FIX Trading Community

 

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FIX and Other Industry Bodies

 

The below table provides background on the various industry collaborations that the FIX Trading Community™ is involved with. A description of the specific association is included along with a brief summary of FIX Trading Community's involvement.

If you are interested in learning more details about any of the above collaborations, please contact the organisation's Program Office.

Industry Association

Background

FIX Trading Community Involvement

Commodity Futures Trading Commission (CFTC)

The CFTC's mission is to protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.

FIX Trading Community is involved in the CFTC's High Frequency Subcommittee (HFT) under the Technical Advisory Committee (TAC) to develop recommendations regarding the definition of HFT in the context of the larger universe of automated trading.

European Securities Markets and Markets Authority (ESMA)

ESMA is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system by enhancing the protection of investors and promoting stable and orderly financial markets.

FIX is heavily involved with MiFID II legislation and has on-going dialogue with ESMA to ensure our work is being considered by the authorities.

Financial Conduct Authority (FCA)

FCA aims to make sure that financial markets work well so that consumers get a fair deal.
This means ensuring that the financial industry is run with integrity,firms provide consumers with appropriate products and services and consumers can trust that firms have their best interests at heart.

FIX is part of the Joint Trade Association Group (JTAG) and meets regularly with the FCA to discuss the current regulatory landscape and push for the use of standards to address issues.

Financial Information Forum (FIF)

FIF addresses the implementation issues that impact the securities industry across the order life cycle.

There are still discussions underway around the requirements needed for reporting for the Consolidated Audit Trail (CAT) but there is a push for FIX to be the syntax of choice for CAT reporting.

Futures Industry Association (FIA)

FIA is the leading trade organisation for the futures, options and OTC cleared derivatives markets.

FIX Trading Community and FIA have been working together to enhance FIX to support a number of Dodd-Frank reporting requirements. Additionally, there has been a joint collaboration to support pre-trade credit limit checks.

International Securities Association for Institutional Trade Communication (ISITC)

ISITC brings together broker/dealers, custodians, investment managers, vendors/utilities and other industry professionals to develop proposed standards that are designed to enhance efficiencies in trade processing and related communications.

Local matching is now a core processing function included in many ISITC working groups and a number of our buy-side members have given input to their initiative.

International Standards Organisation (ISO)

ISO 20022 is the international standard that defines the business modeling approach for the development of financial message standards.

In addition to being a member of the Registration Management Group (RMG), FIX Trading Community is involved in ISO 20022 message model development for post-trade processing, collateral management, CCP post-trade clearing and Standing Settlement Instructions (SSI).

Object Management Group-Enterprise Data Management Council (OMG-EDM Council)

The EDM Council is a financial industry business forum founded to elevate the practice of data management.

The semantics committee holds meetings on model development and FIX Trading Community is involved to promote FIX's domain knowledge.

Private Sector Preparatory Group (PSPG)

The PSPG is a industry-member led committee reporting to the Financial Stability Board (FSB) which has subcommittees that are studying and recommending design and implementation components for the Legal Entity Identifier (LEI).

FIX has been enhanced to support the LEI requirements as well as the counterparty relationships and hierarchies information which will accompany it. This functionality strongly supports the federated approach preferred by the FSB and maintains the benefits associated with an open standards approach.

Standards Coordination Group (SCG)

The SCG is a consortium of members from FIX Trading Community, ISITC, SWIFT, FpML and XBRL who partner to leverage ISO 20022 for standards modeling. The purpose of the group has been to define an approach that leverages multiple standards into a broader message model framework, without reinventing and creating redundant messages.

Through it's involvement, FIX Trading Community continues to provide industry leadership and guide strategy of the group that is aligned to FIX Trading Community's interests.

X9D

ASC X9, Inc. is approved by the American National Standards Institute (ANSI) and is the U.S. Technical Advisory Group (TAG) to ISO TC68 - the subcommittee on Financial Service. X9 is the Securities subcommittee of X9 and develops standards for electronic institutional trade communication.

Actively provide leadership, strategy and input to align with FIX Trading Community's interests. Current key projects involving FIX include the D14 Quality Management Standard, the 5 Year CUSIP standard review and potential changes to the Currency Code standard.