The interbank payments network Swift is to provide a trading link with the New York Stock Exchange via its new SwiftNet FIX messaging solution.
The connection will give Swift customers represented by a Nyse member firm direct access to the Exchange's network of order-execution services called Network Nyse.
"This agreement provides a secure and reliable connection for foreign investors represented through Nyse member firms to trade Nyse-listed stocks via the Swift network," says Nyse chief technology officer Roger Burkhardt.
The Nyse is the first stock exchange to sign up for the SwiftNet FIX messaging solution, a new service powered by Financial Fusion which routes, monitors and manages FIX message traffic over the Society's IP-based network. Pan-European exchange Euronext recently signalled its intention to use the Swift network to deliver ISO 15022-compliant access to its NSC trading system and Clearnet Clearing 21 service.
The agreements pave the way for Swift to extend its influence beyond the back office and into the pre-trade/trade arena, providing end-to-end messaging services across the entire transaction lifecycle.
Commenting on the Nyse link-up, Francis Remacle, head of Swift's securities industry division, says: "This is a key deal for Swift, validating the SwiftNet FIX value proposition and cementing its presence in the trading world by providing standardised connectivity to one of the world's most important securities players."