FIX Initiatives

Home / FIX Initiatives

 

 

The table below provides background on the various initiatives underway within the FIX Trading Community™.  If you are interested in learning more details about or getting involved in any of the below initiatives, please contact the organisation’s Program Office.

Initiative TitleDetailsResponsible Group(s)
Business Initiatives
Authoritative Reference Data SourcesExtending the work done for MiFID II to identify authoritative data sources globally.Reference Data Working Group
CDM (Common Domain Model)Working alongside other industry associations to ensure compatibility of the CDM with the FIX Protocol.Post-Trade Working Group
Digital Asset Regulation  Engaging in regulatory consultations such as ESMA’s Distributed Ledger Technology pilot.Digital Assets Working Group

Asia Pac Emerging Technology & Innovation WG

ESGWorking with other industry groups to understand how the FIX Protocol can support the increasing need for clear and unambiguous standards around ESG tradingESG Working Group
ETFTo standardize and simplify the ETF full lifecycle and ecosystem by developing the FIX Protocol and recommended practices to cover all possible aspects of ETF workflows/activity (including the creation and redemption processes).ETF Working Group

Asia Pac ETF Working Group

European Consolidated TapeTo assist the industry and regulatory community with the creation of standards to support the creation of consolidated tapes in Europe.

There are currently two working groups looking at this – one each for equities and fixed income – and we are exploring creating additional groups for ETFs and derivatives.

The groups have used analysis of real trading scenarios to recommend a number of changes to trade report flags, many of which have been adopted or considered for adoption by ESMA. There is ongoing work to refine this further and maintain dialogue with ESMA, the European Commission and UK authorities.

In addition, the equities group is working on standardized definitions of addressable liquidity and liaising with industry bodies to ensure widespread agreement and help drive adoption.

Equities CT Working Group

Fixed Income CT Working Group

Execution Transparency To standardise the reporting of executing venue information and create a set of guidelines to provide greater transparency for buy-side firms about how and where their orders are executed by their brokers.Execution Transparency Working group
FICCTo oversee the multi-asset class activities and strategic considerations of FIX with regards to the Derivatives, Fixed Income and Foreign Exchange areas especially given many of the common and overlapping initiatives in the pre-trade, trade and post-trade space. Market consolidation, regulatory changes often involve multiple asset classes, and portfolio diversification increases the need for a comprehensive view.

In the coming months, further sub groups will be set up to focus specifically on the different asset classes.

FICC Committee
HK ID Regime Clarifying the options available within FIX for trade messaging within the HK ID Regime.Asia Pac Technical Committee
India T+1Building awareness on the use of FIX messaging as the industry transitions to T+1 settlement for Indian Securities.FIX India Working Group
IPO Process To understand the current IPO process and how the FIX Protocol could be extended or recommended for use to complete the trade lifecycle from initiation to tradingIMWG Working Group

Equities Business Practices Working Group

Membership Strategy Looking at all aspects of Membership, the value to members and extending the membership community.Global Marketing and Education  Committee
NDFs Non-USD NDF fixing conventions using FIX: The lack of standardization of fixing conventions for non-USD NDFs has plagued voice trading for many years, adding operational risk that leads to market risk and potential losses. Therefore, the FICC Committee aims for the following goals:

·        Standardize the communication of the fixing source and time between market makers, clients and platforms.

·        Support all possible fixes for NDF currencies – primarily APAC and LATAM.

FICC Committee
Payments and Settlement Messaging To develop the FIX Protocol and recommended practices for covering the payments and settlement arena.Post-Trade Working Group
Real Time Alerts Extending the use of real-time alerts for non-trade eventsEquities Business Practices Working Group

IMWG Working Group

SEC Rule 10c-1 – Securities Lending Reporting Responding to the SEC’s consultation and assessing implications for implementation.Securities Lending Working Group
Securities Lending FIX Protocol extensions and Recommended Practices To develop the FIX Protocol and recommended practices for securities lending activity.Securities Lending Working Group
Standards for the trading of digital assets To develop the FIX Protocol and recommended practices for the electronic trading of digital assets (Cryptocurrencies, Crypto assets, STOs).

 

Digital Assets Working Group
Transaction Times To provide further clarity on the use of multiple transaction times within the trade lifecycleEquities Business Practices Working Group
US Equities T+1Responding to the SEC consultation on the move to T+1 and developing an education campaign to help the industry with the move to T+1.Post-Trade Working Group
 Technical Initiatives
CybersecurityThe initial FIX-over-TLS (FIXS) standard was produced for using the Internet Transport Layer Security (TLS) protocol with FIX. There is ongoing work to develop this area further, covering topics such as authentication and encryption.Cybersecurity Working Group
FIX Orchestra Working on the next version of FIX Orchestra (schema for machine-readable standards) and member-only tools to support the use of Orchestra.FIX Orchestra Working Group
FIXatdlThe FIXatdl standard enables algorithmic strategy providers to release specifications to clients in a computer-readable XML format. Members have a list of feature requirements which this group is incorporating into the standard.FIXatdl Working Group
High PerformanceOngoing work to develop and promote changes and extensions to FIX’s messaging standards to support the requirements of high frequency/low latency trading.High Performance Working Group
MOST (Monitoring, Onboarding and Software Testing)Development of recommended practices for monitoring, on-boarding, simulating, and testing FIX-related financial applications (including exchange technologies), developing technical guidelines to measure the quality and reliability of platforms, and producing recommended practices for designing and managing APIs, based, where appropriate, on the FIX ProtocolMonitoring, Onboarding & Software Testing Working Group
Submission of FIX Standards to  ISOOngoing work to register certain FIX Standards as ISO standards – specifically FIX session/encoding (now registered), Simple Binary Encoding (SBE) and the FIX high performance session.Global Technical Committee