Extol was founded in 1996 by a group of technical professionals in systems with large experience in stock market, who have been helping Bovespa & BM&F brokers with TI services for a long time.
Its first system was an electronic trade screen module which replaced the old mechanical clocks used by table operators to profit from it to record the timing of their operations. By using this system, the operators were able to check the divergences in real time, once the accomplished businesses returned from Bovespa through a 132-column matrix printer, and each line matched one accomplished business. Then, we developed a software which emulated a printer and captured the accomplished businesses that were stored in a powerful database, named "clipper" at that time.
At the brokerage firm, businesses were recorded in the Extol trade screen system by the table operators, and then confronted with the accomplished businesses in the trading room by means of a screen of divergences.
By doing so, Extol succeeded in offering brokers that profited from this system the promptness to consolidate their operations and to close the daily movement at around 7.00 p.m. - "record time".
Extol improved its systems and services, created new products to be of help to brokers and their clients, and followed up the evolution of Internet and databases, which became more and more efficient and powerful, therefore getting an expressive position in electronic market. It also followed up the evolution of the stock markets that invested in electronic negotiation technology in real time. After this long and productive track we finally succeeded in creating FIX Technology, largely used in more than 45 countries all over the world.
Many were the changes. Extol has increased but still keeps its founder cooperative workers, who always keep their experience and commitment, and are always at service with the same creativity and obstinacy of those "golden years"… which we really miss. Anyway, we believe it is important to state that, after all, our successful story did not start so long ago.