Swift has signed an agreement with Ullink to use the UL Net order routing network as the basis for its 'FIX over Swift' service. Existing users of SwiftNet FIX will be migrated to the new service.
Swift launched SwiftNet FIX in 2002 to offer the industry a means of using SwiftNet connections to send FIX messages to counterparties worldwide via a central hub, powered by Financial Fusion, or a FIX point-to-point service.
According to the FIX Protocol Web site, it was used by 11 organisations: ABN Amro, BNP Paribas Equities, Calyon, CLSA, Credit Agricole, Dresdner Kleinwort, ING, JP Morgan, Lehman Brothers, Pershing and UBS Investment Bank.
Mark Del Col, managing director for global broker dealer securities initiatives at Swift, says that the co-operative realised the service was not achieving the take-up it had hoped for, and this prompted the move to find a third party specialised in FIX messaging.
Under the agreement, Ullink says Swift users can use their connection to access all services on UL Net, which include online publication of algorithms, hosted order books, a business monitoring Web interface, marketing tools for brokers, 24/7 test access to connect new counterparties, and connectivity status monitoring and alerts.
Laurent Useldinger, CEO of Ullink, says his organisation will be helping to move SwiftNet FIX clients on to its UL Net service and managing FIX message flows over Swift: "This will help Swift customers access more services within the Swift framework. Both Ullink and Swift clients will access more services and more ready-to-trade counterparties, and will therefore be able to establish new business ties."
Sam Romilly, SwiftNet FIX product manager at Swift, says: "We examined various solutions and felt Ullink was best placed to provide improved services, an existing community and a rapid implementation of this new solution. We have put in place a simple migration route that will allow clients who want to move a fast and non intrusive implementation."