FIX Protocol Limited (FPL) has released a guide for firms wishing to incorporate the FIX messaging standard into their technology and trading operations.
The objective of the guide is to educate firms about the key elements and potential pitfalls of implementing FIX.
A collaborative effort of over 25 firms, the guide covers implementation from a range of disciplines including trading, technology, and testing. Contributing authors include experts from buyside institutions, brokerage firms, exchanges and vendors.
In addition to covering implementation, the guide was formulated to address the needs of the fixed income community.
Daniel Doscas of Lehman Brothers, chairman of the global fixed income committee and member of the FPL global steering committee, says: "It became apparent to us that there was no reference point for firms beginning the FIX implementation process to turn to beyond the FIX specification itself, especially in the fixed income space."
FPL says the industry has learned a tremendous amount using the protocol to trade equities and this knowledge is now being used to help fixed income users.