“If they’re not in international markets and they’re using IRESS, I don’t see a driver to use FIX.” However another major reason why managers opt for FIX is because it reduces the costs of operations as manual tasks, such as entering trade and execution details, and cleaning up the occasional mistakes that result from this, are no longer required. Both Wright and Dibiase believe that FIX connectivity will become necessary for Australian managers. Wright, however, says that those who make the switch earlier will have an edge on those who don’t.

He is in Australia to oversee the final stages of implementation of Order Management³ (OM³), SimCorp’s order management tool, with domestic clients. The product connects users to FIX, and to the following liquidity sources: ioinet, FXall, LehmanLive and fixed interest venues MarketAxess and TradeWeb. It is not yet linked to LiquidNet, a crossing venue for large off-market trades, but negotiations are underway, Other capabilities include support of large-scale program trading, so users can see, in real-time, how large orders are progressing and to see those that are causing pain.