Options IT, the provider of the Options PIPE Private Financial Cloud services platform for the sellside and buyside, announced today that Fundamental Interactions, a provider of low-latency market data, risk management, and order routing and crossing solutions, has deployed its FIN FastProxy pre-trade risk management application on the Options PIPE platform.
Trading firms accessing U.S. markets may now test FIN FastProxy on-Demand via the Options PIPE Velocity private cloud service well in advance of the second and final compliance deadline for the Securities and Exchange Commission’s Market Access Rule 15c3-5.
The final compliance deadline for Rule 15c3-5, which covers fixed-income trading and client credit-checks, is Nov. 30, 2011.
Fundamental Interactions’ FIN FastProxy is the pre-trade risk component of the firm’s Neutron solution, which also includes FIN Trading Appliance, an all-in-one low-latency solution for market data, algorithmic execution, order routing and compliance; and FIN Virtual Exchange, the firm’s broker crossing, exchange, and ATS engine.
“The SEC’s new market access rule has shifted the industry’s race to zero latency into overdrive, as compliant risk management solutions are now being benchmarked in microseconds,” said Julian Jacobson, President at Fundamental Interactions. “With the November compliance deadline two months away, deployment speed is becoming increasingly critical to both brokers and buy-side firms. We’re delighted to work with Options IT to offer a private cloud-based solution for clients to test and deploy well ahead of the compliance deadline.”
Nigel Kneafsey, CEO at Options IT, added: “Rule 15c3-5 is one of the most significant pieces of regulation to come down in years. We’re delighted to work with Fundamental Interactions to provide a cost-efficient and private-cloud deployed pre-trade risk management solution for brokers, eliminating the need for firms to build new or reengineer existing execution platforms to comply.”