I am pleased to announce that BidFX have completed the migration of all liquidity provider (LP) FIX sessions to our new, high-tech FIX session management platform. Our teams have been working really hard on this initiative and we are really proud of their achievement in reaching this critical milestone.
The new platform is really special. It provides a step change in our capability to adapt to the connectivity needs of sell-side institutions. Naturally, it supports all versions of the FIX protocol, and therefore can service LP needs well into the future. It is fast and nimble too, thus reducing the latency of FX streaming rates. It has a small hardware footprint to minimise operating costs. And it provides improved analytics and monitoring, so we can better react to evolving issues before they impact clients.
That’s not all. What is truly special about the new platform is that developers are not required to write customised software for non-standard FIX specifications. Most LPs tailor their FIX specifications to best fit their integration needs. As a liquidity aggregator, adapting hundreds of lines to custom specifications used to be a real challenge and a drain on development resources. So, occasionally, we would encourage LPs to code to our specification to expedite integration. Fortunately, those days are done. With the new platform, bespoke sessions can be created and/or adapted in hours by one of our FIX integration specialists. Send them a FIX specification and often they will be ready to certify trading workflow the next day.
At BidFX we aim to put clients first. This initiative takes us closer to our goal. And don’t worry, our developers have not coded themselves out of a job. They’re just freed up to build the new functionalities that our clients require.