The enhancement to support microseconds will be backwardly compatible and is relevant to all supported versions of FIX.
The FIX Trading Community, the non-profit financial industry standards body behind the FIX Protocol, today announced that it will now support higher time-stamp resolution to enable market participants to become MiFID II compliant.
FIX explains that the Clock Synchronisation Working Group was formed in June 2015 to check the regulatory technical standard on Clock Synchronisation as defined by the European Securities and Markets Authority (ESMA) and the practicalities of implementation. Within these standards, there are requirements to communicate time-stamps of certain events with granularities of one microsecond. Those obligated to report with this level of granularity include Execution venues, banks and Buy-Side customers. The group is comprised of these different market participants as well as vendors who are proactively looking at MiFID II to address these issues and provide tangible guidelines for becoming compliant.
Neil Horlock, Director of Global Market Connectivity, Credit Suisse and Co-Chair of the Clock Synchronisation Working Group, noted, “By proactively making this adjustment, we are giving clear guidance to the industry on how to use FIX for MiFID II compliant time stamps. We also hope to protect the integrity of the standard while ensuring that all FIX encodings - past and present - are suitable not only for the MiFID II legislation but any likely future requirements for high-precision time stamps.”
The encodings in the different versions of the FIX Protocol currently support millisecond granularity. The enhancement to support microseconds will be backwardly compatible and is relevant to all supported versions of FIX. Although the current business requirements speak about ‘microseconds’, there is a strong recommendation to enhance the standards to remove any limitation of time stamp granularities.
Kathleen Traynor, Consultant to Cinnober Financial Technology AB and Co-Chair of the Clock Synchronisation Working Group, commented: “MiFID II implementation involves many IT challenges for industry participants. FIX’s Clock Synchronisation Working Group brings people together to share ideas and find efficient ways of achieving compliance, which is vital given all the heavy lifting we have ahead.”
The FIX Trading Community, the non-profit financial industry standards body behind the FIX Protocol, today announced that it will now support higher time-stamp resolution to enable market participants to become MiFID II compliant.
FIX explains that the Clock Synchronisation Working Group was formed in June 2015 to check the regulatory technical standard on Clock Synchronisation as defined by the European Securities and Markets Authority (ESMA) and the practicalities of implementation. Within these standards, there are requirements to communicate time-stamps of certain events with granularities of one microsecond. Those obligated to report with this level of granularity include Execution venues, banks and Buy-Side customers. The group is comprised of these different market participants as well as vendors who are proactively looking at MiFID II to address these issues and provide tangible guidelines for becoming compliant.
Neil Horlock, Director of Global Market Connectivity, Credit Suisse and Co-Chair of the Clock Synchronisation Working Group, noted, “By proactively making this adjustment, we are giving clear guidance to the industry on how to use FIX for MiFID II compliant time stamps. We also hope to protect the integrity of the standard while ensuring that all FIX encodings - past and present - are suitable not only for the MiFID II legislation but any likely future requirements for high-precision time stamps.”
The encodings in the different versions of the FIX Protocol currently support millisecond granularity. The enhancement to support microseconds will be backwardly compatible and is relevant to all supported versions of FIX. Although the current business requirements speak about ‘microseconds’, there is a strong recommendation to enhance the standards to remove any limitation of time stamp granularities.
Kathleen Traynor, Consultant to Cinnober Financial Technology AB and Co-Chair of the Clock Synchronisation Working Group, commented: “MiFID II implementation involves many IT challenges for industry participants. FIX’s Clock Synchronisation Working Group brings people together to share ideas and find efficient ways of achieving compliance, which is vital given all the heavy lifting we have ahead.”
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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