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December 2, 2013

Alpha Omega Unveils FIXAffirm Post-Trade Kit

By By Phil Albinus

In early November, Alpha Omega Financial Systems announced the global launch of FIXAffirm, which it calls a "the first comprehensive post-trade solution" based on the industry-standard FIX protocol.

FIXAffirm can be installed in the bank's back office or used via a web browser. It offers global FIX connectivity. FIXAffirm directly connects asset managers and counterparty broker-dealers to deliver fully automated allocation, confirmation and affirmation of trades immediately after trade execution. FIXAffirm makes the post-trade process much more efficient and cost-effective for asset managers, hedge funds and broker-dealers.

"Leading asset managers and broker-dealers are spearheading the adoption of the FIX protocol for post-trade to benefit from lower costs and better integration with trading systems," said Ignatius John, president of Alpha Omega. "FIXAffirm facilitates this adoption by offering an off-the-shelf solution that integrates seamlessly with either in-house or third-party order management systems." Alpha Omega declined to name the asset manager and "leading" broker-dealer.

"We are very pleased with the performance of FIXAffirm in delivering near-real-time post-trade processing," said Kamal Duggirala, chief executive officer of Alpha Omega. "Our clients are achieving a significant reduction in post-trade costs, which ultimately adds to portfolio returns."

According to Alpha Omega, FIXAffirm covers global equities, ETFs and fixed-income securities; reaches brokers worldwide through established global FIX networks; matches Standing Settlement Instructions between asset managers and counterparties.

It also enables asset managers to specify tolerances for matching on a field-by-field basis; and provides intraday processing, so errors can be fixed on trade date.

 

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