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FPL beta tests FIX algorithmic trading language

27 July 2007  |  5251 views  |  0 keyboard

Industry standards body FIX Protocol Limited (FPL) says the new FIX Algorithmic Trading Definition Language (FIXATDL) is now being beta-tested and will be released later this year.

The new language will enable broker-dealers to specify algorithmic order types in an industry standard XML format, enabling buy-side clients to access new order types within a reduced timeframe.

Buy-side systems will be able to read the new standard XML files and render new order entry screens using common "look and feel" elements and layouts that can be specified and individualised.

FPL says the language will generate a reduction in the financial and technical resource investment required by firms to innovate and adopt new algorithmic order types.

So far 15 industry participants, including six of the world's largest broker-dealers, have particpiated in testing of the new language. Each firm has published samples of their algorithmic trading strategies in the new XML format, ensuring that all their current and near-term algorithmic trading strategies can be expressed in the new format.

Commenting on the new language, Kevin Houstoun, co-chair of FPL's global technical committee and consultant to HSBC says: "In FIX.4.4 and FIX.5.0 we addressed the issue of how to communicate the parameters of an algorithmic trading strategy in a standard yet flexible way. This complimentary language greatly extends that approach to include the display of those custom parameters and complete validation. This allows sell-sides, ECNs and exchanges to develop and deploy new algorithms much more quickly than before, and represents an important step towards the industry's ultimate objective of minimising cost drag on end investors. The speed with which a new algorithm can be deployed using this technology is truly impressive."

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