FPL Releases the Second White Paper for the Implementation of FIX for Foreign Exchange Trading
FPL Program Office / FIX Protocol Ltd. <>
16 May 2007 3:36AM ETFPL Releases the Second White Paper for the Implementation of FIX for Foreign Exchange Trading
May 16th 2007 – FIX Protocol Limited (FPL) is proud to announce the launch of the second in a series of Foreign Exchange (FX) White Papers, delivering key information about the application of FIX for FX trading in a straightforward and constructive manner. The first white paper was released in July 2006 and focused on the implementation of FIX for FX trading. The second white paper, produced by the FPL Global Foreign Exchange Committee (GFXC), builds upon this and focuses on the latest version of the protocol, FIX 5.0. One of the many enhancements of 5.0 includes greater support across each of the asset classes including foreign exchange.
The GFXC is keen to ensure that a standard method for implementing FIX for FX is applied by the industry so the protocol’s true benefits of transparency, diminishing error rates and cost reduction may be realised. In delivering the second white paper, the group hopes to explain in detail the FIX 5.0 FX messaging enhancements and how these may be utilised, focusing on two of the primary electronic foreign exchange workflows: Requests for Quotes including quotes, orders and executions for spots, outright forwards and FX Swaps, and trade capture for OTC Spot Options and Dealable Streaming Prices which examine spots and outright forwards.
Commenting on this initiative Steven Donovan of Massachusetts Financial Services and Co-Chair of the FPL Global Foreign Exchange Committee stated, “The number of firms adopting electronic trading practices and the FIX Protocol for foreign exchange is growing rapidly. This series of white papers will prove to be an excellent resource providing the key tools required to both implement and develop a stronger understanding of FIX and it’s capabilities within this space.”
Jack Lemonik of the Datalytiqs Group and Co-Chair of the FPL Global Foreign Exchange Education & Marketing Subcommittee added, “In delivering these documents we hope to put in place the building blocks required by firms to leverage FIX and enable organisations to adopt FIX for foreign exchange trading.”
The Foreign Exchange White Paper is available on the FPL website, please visit www.fixprotocol.org/documents/3354/FIX%20White%20Paper%202%202007.doc.
About FIX Protocol Ltd
FIX Protocol Ltd is a non-profit organisation that owns the intellectual property rights of the Financial Information eXchange Protocol (FIX), which is available free of charge from the FPL website, subject to FPL’s copyright and acceptable use policy. FIX is a globally recognised messaging standard enabling the electronic communication of pre-trade and trade messages between financial institutions, primarily investment managers, broker/dealers, ECNs and exchanges. For more information, see www.fixprotocol.org.
Contact:
Daniella Baker, FPL Marketing and Communications Manager,
Daniella.Baker@fixprotocol.org, +44 (0)207 936 9334
