conf call 1 aug, resend
Dwight Arthur / Depository Trust & Clearing Corporation
28 Jul 2000 7:55AM ETRESEND OF PRIOR MESSAGE WHICH WAS APPARENTLY NOT DISTRIBUTED
The third conference call of the Mutual Funds Working Group of the Fix Protocol Organization will be held on:
Tuesday 1 August
San Jose 1pm
NY 4pm
London 9pm
Sydney 6am (wed)
Any members wishing to participate in the call please send an email to vrufus@dtcc.com by end-of-day Sunday 30 July; on Monday I will send details ojn how to connect to those persons whose emails are in.
On July 24, the Mutual Funds Working Group of the Fix Protocol Organization held its second conference call.
Participating were:
Dwight Arthur, DTCC
Andrew Blair, BT Financial
Alan Jenkins, Cap Gemini
Peter Smith, Cap Gemini
Chris Lambert, EMX
Gerard Reddy, ?
Frank Vermessen, SWIFT
Prior to the call, we distributed draft business flow models reflecting Australian practice and US market practice.
We reviewed the strategy for the use of these models to reflect message development, as follows:
- There are significant apparent discrepancies between roles and transactions across various markets.
- In some cases, analysis shows that some level of basic functionality is the same across markets; however, a party will perform a different subsets of these functions in different markets. If we model at the lowest level we believe we will be able to accomodate most transactions in most markets. The differences will be that when one party performs multiple roles, some transaction flows will be internalized. Different flows will be internalized in different markets.
- After establishing the parties, roles, and interactions we will look to define the data requirements for each transaction and then to correlate them to existing FIX messages.
- A preliminary discussion of priorities suggested that order initiation (subscription and redemption, and possibly switches or exchanges) would be a high priority for message development, followed by messages that may be involved in reconciliation.
- A review of this approach versus the SWIFT methodology for message standard development showed that the approaches were reasonably consistent.
- There was some discussion about how any proposed new fields or messages would be expressed in XML, following the work of FIXml. There were further concerns related to the GSTPA approach, which has not yet been published.
- "Mutual Funds" was found to be a regional term, with "collective investment vehicles" preferred. A request will be made to change the group's name.
