Much of the technical standards work within the FIX Trading Community over the past several years could be classified as long tail stuff. If you will recall the long tail is providing some benefit or service to a niche or small group of users. With the main use of FIX being FIX.4.2 and FIX.4.4 based pre-trade through post-trade processing for equities, futures, options, FIX, with a smattering of fixed income thrown in for good measure, I struggle with the amount of effort we go through within the FIX community to provide features for smaller and smaller groups of users.
At the same time we have an effort going on around high performance standards that have strong technical merit, but has yet to catch that spark in the community that will lead to wide spread adoption, with the exception of the Simple Binary Encoding (SBE) championed by the CME.
In this paper Jim Northey discuss questions such as; how do we improve the standard to bring the most value to the widest number of users? Do we try and push a high performance protocol into the mainstream? Do we try and move the community to FIX.5.0SP2? Should we be doing something else?
FIX Infrastructure Jim Northey, Senior Vice President Strategy and Research at Itiviti, outlines his involvement with the FIX Community and the new standards initiative known as FIX Orchestra. This is intended to tackle the poor quality of the FIX standards document, creating machine readable Rules of Engagement that can help automate the process of connecting to counterparties. […] August 23, 2017
FIX Infrastructure The financial industry is constantly evolving, driven by a mix of new business and regulatory requirements. The imminent application of MiFID II in Europe is a case in point that is spurring a tectonic technology change. With a high pace of industry change and the cost of errors even higher, the quality assurance function is […] June 21, 2017
FIX Infrastructure It was a pleasure to have an opportunity to speak at the 2017 Americas Trading Briefing, which was graciously hosted by Goldman Sachs. As usual, the room was filled with more than 250 senior market participants and 25 expert speakers to discuss important topics, trends and issues we face together as the FIX Trading Community. […] June 7, 2017
FIX Infrastructure As the speed and complexity of automation rises, market participants have a duty to ensure that they pursue and maintain best practices. Read the full article here. This article by Jim Northey, Senior Vice President, Strategy and Research, Itiviti was first published in the Electronic Trading Journal-GlobalTrading, Q2 2017 Issue #62. June 1, 2017