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Iona, Javelin Team to Offer FIX for Web Services

Iona, an infrastructure software vendor , and Javelin Technologies Inc., a company that specializes in electronic trading technology, today announced an agreement to provide a Web services-based framework that supports the Financial Information eXchange (FIX) protocol.

The companies described the joint software and services bundle as the first Web services integration solution to provide the financial services industry with a 100 percent standards-based solution for FIX transactions and Straight-Through Processing (STP).

FIX is a structured language protocol that translates details of a trade into a common language and provides real-time, seamless electronic exchange of securities transactions. The public-domain specification defines both the message format as well as the delivery mechanism.

FIX was developed to help financial institutions achieve Straight Through Processing (STP), an industry-led initiative dictating that all aspects of the trading process be electronic and require no manual intervention.

The joint offering is designed to combine the service-oriented, standards-based, integration capabilities of Iona's Orbix E2A Web Services Integration Platform with the transactional FIX infrastructure of Javelin's Appia protocol engine, which provides connectivity for FIX and other financial protocols.

"Iona has a legacy of providing service-oriented solutions that leverage industry standards," said John Coulter, chief operating officer and president of New York-based Javelin Technologies. "In fact, Javelin has had interfaces to Iona products since the initial release of its first FIX platform. By combining Iona's Orbix E2A Web Services Integration Platform with our FIX platform, customers will be able to achieve FIX support through CORBA [Common Object Request Broker Architecture], J2EE or Web services interfaces."

"Web services are becoming increasingly important to the financial services industry as companies try to achieve Straight-Through Processing," said Gary Maier, managing director of global financial services for Dublin, Ireland-based Iona. "Javelin and Iona are providing customers with a packaged solution for building and deploying Web services that facilitate and speed FIX transactions."

Javelin was acquired by Stamford, Conn.-based NYFIX Inc in March for approximately $11 million in cash and NYFIX common stock valued at about $44 million.


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