FIX Trading Community™ is a brand of FIX Protocol Ltd, a non-profit UK registered entity, originally created to own, maintain and develop the FIX Protocol messaging language.
FIX® is embedded into the fabric of the financial trading community, used by thousands of firms every day to complete millions of transactions in a cost-efficient and effective manner.
FIX has been created and continues to be developed through collaborative industry efforts with the intention that it remains as a non-proprietary, free and open protocol. Maintaining this position is of utmost importance, as the cost to the industry of a fee based alternative would prove incredibly expensive.
To ensure this status is protected, FIX Protocol Ltd is managed under a special “Purpose Trust” which owns the assets and enables the organisation to concentrate on promoting protocol adoption without undue risk or exposure. An effort that is further supported by legal protection afforded through the fees paid by member firms.
The Trust deed defines the “purpose” and states that the protocol will remain “open” and available royalty free in perpetuity. It also seeks to establish the neutrality of the protocol and effectively formalises the principles on which FIX Protocol Ltd has been based. It does all this, and at the same time gives new powers to the organisation’s members to set the direction that the company and its officers shall follow.
FIX Trading Community is primarily managed by its Global Steering Committee (GSC) and Directors. The GSC is responsible for effectively managing the organisation’s on-going needs at both the strategic and operational level, with the support of the Program Office. The primary responsibilities of the Directors are to:
- Oversee the management of the organisation and the interests of the wider membership
- ‘Step in’ should concerns be raised over the organisation’s management and call a meeting of the Directors
- Provide organisational oversight ensuring financial stability
- Ensure organisational adherence to UK laws