Recommended Practices

FIX Recommended Practices are produced to address topics relating to the usage or implementation of FIX Standards for specific scenarios. They are produced by various committees or working groups, are reviewed by the Global Technical Committee prior to official publication, and are subject to public review. These are intended to provide supplemental guidance to the FIX Standards.


This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License. Note some documents may be listed under multiple headings to aid navigation. MiFID-related documentation can be found here.

By Region

Americas

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Errata: Recommended Mapping CAT Phase 2A (equities) 133.99 KB 65 downloads November 21, 2020

2020/11/19 - Errata version of CAT-FIX Mapping Phase 2A (Equities) messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019.  See the tab "Change...
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Recommended Mapping CAT Phase 2A (equities) 132.01 KB 339 downloads January 2, 2020

2020/01/02 - CAT-FIX Mapping Phase 2A (Equities) messages to FIX messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019. Errata Version: Click here...

    Asia Pacific

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    Recommended Practices: BCAN ID using FIX for HKIDR 205.43 KB 253 downloads May 5, 2022

    The FIX Asia Pacific Technical Subcommittee recommends how to communicate a BCAN (Broker-to-Client Assigned Number) using FIX fields for Hong Kong ID regime. ...
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    Recommended Practices: Hong Kong - Master SPSA 364.82 KB 48 downloads November 19, 2020

    (Master) SPSA (Special Segregated Account) IDs were introduced by HKEx for the sole purpose of pre-trade checking for sell orders. This document provides a proposed solution for Master SPSA trade.  This...
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    Recommended Practices: Hong Kong SFC Facilitation Trade Consent 993.74 KB 353 downloads May 13, 2019

    Approved-V0.5: Recommended Practices, produced by the Asia Pacific Exchanges & Regulatory and Technical Subcommittees to address requirements by the HK SFC which requires prior consent from clients...

      EMEA

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      Recommended Practices - MiFIR Transparency (Volume 1 - Reporting Formats) 1.43 MB 65 downloads January 15, 2024

      This document contains guidance on using FIX standards (specifically the FIX Protocol and MMT) for transmitting and using post-trade transparency data in European securities. It is based on guidelines...

        By Function

        Pre Trade

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        Recommended Practices for Book Management 899.00 KB 262 downloads March 22, 2017

        Version 2.0 - This document explains the proper conventions for managing an order book using FIX message formats and attribution. ...
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        Recommended Practices for Continuous Mass Quoting v1 190.31 KB 448 downloads July 10, 2007

        Aims to be a guide to implementing the Mass Quotation function for equities, listed derivatives, foreign exchange and fixed income transactions using version 5.0 SP1 of the FIX protocol.   ...

          Trading

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          Recommended Practices for Digital Asset Trading 799.11 KB 154 downloads September 23, 2022

          This document defines industry practices for common usage of the FIX Protocol for trading digital assets. [August 24, 2022] Draft version published for comment. [September 23, 2022] Updated with final...
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          IPO Recommended Practices/Guidelines 396.55 KB 506 downloads January 28, 2015

          Creates a practice that would bring the new issue order placing process in line with the same procedure used for secondary market orders and trade fills. ...
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          Recommended Practices for the use of FIX by Exchanges Phase 1 860.54 KB 2083 downloads January 25, 2007

          Provides recommendations for best practices for the usage of FIX by exchanges and ECNs. ...

            Post Trade

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            Recommended Practices for Securities Settlement Status Management 1.05 MB 4 downloads November 23, 2023

            This document covers securities settlement status message flow for communicating the settlement status of a security transaction.  As an extension of the existing FIX Allocations and Confirmation workflows,...
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            MiFID II Transparency Subgroup - Brexit Impact 108.54 KB 285 downloads September 30, 2019

            UPDATE: January 28, 2020 FIX tags for the purpose of MiFID II post trade transparency and STO determination. ...
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            Post Post-trade Confirmation Payments Recommended Practices 1.37 MB 308 downloads August 14, 2019

            Document defines industry practices for common usage of the FIX Protocol for post-trade processing for all asset classes, between buy-side and sell-side that can be use bi-laterally as well as through...
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            Broker Allege and Asset Manager Confirm Request via FIX - Recommended Practices 423.14 KB 578 downloads February 1, 2018

            This document defines industry practices for common usage of the FIX protocol for post-trade processing, for all asset classes, between buy-sides and sell-sides that can be use bi-laterally as well as...
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            Equity Options via FIX - Recommended Practices 549.65 KB 389 downloads January 30, 2018

            Defines industry practices for usage of the FIX standard to facilitate parallel implementation across buys-sides, sell-sides and intermediaries. v1.0 ...
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            FX via FIX - Recommended Practices 1.94 MB 2004 downloads May 28, 2016

            Addresses the FIX Protocol for FX Placement, Allocation, and Confirmation/Affirmation workflows. Updated: 20190207 (v0.08) ...
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            Qualified Vendor via FIX - Recommended Practices 777.79 KB 343 downloads May 19, 2016

            Includes the FIX Recommended Practices for interfacing with DTC Qualified Vendors. ...
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            Equity Swaps via FIX - Recommended Practices 1.46 MB 732 downloads April 12, 2016

            Addresses the two primary post-trade workflow types or equity swaps between the buy-side and the broker-dealer and swap providers.  The workflows include 1) Hedge-leg style 2) Swap style. ...
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            Common Framework via FIX - Recommended Practices 1.02 MB 761 downloads March 11, 2016

            Describes the common framework for cross-asset buy-side to sell-side workflow for post-trade processing.  Note that pre-trade allocation is within the scope of post-trade processing. ...
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            Futures via FIX - Recommended Practices 1.47 MB 994 downloads February 8, 2016

            Addresses the post-trade workflow for futures and options on futures via FIX. ...
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            SEF_FX_FI via FIX - Recommended Practices 1.39 MB 402 downloads May 5, 2015

            Focuses on the buy-side to sell-side workflow for trades executed on a SEF utilizing a pre-trade allocation workflow as opposed to "bunched" trades. ...
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            Equity Allocations Via FIX - Recommended Guidelines FIX 42-44 Examples and Notes 1.18 MB 758 downloads May 4, 2015

            Contains examples associated with Equity Post-trade Processing via FIX, Guidelines, FIX 4.2, 4.4-V1.2. ...
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            Equity Allocations Via FIX - Recommended Guidelines v1.2.8 1.68 MB 691 downloads April 27, 2015

            Defines industry guidelines for a common usage of the FIX Protocol for post-trade processing between buy-sides and sell-sides that can be used bi-laterally as well as through intermediary facilities. UPDATE:...

              Reporting

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              Errata: Recommended Mapping CAT Phase 2A (equities) 133.99 KB 65 downloads November 21, 2020

              2020/11/19 - Errata version of CAT-FIX Mapping Phase 2A (Equities) messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019.  See the tab "Change...
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              Recommended Mapping CAT Phase 2A (equities) 132.01 KB 339 downloads January 2, 2020

              2020/01/02 - CAT-FIX Mapping Phase 2A (Equities) messages to FIX messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019. Errata Version: Click here...

                Repos

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                FIX Recommended Practices - Bilateral and Tri-Party Repos - Post-Trade 626.17 KB 204 downloads April 26, 2020

                This document defines industry practices for common usage of FIX protocol for post-trade workflows for repurchase agreements (repos) in a bilateral setting.  (version 0.7) ...
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                FIX Recommended Practices - Bilateral and Tri-Party Repos - Trade 723.74 KB 194 downloads April 26, 2020

                The purpose of this document is to define industry practices for common usage of FIX protocol for Request for Quote (RFQ), Quote and trade messages for repurchase agreements in a bilateral setting. (version...

                  Technology & Productivity

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                  Onboarding using Orchestra - FIX Recommended Practices 762.71 KB 414 downloads July 21, 2023

                  The purpose of this document is to define industry practices for the establishment and certification of FIX and non-FIX connectivity between trading counterparties and to highlight the support provided...
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                  FIX Recommended Practices - 24x7 Sessions 478.39 KB 368 downloads July 21, 2023

                  This document sets out a series of topics that should be addressed in any project that intends to use FIX for a continuous workflow over an extended period of time, including indefinite length sessions....

                    By Asset Class

                    Equities

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                    Recommended Practices - MiFIR Transparency (Volume 1 - Reporting Formats) 1.43 MB 65 downloads January 15, 2024

                    This document contains guidance on using FIX standards (specifically the FIX Protocol and MMT) for transmitting and using post-trade transparency data in European securities. It is based on guidelines...
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                    Recommended Practices: BCAN ID using FIX for HKIDR 205.43 KB 253 downloads May 5, 2022

                    The FIX Asia Pacific Technical Subcommittee recommends how to communicate a BCAN (Broker-to-Client Assigned Number) using FIX fields for Hong Kong ID regime. ...
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                    Recommended Practices: Hong Kong - Master SPSA 364.82 KB 48 downloads November 19, 2020

                    (Master) SPSA (Special Segregated Account) IDs were introduced by HKEx for the sole purpose of pre-trade checking for sell orders. This document provides a proposed solution for Master SPSA trade.  This...
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                    Recommended Practices: Hong Kong SFC Facilitation Trade Consent 993.74 KB 353 downloads May 13, 2019

                    Approved-V0.5: Recommended Practices, produced by the Asia Pacific Exchanges & Regulatory and Technical Subcommittees to address requirements by the HK SFC which requires prior consent from clients...
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                    Equity Allocations Via FIX - Recommended Guidelines FIX 42-44 Examples and Notes 1.18 MB 758 downloads May 4, 2015

                    Contains examples associated with Equity Post-trade Processing via FIX, Guidelines, FIX 4.2, 4.4-V1.2. ...
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                    Equity Allocations Via FIX - Recommended Guidelines v1.2.8 1.68 MB 691 downloads April 27, 2015

                    Defines industry guidelines for a common usage of the FIX Protocol for post-trade processing between buy-sides and sell-sides that can be used bi-laterally as well as through intermediary facilities. UPDATE:...
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                    IPO Recommended Practices/Guidelines 396.55 KB 506 downloads January 28, 2015

                    Creates a practice that would bring the new issue order placing process in line with the same procedure used for secondary market orders and trade fills. ...

                      Fixed Income

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                      Best Practices for Bonds 9.66 MB 1149 downloads January 21, 2015

                      Focuses on best practices for the cash bond markets, covering the vast majority of electronically traded bonds, including G8 Government bonds, High Yield, Corporates, Supras/Agencies. ...
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                      Best Practices for Bonds - Pre-Trade Indications 185.72 KB 709 downloads December 1, 2014

                      Defines a standard for the transmission of Indications - Axes Inventories and Runs. ...
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                      Best Practices for Swaps (Phase 3) 7.65 MB 492 downloads May 8, 2014

                      Support for the following workflows has been included as part of Phase 3 of the swaps best practices: recommendations to support the new regulations for SEFs; mid-market mark, US vs. non-US person, block...
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                      Recommended Practices for Party Entitlement: OTC Markets - Fixed Income Instruments 1.63 MB 509 downloads November 5, 2013

                      Provides detailed guidelines for the implementation of party entitlement messages for Fixed Income OTC electronic markets. ...
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                      Recommended Practices for Party Entitlements - OTC Markets - Swaps 4.10 MB 481 downloads August 14, 2013

                      Defines a standard set of guidelines based on Party Reference Data messages for exchanging enablement information for trading Fixed Income OTC instruments. ...

                        Futures

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                        Futures via FIX - Recommended Practices 1.47 MB 994 downloads February 8, 2016

                        Addresses the post-trade workflow for futures and options on futures via FIX. ...

                          FX

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                          FX via FIX - Recommended Practices 1.94 MB 2004 downloads May 28, 2016

                          Addresses the FIX Protocol for FX Placement, Allocation, and Confirmation/Affirmation workflows. Updated: 20190207 (v0.08) ...
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                          SEF_FX_FI via FIX - Recommended Practices 1.39 MB 402 downloads May 5, 2015

                          Focuses on the buy-side to sell-side workflow for trades executed on a SEF utilizing a pre-trade allocation workflow as opposed to "bunched" trades. ...
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                          Recommended Practices for Party Entitlements - FX OTC Markets 2.37 MB 793 downloads April 30, 2014

                          Defines a standard set of guidelines based on Party Reference Data messages for exchanging enablement information for trading both Foreign Exchange as well as Fixed Income OTC instruments. ...