LME Selects Itiviti for Automated Client Onboarding as Part of Trading Infrastructure Overhaul
- Trading Systems , Infrastructure
- 11.02.2021 08:16 pm
Itiviti, a leading technology and service provider to financial institutions worldwide, today announced that the London Metal Exchange (LME) has chosen Itiviti’s FIX Conductor and VeriFIX Enterprise solutions to automate the onboarding process for their clients.
The implementation comes as part of the LME’s wider programme to refresh its overall trading infrastructure, which includes fully rebuilding LMEselect, its electronic member-to-member trading system. The new version of LMEselect will deliver FIX 5.0 protocol access through a convenience gateway, which will give clients access to all the partitions within the trading system. The system will also offer binary protocol partition-specific gateways, and a fresh trading GUI. By implementing Itiviti’s FIX Conductor and VeriFIX Enterprise, the LME will provide organizations trading on the exchange with a better user experience, as well as the ability to track and report on onboarding to improve cost effectiveness and optimize time to market.
“We wanted our new trading system as well as the experience for our members and independent software vendors (ISVs) to be best-in-class, so we needed an automated solution that could not only deliver for us now but ably carry us into the future,” said David Abrahams, Head of Pre-Trade at LME. “Itiviti’s automated client onboarding and certification solution fits the bill on all counts and supports both protocols for us -- FIX 5.0 and the binary protocol.”
“Time-to-market and time-to-revenue is always key in client onboarding and certification, so we were honored to be chosen by the LME to automate these processes for them as part of their infrastructure refresh,” said Ofir Gefen, Head of Sales and Revenue, EMEA and APAC at Itiviti.
Itiviti delivers world-class FIX-based client connectivity technology. FIX Conductor is a certification and onboarding solution that automates counterparty certification for 80% faster speed to revenue. VeriFIX Enterprise is a message testing platform that enables simulation and validation of FIX or non-FIX message flow for functional, regression, and continuous integration testing.