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FPL unveils algo trading definition language; forecasts wide uptake

25 March 2010  |  11908 views  |  0 Man writing graphs on glass wall

FIX Protocol Limited (FPL) has launched an industry standards-based messaging language for algorithmic trading strategies.

The body says its FIX algorithmic trading definition language (FIXatdl) version 1.1 will change the way algos are distributed to global clients.

The language allows algorithmic trading strategy providers to release their specifications in computer readable XML format as opposed to the traditional method of supplying detailed documentation, considerable coding and testing.

This will significantly decrease the time-to-market for new and updated trading strategies as well as cut costs, says FPL.

Scott Atwell, co-chair, FPL global steering committee, says: "Sell-side firms that want to update existing algorithms or release new ones to their clients will be able to do so in a reduced time-frame, buy-side firms will benefit from faster access to new and innovative trading strategies, enabling a more timely and effective response to dynamic market conditions, and OMS and EMS vendors will be able to include new algorithms in their systems more swiftly and at a reduced cost."

The language complements the FIX Protocol messaging standard and allows firms receiving orders to specify exactly how their algorithmic orders should be expressed in their clients' desktop applications. Strategies using FIXatdl 1.1 can then be transmitted from the trader's systems via the FIX Protocol.

FPL says it has signed 17 top broker-dealers to the protocol. It also predicts all brokers will use it within two years and that it will be responsible for 50% of all algo trades executed by a human broker.

Tim Wildenberg, head, direct execution, Emea, UBS, says: "One of the most important reasons UBS chose to be one of the original participants in FIXatdl, is because our buy-side clients will reap the benefits of innovations in algorithmic trading more quickly and seamlessly. The faster we can deploy our new strategies and advancements, the faster our clients can adapt and compete in a dynamic marketplace."

The new version replaces FIXatdl 1.0, which was approved by the FPL Global Technical Committee in March 2008.

Stuart Adams, FPL EMEA regional chair, talked with Finextra at the launch of FIXatdl 1.1 at the FPL EMEA Trading Conference in London. 

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