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Collective Investments
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re: Statement of Holdings message
Peter Gates / Misys Interactive Trading
5 Jul 2001 12:34PM ETIt seems a great shame that we cannot progress the phase II work relating to statement of holdings and the other informational type of messages.
The SWIFT link rightly points out the fragmentation of the Mutual Fund industry in Europe and I believe that FIX could play a big part in bringing this together across the globe. Phase I is useful but we do need at least the holdings information to have a useable single source solution.
One of the big problems holding STP back in the Mutual Funds industry is the lack of coordinated standard solutions that people can afford to use. In the UK with the pressure to support 1% or less front end charge we need to implement a viable solution soon. It would be great to say that FIX enabled this.
> John Gibbs wrote
> > Does FIX have any plans to support a statement >of holdings message for funds? The SWIFT >equivalent would be the MT 535.
>
> Phase One of the Collective Investments group was limited to Trade Initiation and Confirmation (Orders, Executions, Settlement Instructions, and Registration Instructions). This work is complete and is included in the draft spec for FIX 4.3
>
> We envisioned a phase two to cover reconciliations, distributions and commissions. Statements such as Statement of Holdings would have been envisioned as a part of the reconciliations theme. Work on the second phase has not yet begun because the available volunteers are still focussed on getting the phase one work deployed.
>
> In addition, this work begins to feel somewhat "back office" which has never been the primary focus of FIX. SWIFT, which is often viewed as the leader in backoffice protocols, is addressing this area: see http://www.swift.com/index.cfm?item_id=5229 - Members of the FIX/CIV group have been watching and supporting this effort and working to ensure that the FIX and SWIFT messages are as interoperable as we can make them.
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> We will watch for progress in the general area of FIX/SWIFT interoperability and in the area of SWIFT support for Collective Investments, and if the needs for reconciliations, distributions and commissions are not met, we will see if interest exists to fire up phase two of FIX/CIV.
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> Note that the retail-oriented IFX and OFX protocols also address the need for transmitting statements of holdings - at some point we will need to address interoperability needs on this front as well.
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> I hope that this helps, please let me know your further thoughts.
> - Dwight Arthur
> - DTCC
>
>
Peter Gates
Misys Interactive Trading
re: Statement of Holdings message
Peter Gates / Misys Interactive Trading 5 Jul 2001 12:34PM ET
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