FIX Trading Community, the non-profit standards body, aims to make it easier for the financial industry to use environmental, social and governance data as asset managers could spend roughly $554m ($515m) for ESG data next year.
Rebecca Healey, global head of market structure & strategy at Liquidnet and co-chair of the FIX Trading Community’s EMEA regulatory subcommittee, told Markets Media that the group can provide a backbone of how new data fields are defined, the assumptions that are made and the reports that end-investors find useful so each market participant does not have to reinvent the wheel.
“The organisation provided the same service for MiFID II and saved the industry hundreds of millions of dollars,” she added. “FIX helped solve the pain points between data providers and the buy side.”
She continued that ESG as an investment strategy is a rapid success story and so is moving from niche to mainstream, requiring the use of more ESG data.
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