|Name of Initiative||Purpose||Latest Status||Published Documentation|
|Cybersecurity||To discuss current issues and challenges on this front, review processes and procedures, and leverage the community to develop best practices on how best to handle security concerns.||
February 2017 - A document with various security threat scenarios was created which represents possible strategies a hostile party may employ to disrupt, imitate or change legitimate message traffic between electronic trading counterparties. The ‘FIX Security White Paper’ (see link to the right) has been updated to incorporate these scenarios. The group top focuses include:
|FIX Security White Paper|
|Digital Currency / Blockchain||To educate the FIX community on cryptocurrency, with a particular focus on how cryptocurrencies are being traded as well as how the trading life cycle is impacted by cryptocurrency.||
February 2017 - A survey was disseminated to the group to find out firm's understanding of blockchain usage and development activities. The responses revealed that the majority of participants were interested in focusing on best practices, particularly in the post-trade space. The primary framework for blockchain post-trade best practices is being drafted. The existing post-trade best practices will be leveraged in this effort. Additionally, an identifier stream will be established to set-up a framework for digital currency/blockchain identifiers.
|Digital Currency Presentation|
|Execution Venue||To standardize the reporting of the executing venue and create a set of guidelines to provide greater transparency for buy-side clients about where and how their orders are executed by their brokers.||February 2017 - An updated version of the ‘Execution Venue Reporting Best Practices’ was distributed (see link to the right) and is focused on adding further clarity around Last Capacity and Liquidity flag definitions, as well as mandating all executing venues, including broker crossing and alternative trading systems, to supply valid Market Identifier Codes (MICs) on their executions. These changes were made to comply with MiFID II requirements. Going forward, the group has expanded to include all firm types to work through some of the issues and will also globalize the initiative working with representatives from Europe and Asia.||Execution Venue Reporting Best Practices|
|FIX Orchestra||To address the work of generating machine readable rules for FIX Specifications to improve operational efficiency and the value of the FIX Protocol by reducing the time and effort it takes to onboard, certify, and deploy new FIX connections with counterparties.||February 2017 - Participants of this group are currently defining the requirements for creating a machine readable FIX specification.||To Be Confirmed|
|High Performance||To focus on specific aspects where fit-for-purposefulness of FIX for high performance financial transactions can be improved.||February 2017 - The working group which is organised into subgroups focused on specific aspects where fit-for-purposefulness of FIX for high performance financial transactions can be improved, continues to meet. Subgroups include:
SBE and FIXP were moved to GitHub to add participation outside of the FIX Trading Community.
|High Performance Website Page|
|IPO||To create a practice that would bring the new issue order placing process in line with the same procedure used for secondary market orders and trade fills.||
February 2017 - A successful proof of concept sending an electronic order between a buyside trading desk and a sellside syndication software was completed. Next steps to include keeping the momentum going, increasing awareness in all jurisdictions (EMEA, US, Asia), determining what other work needs to be done and encouraging the sell-side to participate.
|IPO Best Practices|
|Post-Trade||To explore how to effectively address the many challenges impacting global post-trade processing to encourage the development of increased transparency, reduced costs and greater efficiencies in this space.||February 2017- The group published a standardised and detailed set of guidelines for a number of different asset classes and workflows:
||Post-Trade Best Practices|
|MiFID II / MiFIR||To discuss and address specific regulatory technical standards (RTS) items and provide guidelines and best practices to meet these regulatory requirements.||February 2017 - The following set of subgroups continue to meet:
||MiFID II Initiative|
|Risk Mitigation Symbology||To increase the availability of ‘listed’ test / spurious financial instruments in the industry. As FIX Protocol adoption for post-trade matures, increased demand will follow for allocations and if so would therefore require test symbols that can be allocated and cleared without the transfer of monies.||
February 2017 – a set of best practices is currently being pulled together. The group received its first futures test symbol from the CME called 0-MD (including a rules of engagement), which will be available for pre-market testing for futures. Toronto Stock Exchange has granted a test symbol. Regulation will likely require more test symbols to be utilized by a number of exchanges.
|To be confirmed|
|Transaction Cost Analysis||To create a standardised set of guidelines for understanding the true cost of transactions among brokers and liquidity destinations.||February 2017 - Phase II (not officially underway yet) of the project will expand the document to include TCA perspectives on Futures and Listed Options, Foreign Exchange and Fixed Income. In early 2014, a set of best practices for equities was released to develop industry-wide terminology and methodology for TCA equities, from pre-trade to post-trade analytics. This was recently updated by the IA (Investment Association) (link to the right).||TCA Best Practices|