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.

Asia Pacific


Recommended Practices: Hong Kong SFC Facilitation Trade Consent 993.74 KB 302 downloads

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 before facilitation trades could be executed by Hong Kong licensed firms. (Updated: 20191119)

Extension Pack 251 - APAC Client Facilitation Extension

Create date: May 13, 2019

    CAT NMS Plan – Consolidated Audit Trail


    Recommended Mapping CAT Phase 2A (equities) 132.01 KB 267 downloads

    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.

    Create date: January 2, 2020

      Execution Venue


      Recommended Practices for the use of FIX by Exchanges Phase 1 860.54 KB 1906 downloads

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

      Create date: January 25, 2007

      FIX Execution Venue Reporting Best Practice Guidelines 439.75 KB 1322 downloads

      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 that trade.


      Create date: August 1, 2015

      Shanghai/Hong Kong Connect: ASIFMA & FIX Trading Community Implementation Guide 513.94 KB 564 downloads

      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 investment.  This document is an accurate initial representation of the majority of the participants' expected workflows, both upstream and downstream of their order flow.

      Create date: April 10, 2015

        Fixed Income


        Recommended Practices for Party Entitlements - OTC Markets - Swaps 4.10 MB 431 downloads

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

        Create date: August 14, 2013

        Recommended Practices for Party Entitlement: OTC Markets - Fixed Income Instruments 1.63 MB 422 downloads

        Provides detailed guidelines for the implementation of party entitlement messages for Fixed Income OTC electronic markets.

        Create date: November 5, 2013

        Best Practices for Swaps (Phase 3) 7.65 MB 372 downloads

        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 trades, required vs. permitted transactions, etc., guidance on how to send tiered prices i.e. different prices for the same instrument to multiple customers, guidance on sending 'Axes' to indicate if you are a better buyer or seller, guidance on how to run auctions and how to support workups, support for stop orders, iceberg orders and peg orders and messaging from the execution venue to the dealer to confirm if a trade has been cleared.

        Create date: May 8, 2014

        Best Practices for Bonds - Pre-Trade Indications 185.72 KB 577 downloads

        Defines a standard for the transmission of Indications - Axes Inventories and Runs.

        Create date: December 1, 2014

        Best Practices for Bonds 9.66 MB 872 downloads

        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.

        Create date: January 21, 2015

          Foreign Exchange


          Recommended Practices for Party Entitlements - FX OTC Markets 2.37 MB 663 downloads

          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.

          Create date: April 30, 2014



            IPO Recommended Practices/Guidelines 396.55 KB 419 downloads

            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.

            Create date: January 28, 2015

              Market Data


              FPL Recommended Standards for the Consolidation of Trade Reports and Market Data in Europe 727.60 KB 497 downloads

              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 the development of a European Consolidated Tape. The recommendations provide guidance, explaining how trade reports could be published in a standard manner to enable data to be more easily consolidated, significantly enhancing transparency and quality of data.

              Published: November 2012

              Create date: February 6, 2017


                Please click here to view all MiFID related documentation.

                Post Trade


                Broker Allege and Asset Manager Confirm Request via FIX - Recommended Practices 423.14 KB 492 downloads

                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 through intermediary facilities.

                Create date: February 1, 2018

                Common Framework via FIX - Recommended Practices 1.02 MB 726 downloads

                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.

                Create date: March 11, 2016

                Equity Allocations Via FIX - Recommended Guidelines FIX 42-44 Examples and Notes 1.18 MB 629 downloads

                Contains examples associated with Equity Post-trade Processing via FIX, Guidelines, FIX 4.2, 4.4-V1.2.

                Create date: May 4, 2015

                Equity Allocations Via FIX - Recommended Guidelines v1.2.8 1.68 MB 539 downloads

                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: 20171003 - Includes MiFID II recommended practices for post-trade commission unbundling and representation of commission types.

                Create date: April 27, 2015

                Equity Options via FIX - Recommended Practices 549.65 KB 285 downloads

                Defines industry practices for usage of the FIX standard to facilitate parallel implementation across buys-sides, sell-sides and intermediaries. v1.0

                Create date: January 30, 2018

                Equity Swaps via FIX - Recommended Practices 1.46 MB 630 downloads

                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.

                Create date: April 12, 2016

                Futures via FIX - Recommended Practices 1.47 MB 851 downloads

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

                Create date: February 8, 2016

                FX via FIX - Recommended Practices 1.94 MB 1838 downloads

                Addresses the FIX Protocol for FX Placement, Allocation, and Confirmation/Affirmation workflows.

                Updated: 20190207 (v0.08)

                Create date: May 28, 2016

                Post Post-trade Confirmation Payments Recommended Practices 1.37 MB 167 downloads

                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 intermediary facilities.

                Create date: August 14, 2019

                Qualified Vendor via FIX - Recommended Practices 777.79 KB 299 downloads

                Includes the FIX Recommended Practices for interfacing with DTC Qualified Vendors.

                Create date: May 19, 2016

                SEF_FX_FI via FIX - Recommended Practices 1.39 MB 338 downloads

                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.

                Create date: May 5, 2015

                  Pre Trade


                  Recommended Practices for Continuous Mass Quoting v1 190.31 KB 369 downloads

                  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.


                  Create date: July 10, 2007

                    Risk Management


                    Recommended Risk Control Guidelines (2012) 306.50 KB 456 downloads

                    Provides information around risk management and encourage firms to incorporate best practices in support of their electronic trading platforms.

                    Create date: January 1, 2012

                      Transaction Cost Analysis


                      TCA Best Practices for Equities_including IA comments 1.03 MB 485 downloads

                      Further refines ongoing TCA requirements across asset classes. The common goal is to provide the industry with specific guidelines to promote TCA standardization.

                      Create date: January 20, 2017

                      TCA Best Practices for Equities 1.04 MB 928 downloads

                      Develops industry-wide terminology and methodology for Equities, from pre-trade to post-trade analytics.

                      Create date: January 21, 2014