10b-10 Confirmation Working Group

In a joint effort, the GFIC Business Practices and the Americas Business Practices Sub-Committees have been exploring the opportunities for expanded use of FIX post-trade messages, specifically for trade confirmations.

Given the need for broker dealers to satisfy SEC 10b-10 requirements, FIX confirmation messages have been designed to accommodate required fields for equities and various fixed income instruments; however, the FIX protocol does not address a user's ability to control display, store, and audit the information in its original form.

GFIC Business Practices and the Americas Business Practices Sub-Committees have assembled a special working group, consisting of two task forces, to accomplish FIX’s goals related to the implementation and use of confirmation messages. One task force is developing a "standardized output template", and the second task force is documenting recommended policies and practices around the use of FIX electronic messages.