FIX Group Helps Mold Digital Asset Trading Standards

Published by: Financial Technologies Forum | 18th May 2021

FIX Trading Community Partners with Global DCA

The FIX Trading Community, a standards body for transacting securities via the electronic Financial Information eXchange (FIX) protocol, will be working with the Global Digital Asset and Cryptocurrency Association (Global DCA) to create standards for trading digital assets, officials confirm.

Both groups “recognize that their complementary efforts can be strategically combined” to promote the trading of digital assets, officials say. “The organizations have therefore agreed to share information and experience to achieve their common goals.”

The FIX Trading Community’s Digital Asset Working Group (DAWG) has been focused on FIX for the electronic trading of digital assets. The DAWG co-chairs also participate in ISO TC68/SC8/WG3 in the development of other standards for this industry,” according to FIX Trading officials. “The

Global DCA was established to guide the evolution of digital assets, cryptocurrencies, and the underlying blockchain technology within a regulatory framework designed to build public trust, foster market integrity, and maximize economic opportunity for all participants.”

The FIX Trading Community DAWG and Global DCA will focus on “standards for the entire life cycle of the electronic trading of digital assets from buy-side, sell-side, exchanges/trading venues, settlement/custody, and regulatory compliance/reporting,” officials add.

The Global DCA is a self-regulatory association for the digital asset and cryptocurrency industry whose membership includes spot and derivative exchanges, proprietary trading firms, traders, investors, asset managers, brokerage firms, FCMs, custodians, decentralized technology organizations, banks, legal firms, audit firms, insurance professionals, academics, consultants and media, officials say.

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