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Our Customer

Spotlight series showcases the innovative ways our clients are

using Xignite's Cloud APIs to power their

applications.

href="http://fixflyer.com" target="_blank">FIX Flyer

develops advanced technology for managing complex, multi-asset,

global institutional securities trading with over 170 clients

worldwide, including UBS, Barclays, Berenberg Bank, GBM, Bank of

America Merrill Lynch, Goldman Sachs, and JP

Morgan.

They have

pioneered several cutting-edge ideas such as applying the FIX

Protocol standard to the wealth management industry, leveraging

Equinix cross connects and the internet for trading, and helping

emerging markets with low latency trading

technology.

Led by

Founder and Chairman George Kledarashas, FIX Flyer has been an

Xignite client since 2008. We recently had a chance to sit down

with George to learn more about trends in wealth management

trading and how FIX Flyer is helping firms simplify their

processes.

Q: What

is "trading away" and why is it important for Wealth

Management?

George Kledaras

- Trading away is the practice of using partners other

than your custodian for trade execution. It's important for

wealth managers because it allows them

to transact with multiple brokers while the trade settles with a

single custodian or sponsor. This provides wealth managers and

their clients the opportunity to receive best execution on their

trading. But managing the account allocations with multiple

brokers can be error prone and time consuming. FIX Flyer offers

Flyer Online, a solution where wealth managers achieve

operational efficiencies by trading away and performing step-out

allocations.

Q: What makes

Flyer Online unique?

George

Kledaras - Flyer Online is a web based fully hosted

application and sponsor network that greatly simplifies the

complex world of step-out trades and allocations, providing a

single service for directed trades, step-out trades, and

post-trade processing. Flyer Online elegantly re-blocks step-out

trades and rapidly allocates average-priced trades across your

accounts, saving you time and improving post-trade processing.

Flyer Online lets you manage all of your trading and allocations

workflow and delivers it electronically to your

sponsors.

Q: Why did FIX Flyer

choose Xignite as its market data

provider?

George Kledaras

- Flyer Online validates symbols for US equities and

mutual funds as part of the service. We looked at many providers

of market data services but we found that Xignite's XML based API

was well designed for integration because the structure was flat

and easy to work with. Sensible pricing and leveraging the

spontaneity and convenience of the internet were the main drivers

to working with Xignite.

Q: What has been your experience using

Xignite?

George Kledaras

- Xignite made it easy for the whole FIX Flyer

development and support team to test and get things right before

going into production. Deploying Xignite in production just plain

works. Xignite's support is excellent with deep technical

knowledge of the data as well as the delivery

mechanism.

Q: What trends are

you seeing in wealth management

technology?

George Kledaras

- All firms, buy side and sell side, are looking to

gain operational efficiencies, which means implementing more

technology. Trade Cost Analysis (TCA) is also emerging as a new

requirement because wealth managers are looking to reduce the

overall cost of their retail and institutional trading at the

same time. Connectivity is still very important since it provides

a lot of efficiency between counter parties, eliminating email

and fax which are error prone and do not scale.

Q: How important are standards for

sponsor connectivity?

George

Kledaras - Sponsors and increasingly wealth management

firms are wary of vendor lock, which lowers the interoperability

between firms. Open standards such as Financial Information

eXchange (FIX) allow a wealth manager to have more choices among

vendors since it is easier to connect to many sponsors from just

one system.

Also the Money Management

Institute (MMI) and FIX Protocol Ltd. (FPL) are working on making

sure that the industry has open standards available in order to

describe data and workflow between

firms.

Q: What are FIX Flyer's plans for the

future?

George Kledaras

- We are building out more functionality in our high

speed trading platforms, especially for Market Access Rules

(15c3-5) compliance and enabling markets for Direct Market Access

(DMA) and algorithmic trading in growing markets all over the

world.