GLOBAL BANK CASE STUDY

Better User Experience and Large Cost Savings With Chronicle FIX

Screenshot 2023-03-29 at 16.17.23

About the Bank

The bank is one of the world’s largest financial services and banking organisations. They serve millions of customers in over 60 countries and territories in Asia, Europe, North America, the Middle East and Africa.

Screenshot 2023-03-29 at 16.17.23

About the Bank

The bank is one of the world’s largest financial services and banking organisations. They serve millions of customers in over 62 countries and territories in Asia, Europe, North America, the Middle East and Africa.

CHALLENGE

A More Cost Efficience Licensing Model and Higher Service Reliability

When one of the leading global banks sought to replace its incumbent global FIX solution, it had a number of specific connectivity and infrastructure criteria that had to be met by a new solution. Chief amongst these was a desire to eradicate significant and spiralling costs from the session-based charging associated with the existing license model.

The bank also had a number of challenges relating to service reliability and high availability. Other core requirements were that the solution should be fully integrated within and across the bank’s global transaction processing infrastructure operating model and that it must offer ‘follow the sun’ vendor support aligned with its global trading activity.

Their challenge was to update legacy technologies and systems, implemented at different times in different geographies, to a more effective and efficient solution.

-Jerry Shea

          MD APAC

          Chronicle Software

Their challenge was to update legacy technologies and systems, implemented at different times in different geographies, to a more effective and efficient solution.

-Jerry Shea

        MD APAC

        Chronicle Software

SOLUTION

Chronicle FIX: Proven High-Performant Low Latency and Expertise

A primary motivation in the selection of Chronicle to replace this bank’s legacy FIX technology was its in-depth FIX expertise and proven high-performant, low-latency FIX engine software, already implemented by multiple market-leading banks and institutions. Another key factor was Chronicle’s innovative business model – in this case, providing the client with FIX engine source code on the basis of a single, annual and global user license.

The real clincher for this client was, however, the opportunity to collaborate directly with Chronicle’s software experts in London, Melbourne, Sydney and the Americas to refine, adapt and enhance its FIX solution. 

Deliverables

The bank leveraged the power of Chronicle FIX with a single global user license. The focused, low-latency solution was designed to satisfy the bank's demanding use case applications.

Moreover, the client engaged Chronicle on a consultancy basis (equivalent to c.60 days a year over 4 years) to take advantage of Chronicle’s specialist knowledge and thought leadership. In turn, the client’s software development team contributed its own expertise to major, value-adding changes to the FIX solution that enhanced the bank’s own capabilities and also the user experience of all Chronicle's FIX engine clients.

The business model with Chronicle's software, augmented by access to dedicated developers with unparalleled FIX expertise, supports smart and nimble client-side integration. 

We really appreciated Chronicle’s business model – delivering leading-edge technology underpinned with expert consultancy gives us the perfect ‘build and buy’ hybrid.

-Client

We really appreciated Chronicle’s business model – delivering leading-edge technology underpinned with expert consultancy gives us the perfect ‘build and buy’ hybrid.

-Client

RESULTS

Global, Consistent, High-performing FIX Experience

Further, by rolling Chronicle’s FIX software out globally in multiple locations, this bank now enjoys a consistent, high-performing, microsecond latency FIX experience with thousands of their clients, globally, with no legacy technology burden and low ongoing support costs.

As this client observed: “By ‘owning’ the source code, internal development resources have direct access on a day-to-day basis to keep it operating effectively within our global enterprise model. At the same time, our ongoing collaborative engagement with Chronicle’s specialist developers ensures that the solution is enhanced and refined continuously.”

Screenshot 2023-03-30 at 10.22.06
Screenshot 2023-03-30 at 10.22.23
Screenshot 2023-03-30 at 10.22.06
Screenshot 2023-03-30 at 10.22.23

Products Used

Screen Shot 2023-02-14 at 2.16.56 PM

A FIX Engine with high availability and microsecond latency, utilised for upstream and downstream connectivity.

Learn more >>

Screenshot 2023-03-28 at 17.16.37

Chronicle's low-latency experts provide consulting services and thought leadership when implementing Chronicle's solutions.

Contact us >>

WHAT'S NEXT

Learn More About Chronicle’s Solutions

If you want to learn more about how Chronicle can have a positive impact on your trading system - get in touch with us today