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The Consolidated Tape – It’s not easy but without standards it is impossible

Earlier this year at the FIX EMEA Trading Conference, Keynote Speaker Verena Ross, Executive Director, ESMA, discussed the fact that ESMA would be reopening the discussion around the need for quality market data and data standards. Since no consolidated tape provider had naturally emerged, ESMA would revisit the subject and if necessary, would look to mandate...

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Brexit Working Group

Addresses potential changes related to a no-deal Brexit scenario to address trade reporting and Share Trading Obligations (STO) across EU and UK domiciles. • STO Indicator • SI Jurisdiction • Reported Jurisdiction Please click here to view the guidelines. Please click here to view the Public Comment post to address the gaps identified for Share...

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Concepts-Part5-Service-Offerings-And-Session-Configurations

Orchestra Concepts Part 5: Service Offerings and Session Configurations The Orchestra Interfaces schema provides a standardized way to specify service offerings and configure sessions for connectivity. Overview Every system that allows customers or partners to connect uses some stack of communications protocotols. Those protocols must be specified to the peers in order to establish connectivity....

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Concepts-Part5-Service-Offerings-And-Session-Configurations

Orchestra Concepts Part 5: Service Offerings and Session Configurations The Orchestra Interfaces schema provides a standardized way to specify service offerings and configure sessions for connectivity. Overview Every system that allows customers or partners to connect uses some stack of communications protocotols. Those protocols must be specified to the peers in order to establish connectivity....

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Concepts-Part4-Actors-And-External-States

Orchestra Concepts Part 4: Actors and External States Messages convey information from one participant to another. Their actions and responses also depend upon persistent state information that can be defined in Orchestra. Overview The participants in a service play different roles. In FIX, the terms Party and PartyRole are very common. With respect to a...

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Concepts-Part2-Workflow-and-Scenarios

Orchestra Concepts Part 2: Workflow and Scenarios In addition to message structures, an Orchestra file can also convey the workflow, or expected message exchange behaviors of a service offering. Scenarios are the key to Orchestra’s power. Overview A session in FIX or other financial industry protocol involves an exchange of application messages of various types...

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Consolidated Tape Will Not Make Data Cheaper

Market data consumers will still have to buy feeds from the providers, says FIX co-chair. Even if a European consolidated tape is built, trading participants will still have to buy market data feeds from the data vendors, says Matthew Coupe, co-chair of the EMEA regional committee and EMEA regulatory subcommittee at industry body FIX Trading...

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Post Post-Trade Confirmation Payments

The post trade working group has recently worked to address the heavily manual and fragmented process for periodic payments and cash flow operations management.  Through a collaborative effort with industry participants working  group members produced recommended practices and submitted extensions to the FIX Protocol.  Please click here to view the recommended practices and here to...

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MOST (Monitoring, On-boarding and Software Testing) Working Group

MOST working group will focus on developing recommended practices for monitoring, on-boarding and software testing of FIX related financial applications, as well as, develop technical guidelines to measure quality and reliability of platforms. The group seeks specialists primarily involved in technology with skills in software development, monitoring, onboarding and testing. Additionally, the group will collaborate...