During the course of this year, FIX Protocol Ltd has evolved somewhat quickly, especially bearing in mind that its existence dates back to 1992.
Today, in keeping with the organization’s expansion into different areas of issuing standards for messaging and trade processing, FIX Protocol Ltd has undergone a rebranding exercise and launched a new website which is aimed at creating an online meeting place for the entirety of buy and sell-side firms.
Under the new name of FIX Trading Community, a new website has also been implemented in order to create a platform where the global FIX community can meet and exchange knowledge.
As a non-profit bilateral communications network, FIX Trading Community had, under its previous nomenclature, become a widely accepted standard among 75% of buy-side and 80% of sell-side firms by 2005, resulting in a planned expansion to encompass most of the messaging in this area.
More recent evolution came in the form of the organization’s expansion into post-trade support in January this year, subsequent to which a series of executives from FIX Protocol Ltd became involved in governmental advisory capacities in the lead up to the implementation of the Dodd-Frank Act, forming part of the Senate advisory panels, and generating industry guidelines on how to standardize the post-trade area, resulting in companies such as Fidessa launching its post-trade confirmation hub whilst working alongside FIX Protocol in the developmental stages.
Bearing the developments that have taken place within the organization as well as involvement in advisory capacities in mind, a requirement became apparent for not only consultancy and steerage to institutional firms using FIX Protocol’s industry standards, but also for institutional firms to have a point of reference as regards procedure, which is non-profit, and has a structure by which buy and sell-side firms can standardize their offerings.
On that basis, the FIX Trading Community shows that the need for online communities is not just for the retail market. To exemplify this, the organization has expanded its focus to more effectively support market participants faced with the emerging business and regulatory issues impacting multi-asset trading across the globe.
According to the organization itself, whilst the continuous enhancement and promotion of the FIX Protocol remains central to the organization’s goals, it has explored other ways in which standardized practices can effectively support evolving business needs.
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Obsolete Moniker Gives Way To Modernity
These more recent developments have led the members of this organization to consider that the name FIX Protocol Ltd. no longer truly reflects the many ways in which the organization supports the financial sector, nor the countless opportunities that actively participating in its vibrant member community offers to firms globally.
Chris Pickles, Co-Chair of the Global Education and Marketing Committee, FIX Trading Community and Head of Industry Initiatives, Global Banking and Financial Markets at BT issued a statement on behalf of FIX Trading Community today: “We feel it is important to communicate to the industry that FIX Trading Community does not just look at the technical aspects of messaging standards, and that the organization is fundamentally focused on addressing the wider business challenges affecting its member firms and the industry as a whole through the use of standards.”
“FIX Trading Community is independent and neutral, and driven by industry participants. We are very proud to have some of the best FIX technical experts around the world actively contributing to the organisation alongside senior business leaders. Together these industry representatives are shaping the future of financial trading” concluded Mr. Pickles.
Bill Hebert, Co-Chair of the Global Education and Marketing Committee, FIX Trading Community, Managing Director, Alpha Omega Financial Systems added: “I am proud to have been involved with the organization for many years, and I have witnessed the FIX Protocol revolutionize the trading environment.”
“I have also seen the many benefits that the organization’s extensive efforts around standards and best practices have delivered, such as producing recommended risk controls to help achieve increased market stability”
“The organization is achieving demonstrable change in facilitating a more cost-effective, efficient and transparent global trading environment. Through this rebranding we hope we can further communicate the wealth of opportunities that being part of FIX Trading Community presents” stated Mr. Herbert.
In addition to the name change, FIX Trading Community has launched a new website designed to enhance its user’s on-line experience significantly. Reflecting the overall rebranding of the organisation, the new website will bring together senior business and technical professionals from across the buy side and sell side, from vendors, trading venues and regulators, and will offer a unique forum where the real issues impacting the industry can be debated.
The new website, according to the organization, has been designed to support the on-line FIX community, encouraging even more collaboration and interaction between FIX Trading Community’s member firms by offering content-sharing features to its members in the form of blog posts, white papers, articles, press releases and the ability to bookmark content and comments from other websites.
Jim Kaye, Co-Chair of the Global Steering Committee, FIX Trading Community, and Director, Product Development, European Execution Services, BofA Merrill Lynch today stated, “The name ‘FIX Trading Community’ more accurately reflects the work of the organization.”
Mr. Kaye deduced that: “FIX Trading Community really does bring together the global trading community with over 275 members, spanning 6 different continents and multiple industry sectors. The new website will offer our members significant potential to interact, and advance their knowledge and experience, with this growing community.”