US bank Bear Stearns has teamed with Charles River Development to provide money managers with real-time FX trading capabilities via the Financial Information eXchange (FIX) Protocol.
Charles River says it has developed an FIX-compliant interface for its investment management system (IMS) that will link to Bear Stearns’ Forex trading system. The interface is designed to help clients execute and manage FX trades via the FIX messaging standard.
The vendor says Bear Stearns Forex is the first FX counterparty to offer its investment managers live executable FX markets directly through an order management system (OMS) via FIX. The link supports post-trade FIX allocation messages as well as MT304 SWIFT messages.
The firms recently completed testing of the interface, which will be available in version 8 of Charles River IMS.
Brummette, a managing director at Bear Stearns, says: “Our shared clients will now have immediate access to a live executable FX market directly through their OMS. The solution goes completely upstream, giving a trader the ability to flatten FX exposure the instant it is created.”
Peter Lambertus, president and CEO of Charles River. “The interface with Bear Stearns eliminates potential time lags and strives to close any compliance holes typically seen with other FX workflows.”