FIXatdl

FPL is releasing FIX Algorithmic Trading Definition Language (FIXatdl) 1.1 Release Candidate 1. This new FIX standard allows the simple, free XML expression of electronic trading capability that empowers automatic generation of rich and dynamic trader GUI’s.

FIXatdl is built on top of the widely adopted FIX Protocol and allows firms receiving orders to specify exactly how their electronic orders should be expressed. Orders built using FIXatdl can then be transmitted from traders' systems via the FIX Protocol. All versions of the underlying FIX Protocol are fully supported and no changes to underlying FIX infrastructure are required.

FIXatdl 1.0 became a fully approved FIX standard in March 2008. This update to version 1.1, adds new capabilities for advanced validation rules and dynamic trader GUI workflow. Rules may now be named and expressed once, then reused and cascaded to allow maximum control over virtually all aspects of workflow and final order validation. Validation was named as the number one problem area, consuming considerable technical resources in upgrading order management systems to allow advanced new trading strategies. FIXatdl 1.1 now enables this validation process to be extremely comprehensive, and nearly fully automated.

Several OMS vendors are now engaged in developing software products that can support the new FIXatdl standard with product announcements expected shortly. A free, open source project on SourceForge is also underway and available for download. Broker dealers and other execution providers may now publish their various electronic trading capabilities under this new 1.1 version and be assured there will be immediate and rapidly growing support for those trading strategies in the marketplace.

The link to the Algorithmic Working Group page is as follows: http://www.fixprotocol.org/working_groups/algowg.