Leveraging FIX 5.0 for Foreign Exchange
Jack Lemonik & Chip LowryJack Lemonik, Chair FPL Global Foreign Exchange Subcommittee
Datalytiqs Group and Chip Lowry, Co-Chair FPL Global Foreign
Exchange Business Practices Subcommittee, State Street Global
Jack Lemonik and Chip Lowry provide an overview of FIX 5.0 Foreign
Since its inception in 1992 as a bi-lateral communication
framework for equity trading between Fidelity Investments and
Salomon Brothers, adoption and usage of the FIX Protocol has spread
throughout the financial services industry like wild fire. The FIX
Protocol has become the de facto messaging standard for pre-trade
and trade communication globally within the Equity markets, and is
now experiencing vertical expansion into the post-trade space,
supporting Straight -Through- Processing (STP) from
Indication-of-Interest (IOI) to Allocations and Confirmations.
Additionally, it is gathering increased momentum as functionality
expands horizontally across the Foreign Exchange (FX), Fixed Income
and Derivative markets.
From an FX perspective, it has been used by some organisations to
support electronic trading for almost 10 years. FIX Protocol
Limited (FPL), the organisation which owns and maintains the
protocol, is keen to ensure that it continuously develops FIX to
meet the ever swelling market requirements of this sector. To help
achieve this goal in 2003, FPL launched the Global Foreign Exchange
Committee (GFXC), which aims to enhance support of FX trading and
to educate the FX community on the benefits of using FIX for this
asset class. Today this committee enjoys membership from over 50
firms active within the Foreign Exchange space.
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