Trading and clearing venues across Europe have agreed a set of standards to cover the electronic exchange of trade information between competing market infrastructures.
The Trading 2 Clearing (Trade2Clear) working group comprises representatives from Burgundy, Chi-X Europe, Equiduct, London Stock Exchange, Nasdaq OMX Europe and Turquoise, alongside clearers such as EMCF, EuroCCP, LCH.Clearnet, Monte Titoli and SIX x-clear.
The group, co-ordinated by financial messaging network Swift, has issued a set of market practice guidelines for creating standard links between exchanges and clearing houses. The network neutral proposals recommend the adoption of either Financial Information eXchange (FIX) or ISO 15022 syntaxes for the streamlined transportation of securities data between exchange venues and their preferred clearers.
Adrian Farnham, COO of Turquoise, says: "Significant strides have been made in interoperability this year, and the proposals the Trade2Clear group has developed are aimed at delivering and enhancing the benefits that interoperability will bring to end users."