CHICAGO, February 21, 2002 — Nearly 200 member firms of the Jakarta Stock Exchange (JSX) will soon be able to trade electronically via Financial Information Exchange (FIX) Protocol, thanks to technology supplied by InfoReach, Inc. (www.inforeachinc.com). The JSX has licensed InfoReach FIX Engine as part of its Jakarta Automated Trading System (JATS) remote trading project.
With the goal of facilitating electronic communication between the JSX, its member brokers and regulating entities, the FIX Protocol engine software will be integrated with JSX’s trading system and with each member firm’s order management system.The first phase of the project includes 11 member firms; other firms are expected to transition to electronic trading within two years.
“Over the past few years the FIX Protocol has achieved worldwide acceptance among various financial industry participants – hedge funds, money managers, sell-side firms, traditional exchanges and ECNs,” said Allen Zaydlin, president of InfoReach. “We are pleased to assist the JSX in implementing this critical technology.”
In selecting a FIX engine to power the JATS, the JSX evaluated software against several key criteria, including fault tolerance, the ability to support 900 messages per second over 800+ FIX sessions, and the ability to support disaster recovery site operation. InfoReach FIX Engine met the requirements in all areas.
JSX awarded a $1.6 million contract to Astra Graphia, Indonesia’s largest IT firm, to design and implement the JATS. InfoReach is working closely with Astra Graphia to provide support during the entire project.
About InfoReach, Inc.
InfoReach is a Chicago based company well known for its FIX Engine, which has already been installed at 22 shops including Barclays Capital, Bank of America, Credit Lyonnais Securities, G-Trade, CT&S and UBS O’Connor. Also, InfoReach is the leading provider of trade management and execution system which, together with the FIX Engine is a part the InfoReach TMS product. InfoReach TMS supports trading of single, as well as baskets of multiple classes of securities, allows for the automation of execution and trading strategies and provides some built-in algorithms for automated trading, such as order slicing, price pegging and balanced execution.
About Jakarta Stock Exchange
With an extensive product range and a fully integrated electronic trading, clearing and settlement system, the Jakarta Stock Exchange is one of most technologically advanced securities exchanges in the Asia-Pacific region. The JSX brings together participants, issuers and investors in an efficient and transparent market with excellent liquidity.
About PT Astra Graphia Tbk.
Astra Graphia is the largest information technology firm in the Republic of Indonesia. Established in 1971 as the Xerox sales and service division of PT Astra International, the company grew significantly and in 1976 was incorporated as a separate legal entity under the name of PT Astra Graphia. Astra Graphia branched into information technology in 1983 and went public in 1989. Its shares are traded on the Jakarta Stock Exchange and Surabaya Stock Exchange.