Model-based software for the global securities industry
Press release
Marco Polo Network New York chooses Syn
FixRouter to open up emerging markets with Trade Traveller
Dynamic flexibility of Syn’s
rules-based approach achieves rapid development in 3 months.
LONDON - 19 May 2004. Dateline. Coexis has implemented SynFixRouter,
a FIX cross border, real-time order routing system for emerging markets
to create a service called TradeTraveller™, for Marco Polo
Network in New York. SynFixRouter accepts orders from the buy side in the developed markets and routes
them to an execution venue in one of several emerging markets, such
as South Africa, which was first to go live (April 2004).
Marco Polo Network (MPN) rejected traditional software methods part way through a development project with another supplier when it became apparent that supporting the rapidly changing needs of the business to add new markets and overcome FIX version compatibility issues would be costly and time-consuming.
Trade Traveller was configured as a custom built solution in 3 months,
using the rapid development capabilities of the SynDeveloper;
these include graphical definition of processes and dynamically configurable
rules expressed in natural language. The majority of the development
and implementation work was carried out remotely, with great success.
Cliff Goldman, chief operating officer at MPN said: “Syn is
a leading edge technology which gives as a significant competitive
advantage because it is rules-based and quick to adapt. We have selected Syn as
the best of breed underlying transaction processing engine for Trade
Traveller. Other solutions we evaluated required programming skills
to change the code and were too inflexible to address the diverse
trading environments of emerging markets.”
SynFixRouter has helped MPN overcome the barriers to entry such as the high cost,
error rates and settlement requirements in these markets, which offer
new untapped trading opportunities. MPN is first to focus on emerging
markets and provide highly automated and cost-effective processing
to their global broker clients within a secure environment.
SynFixRouter performs message validation, FIX level conversion and translation,
and client specific rules-based routing. It also provides a simplified
and cost effective solution of FIX connectivity between the buy and
sell side enabling Trade Traveller to be the single point of contact
for its clients.
Aggregation of orders by Trade Traveller assists in the creation of a market for its emerging market brokers.
SynFixRouter’s
error messages and exception reporting help MPN to be pro-active
with clients. Cliff Goldman explains:“ If a trade fails for
example, Syn displays
a user friendly easy to understand message describing the problem
which can prompt us to phone and alert the trader, probably before
he or she is even aware of the error. It enables us to offer a single
entry capability for trades too. Once entered Syn applies
rules to handle any differences between the sender’s and receiver’s
messaging standards seamlessly so avoiding the need to re-key. Our
clients don’t have to change their systems, practices or conventions.”
MPN is driven by their clients’ demand. South Africa is the
first country to go live and Malaysia will be next. “SynFixRouter simplifies the process of adapting and setting up the rules and functionality
for each country. We expect to roll out Trade Traveller to twelve
countries within the next nine months.”
Terry Williams, chief executive officer of Coexis said: “Marco
Polo Network clearly demonstrate the value of Syn in
supporting innovation and the creation of new market opportunities.
Traditional software approaches would struggle to keep up.”
About Marco Polo Network
www.marcopolonetwork.com
Marco Polo Network Inc (MPN) is a Delaware company. Head quartered
in New Your, MPN has developed an automated trade management solution
for cross border securities transactions that utilises MPN’s
electronic trade processing platform, Trade Traveller™.