as they see fit.
     Sam Johnson, CEO of TransactTools, explains: "We believe that the more
 firms that get started with this technology the better, so we'll do whatever
 we can to make it easy for them.  This is consistent with other things we've
 done, like the OpenFIX free testing and certification service we launched back
 in 2002, to help promote the adoption of FIX.  For TransactTools, it's about
 making FIX technology as accessible as possible to the marketplace.  Over the
 past few years FIX has become further entrenched as the global standard for
 trading connectivity among large firms, yet the barriers still remain high for
 smaller players.
     "By struggling to maintain artificially high price points for what has
 become commodity technology, point-solution vendors are creating barriers to
 adoption of FIX in the marketplace. The QuickFIX project is a great concept.
 It's a solid FIX implementation, and it's freely available as source code.
 This doesn't conflict at all with the FIX support in our commercial
 connectivity platform, because it targets a very different segment of the
 market. TransactTools is committing resources to the project to help make
 QuickFIX an even better platform for companies with smaller-scale
 implementations or who are just getting started with FIX."
     The basic technology that enables a trading firm to communicate via FIX,
 commonly called a FIX engine, has become increasingly commoditized in recent
 years.  FIX engine software functions as specialized messaging middleware for
 communicating transactions, and while there are many commercial FIX engines on
 the market today, the differentiation among these products -- except at the
 enterprise level -- is negligible.  By partnering with QuickFIX, TransactTools
 aims to promote adoption of FIX more broadly among smaller firms.
     According to Oren Miller, the creator of QuickFIX, "TransactTools
 recognizes that QuickFIX complements more than it competes with commercial
 solutions.  The value of FIX as a whole increases with greater adoption.  FIX
 should be a bridge, not a barrier for those wishing to trade electronically.
 I'm pleased to see TransactTools fully embracing this concept, and hope that
 others will follow their lead."
     TransactTools launched the industry's first enterprise platform for
 transactional connectivity management (TCM) in 2001.  Since then, the flagship
 TCM enterprise platform has evolved to include a comprehensive set of services
 for managing all aspects of electronic trading connectivity.  Currently in its
 fifth release, the platform provides end-to-end capabilities for messaging
 connectivity, routing, and translation, as well as regression testing and
 certification, real-time transaction analysis, and exception management across
 every business system in the enterprise that touches a trade.  The TCM
 enterprise platform delivers measurable business value through transparency
 and real-time management of financial messaging and is used by over 1,500
 exchanges, brokers, investment managers, hedge funds, and transaction networks
     TransactTools is an active participant in several industry standard groups
 including FIX Protocol Ltd. and TWIST Standards Organization. TransactTools
 was the first firm ever to launch free, centralized testing services for
 validating FIX implementations.
    For more information, visit or call Amy
 Johnson at +

SOURCE TransactTools