FIX Protocol services are another component of Network NYSE, providing high-quality, standards-based access, bringing customers closer to the market through the use of technology. The NYSE CAP is a network portal that leverages state-of-the-art Internet technologies to serve as a universal bridge between the NYSE's business services and the networks of its customers.
Member firms and their sponsored customers can now transmit orders to the Exchange and receive back execution reports in FIX format over high-speed TCP/IP connections. This allows firms that have made significant investments in developing FIX-based order-processing systems and interfaces to leverage that technology investment when communicating with the NYSE, thus reducing the firm's support costs.
The NYSE has also adopted the FIX protocol for its Institutional XPress Dynamic Data IP Multicast service and its Front End Systemic Capture Drop Copy Interface both via NYSE CAP. The NYSE and its technology partner SIAC worked closely with the FIX Technical Committee and were instrumental in adding the market data components into the latest 4.2 release of the FIX protocol specification. Over time, the NYSE plans to expand the role of FIX by adding additional value-added services.
"The adoption of standard protocols and the interconnection with leading global network providers will make it faster, easier and more cost-effective for our customers to tap into the rich array of new information and execution products we are rolling out under the Network NYSE umbrella," said Robert G. Britz, NYSE group executive vice president.
"Adding FIX to our suite of access services addresses our customers' demands for standards-based solutions and facilitates end-to-end e-commerce, bringing our customers closer to the market," said Roger Burkhardt, chief technology officer of the NYSE.
"With the large volume of equity orders our firm sends to the NYSE, the CAP TCP/IP network and FIX protocol provide us with standardized messaging, a scalable architecture and improved redundancy. Our firm is always looking for ways to advance technology. This allows us to focus on our commitment to provide flexible, customized and reliable services to our clients," said Thomas Mahoney, chief executive officer of BNP Paribas Brokerage Services.
"It simplifies our operations and our own time to market to use the NYSE's new products. IP is much lower cost to administer per unit bandwidth than X.25. By using the same lines for different services, connectivity can be established in one day versus two months when new lines are required," said John Armstrong, principal, Morgan Stanley Dean Witter.
"We're pleased with the NYSE's seamless integration of the FIX protocol into its existing technology infrastructure. Adoption by the NYSE of the FIX protocol will enable us to meet our clients' demands for improved speed and efficiency of electronic executions," said Lawrence Helfant, NYSE member.
About NYSE CAP
The NYSE Common Access Point is a portal to all NYSE trade-execution products and information services. It offers customers a choice of multiple access methods, including direct connections via traditional telco providers as well as connections through service bureaus, public extranet providers and Internet service providers. Services are delivered using industry standard protocols and formats such as FIX, HTML, SMTP, SSL and SSH. Customers are able to access multiple services over a single connection. NYSE CAP provides access to the Exchange's two data centers, operated by Securities Industry Automation Corporation (SIAC).
NYSE CAP supports several new Network NYSE products, including NYSe Direct+, e-Broker and Institutional XPress, as well as Front End Systemic Capture and TCP/IP connectivity to FIX and CMS message interfaces used to send electronic orders to the NYSE point-of-sale via SuperDot. NYSE CAP also supports existing services such as the remote delivery of the Exchange's Broker Booth Support System. In the future, additional NYSE applications and services will be made available through this facility, including greater use of multimedia and browser-based applications.
About NYSE
The New York Stock Exchange is the world's premier equities market, listing more than 2,900 companies with a total global market capitalization of $18.3 trillion. NYSE-listed companies range from "blue chip," to many of the world's leading technology companies, to young, high-growth enterprises. Among the advantages the NYSE offers these companies are access to the world's largest pool of capital and outstanding liquidity and transparency; the opportunity to significantly expand and diversify a company's shareholder base; greater global visibility; and extensive research coverage. The NYSE, a leader in innovative trading capabilities and systems, employs the most advanced communications and computing technologies to deliver fast, efficient, reliable and cost-effective trade executions. Further information on the NYSE can be obtained at www.nyse.com.
