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Another FIX

Traders Magazine, September 2004


*Reuters' popular FIX communications technology, known as TRIAD, is facing competition. A Maryland-based start-up called Raptor Trading has built a similar system and landed its first customer. Weeden & Co., a broker dealer based in Connecticut, will go live this month. Both Raptor and TRIAD enable brokers to manage and route outgoing indications of interest, trade advertisements and trade reports as well as incoming orders. Raptor is run by Mark Hinman, a former developer at consulting and integration firm Ease Technologies. Hinman developed TRIAD while at EASE. Reuters bought the TRIAD assets from EASE in April 2002 after the bankruptcy of Bridge Trading. Bridge had been the licensee and distributor of TRIAD. Some 70 brokerages use TRIAD to manage FIX messages. Weeden switched from TRIAD to Raptor because of its "cutting edge technology," according to Michael Mook, a Weeden trading executive.

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