Recommended Practices
These documents are produced to address specific implementation topics at the semantics or application level. They are produced by various committees or working groups, and are reviewed by the Global Technical Committee and the FIX® Community prior to official publication.
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
Asia Pacific
Asia Pacific Equities IOI Charter 425.32 KB 5 downloads December 10, 2020
A collective of industry associations, ASIFMA, Quorum 15, Asia TraderForum, the FIX Trading Community engaged in a collaborative to established a consistent approach for issuing Indications of Interest. Click...Recommended Practices: Hong Kong - Master SPSA 364.82 KB 6 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...Recommended Practices: Hong Kong SFC Facilitation Trade Consent 993.74 KB 322 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...CAT NMS Plan – Consolidated Audit Trail
Errata: Recommended Mapping CAT Phase 2A (equities) 133.99 KB 14 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...Recommended Mapping CAT Phase 2A (equities) 132.01 KB 301 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...Execution Venue
FIX Execution Venue Reporting Best Practice Guidelines 439.75 KB 1486 downloads July 22, 2020
Defines the usage expectations for the FIX fields that describe the final destination point of an execution, the capacity of the broker for that execution and the nature of liquidity (added or taken) for...Shanghai/Hong Kong Connect: ASIFMA & FIX Trading Community Implementation Guide 513.94 KB 576 downloads April 10, 2015
Shanghai-Hong Kong Stock Connect, also known as Mutual Market Access or the "through train", is a pilot programme that signals the continuation of Mainland China's capital markets' opening to direct overseas...Recommended Practices for the use of FIX by Exchanges Phase 1 860.54 KB 1965 downloads January 25, 2007
Provides recommendations for best practices for the usage of FIX by exchanges and ECNs. ...Fixed Income
Best Practices for Bonds 9.66 MB 950 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. ...Best Practices for Bonds - Pre-Trade Indications 185.72 KB 616 downloads December 1, 2014
Defines a standard for the transmission of Indications - Axes Inventories and Runs. ...Best Practices for Swaps (Phase 3) 7.65 MB 413 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...Recommended Practices for Party Entitlement: OTC Markets - Fixed Income Instruments 1.63 MB 450 downloads November 5, 2013
Provides detailed guidelines for the implementation of party entitlement messages for Fixed Income OTC electronic markets. ...Recommended Practices for Party Entitlements - OTC Markets - Swaps 4.10 MB 447 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. ...Foreign Exchange
Recommended Practices for Party Entitlements - FX OTC Markets 2.37 MB 700 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. ...IPO
IPO Recommended Practices/Guidelines 396.55 KB 445 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. ...Market Data
Recommended Practices for Book Management 899.00 KB 107 downloads March 22, 2017
Version 2.0 - This document explains the proper conventions for managing an order book using FIX message formats and attribution. ...FPL Recommended Standards for the Consolidation of Trade Reports and Market Data in Europe 727.60 KB 529 downloads February 6, 2017
This document details the recommended standards for the consolidation of trade reports and market data for European equity markets. These industry-driven recommendations mark an important milestone in...MiFID
Please click here to view all MiFID related documentation.
Post Trade
Post Post-trade Confirmation Payments Recommended Practices 1.37 MB 213 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...Broker Allege and Asset Manager Confirm Request via FIX - Recommended Practices 423.14 KB 520 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...Equity Options via FIX - Recommended Practices 549.65 KB 316 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 ...FX via FIX - Recommended Practices 1.94 MB 1881 downloads May 28, 2016
Addresses the FIX Protocol for FX Placement, Allocation, and Confirmation/Affirmation workflows. Updated: 20190207 (v0.08) ...Qualified Vendor via FIX - Recommended Practices 777.79 KB 310 downloads May 19, 2016
Includes the FIX Recommended Practices for interfacing with DTC Qualified Vendors. ...Equity Swaps via FIX - Recommended Practices 1.46 MB 663 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. ...Common Framework via FIX - Recommended Practices 1.02 MB 744 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. ...Futures via FIX - Recommended Practices 1.47 MB 891 downloads February 8, 2016
Addresses the post-trade workflow for futures and options on futures via FIX. ...SEF_FX_FI via FIX - Recommended Practices 1.39 MB 357 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. ...Equity Allocations Via FIX - Recommended Guidelines FIX 42-44 Examples and Notes 1.18 MB 681 downloads May 4, 2015
Contains examples associated with Equity Post-trade Processing via FIX, Guidelines, FIX 4.2, 4.4-V1.2. ...Equity Allocations Via FIX - Recommended Guidelines v1.2.8 1.68 MB 600 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:...Pre Trade
Recommended Practices for Continuous Mass Quoting v1 190.31 KB 386 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. ...Repos
FIX Recommended Practices - Bilateral and Tri-Party Repos - Post-Trade 626.17 KB 113 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) ...FIX Recommended Practices - Bilateral and Tri-Party Repos - Trade 723.74 KB 86 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...Risk Management
Recommended Risk Control Guidelines (2012) 306.50 KB 479 downloads January 1, 2012
Provides information around risk management and encourage firms to incorporate best practices in support of their electronic trading platforms. ...Transaction Cost Analysis
TCA Best Practices for Equities_including IA comments 1.03 MB 511 downloads January 20, 2017
Further refines ongoing TCA requirements across asset classes. The common goal is to provide the industry with specific guidelines to promote TCA standardization. ...