FIX Expands in Post-Trade
FIX Trading Community expands its presence into Post-Trade Processing
Responding to industry calls for further standardisation
London, New York, Hong Kong, July 24th 2019: FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, today announced the launch of a new set of message types to further support periodic future payment management in the post-trade space.
The process for periodic payments and cash flow operations management has been, and still is a heavily manual and fragmented process, with multiple different ways in which firms communicate and agree on expected future payments. For example, an expected coupon payment on a swap contract when calculated needs confirming between trading parties. The introduction of a new set of FIX standard messages will allow firms to send and receive details relating to expected periodic payments, a process which is done prior to any physical cash movement or remittance instructions. Allowing firms to maintain a standardised message language further down the post-trade lifecycle enables a host of operational efficiencies.
Laurence Jones, Co-Chair of FIX Trading Community’s Global Post-Trade Working Group and Director, Post Trade Strategy at Traiana, said: “This is several years in the making and has gained a huge amount of focus in the industry in the last 12 months. Through the FIX Trading Community, we have created a new industry subgroup to focus on post-trade innovation and have explored ways in which we can adopt the FIX Protocol as a standard in this area. The post-trade space has seen huge technological investment, but several areas have seemingly been left short. It’s incredibly exciting to see the industry continue to collaborate and be part of improving a process, especially when it offers a whole range of benefits across liquidity management, STP and control. In a time where regulation dominates a lot of decision making in this industry, that’s incredibly important.”
Lou Rosato, Co-Chair of the FIX Trading Community America’s Regional Committee and Director in the Global Investment Operations Group at BlackRock, commented: “FIX Trading Community has long been a market leader in setting messaging and language standards for pre-trade, execution and post-trade across a host of different asset classes and functions. The natural next step is to continue looking further down the post-trade chain into asset servicing and reporting standards which help the industry reduce risk and operate more efficiently.”
– ENDS –
About FIX Trading Community
FIX Trading Community is the non-profit, industry-driven standards body at the heart of global trading.
The organisation is independent and neutral, dedicated to addressing real business and regulatory issues impacting multi-asset trading in global markets through standardisation, delivering operational efficiency, increased transparency, and reduced costs and risks for all market participants. Central to FIX Trading Community’s work is the continuous development and promotion of the FIX family of standards, including the core FIX Protocol messaging language, which has revolutionised the trading environment and has successfully become the way the world trades. Visit www.fixtrading.org for more information.
More than a decade since the last upgrade, it’s time for FIXatdl version 1.2 to ship.
This update addresses changes to Tag29 guidelines to reflect MiFID requirements.
Kevin Houstoun of Rapid Addition and Lou Rosato of BlackRock join industry group's board.
Gemini is the latest cryptocurrency exchange to leverage the expansive NYFIX order routing network.
He leaves behind a legacy of modern market structure.