Sensiple Inc., a FinTech provider of best-in-class FIX Protocol-based solutions for buy-side, sell-side, intermediaries and venues, today announced that, a leading commodity exchange in Asia-pacific has selected PhiFIX Test Suite as its FIX trading infrastructure validation platform.
Since the Exchange’s launch on 2003, it has been providing an online commodity exchange platform for market participants to trade in commodity derivatives. They have around 83% of Agriculture market share in India with 13000+ number of terminals in 1000+ locations.
The client faced high cost of ownership, minimized support during India trading hours, rigidity in customizing their testing requirement, non-availability of domain technical resources and sudden surge of price, when required additional licenses. These reasons pushed them to look for a better FinTech player in the market, where Sensiple offered its expertise to sort out the challenges.
Speaking on this engagement, VP, FIX Implementation of the leading commodity exchange mentioned, "We are happy to appreciate the efforts of Sensiple Team for providing us the suitable testing tool, which helped us in automating our FIX and FAST gateways protocol. The team has responded promptly in enhancing the application to meet our customization requirements over the existing FIX Test Suite.”
PhiFIX Test Suite is fulfilling their requirements in terms of usability for testing their FIX-based OMS, Market Data, Post-Trade and Drop Copy systems with more than 3000+ test cases and its framework helped them to achieve our custom requirements in quick time. The exchange appreciated Sensiple for the immense support during their test suite replacement engagement and also helped in reducing their IT investment considerably compared to other products in the market. "
Mr. Vijay Gopal, Business Head, BFSI, Sensiple Inc., explained "PhiFIX Test Suite can perform best implementation practices, operational advantages and best-in-class infrastructure validation with secured framework for better and faster FIX Session testing to enable high frequency trading. They recognize our customer-focused approach and the prompt solution we provide for their challenges, and we are excited to work with their team as they speed up the pace of their business growth."
This collaboration saves high cost of ownership and will provide support during trading hours of India. PhiFIX offered flexibility to customize the adapted requirements of the client and provided technical resources for advise and training during IST. Flexibility and usability was another major concern that was resolved by PhiFIX.
Sensiple Inc. is a world class FinTech solution provider based out of New Jersey, offering state-of-the-art technology solutions and IT services across BFSI Industry. Sensiple’s expertise is built upon 2500+ man years of experience with center of excellence and dedicated R & D team. Sensiple was an early adopter of FIX protocol and it offers solutions to client’s business needs across the entire spectrum of banking, financial operations and trading workflow complementing with latest technology which aids market participants to maintain a competitive advantage in the current scenario.
For more info, visit www.sensiple.com
It is a leading online commodity exchange in Asia-pacific with independent board of directors and provides a commodity exchange platform for market participants to trade in commodity derivatives. It is a public limited company, and obtained its Certificate for Commencement of Business on 9 May 2003. It commenced operations on 15 December 2003.