John D'Antona Jr.
Traders Magazine Online News

QUICK TAKE: Are Cryptocurrencies A Safe Haven if Global Economy Slows?

Can crypto be a safe haven despite the recent Bitcoin sell off?

Traders Poll

Is your trade cost analysis (TCA) tool meeting your needs?

Free Site Registration

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.


(c) 2013 Traders Magazine and SourceMedia, Inc. All Rights Reserved.