In February, ICMA agreed to contribute its Match protocols to an extension of FIX in order to create a single global technology standard for fixed income new issues.

A joint working group carried out an initial gap analysis which was presented, in partnership with the Bond Market Association, to the e-syndicate working group and published in August this year. Events were then held in London and New York to update members and potential users of the protocol and to publicise its benefits.

Chris O'Malley of ICMA, says: "We're pleased by the work of the ICMA FIX Gap Analysis Working Group and the support of the Bond Market Association in developing a new messaging standard for the global primary markets.

"ICMA's traditional role has been the setting of industry standards and good market practice and we are pleased to extend this role into the technology space."

Buy side grumbles about the liberal use of the FIX protocol by sell-side firms indiscriminately promoting new issues business are being investigated by FIX Protocol Limited.