e-Forex Magazine | Standards | Leveraging FIX 5.0 for Foreign Exchange

Standards : Leveraging FIX 5.0 for Foreign Exchange

First Published in e-Forex Magazine October 2007

Jack Lemonik & Chip Lowry

Jack Lemonik & Chip Lowry

Jack Lemonik, Chair FPL Global Foreign Exchange Subcommittee Datalytiqs Group and Chip Lowry, Co-Chair FPL Global Foreign Exchange Business Practices Subcommittee, State Street Global Markets

Jack Lemonik and Chip Lowry provide an overview of FIX 5.0 Foreign Exchange enhancements.

Share |

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.

Magazine articles in HTML format on this website are only available to current paid subscribers so unless you are a current subscriber you will not be able to read any more of this article. However, e-Forex has now made all flash and pdf versions of the magazine freely available to registered users so you can still access and view this article in full. Please sign in above and register your contact details and then these versions of the magazine can be found here: http://www.e-forex.net/Digital+Versions.efx

If you have already registered but still cannot access these versions you may need to upgrade your existing account.Please use the link below to upgrade your account which will give you free access to these versions of the magazine.

click here to upgrade your account