The FIX Trading Community, a non-profit, industry-driven standards body, has announced the creation of a set of recommended best practices for the use of FIX electronic trading standard to exchange pre-trade information in the bond markets, officials say.
The Global Fixed Income Subcommittee members are currently reviewing the draft and expect a final release later this month. The project was initially conceived by a group of banks and asset managers and facilitated by Etrading Software, under the name Project Neptune, officials say.
The idea was to drive standardization – and thus adoption of the FIX messaging protocol – which could then “facilitate more efficient dissemination of pre-trade information between market participants,” according to a FIX statement.
“The use of FIX for trading fixed income products is already well-established,” said Sassan Danesh, managing partner, Etrading Software and co-chair, global fixed income subcommittee. “I am delighted that the industry is now ready to extend the benefits of FIX standardization to pre-trade information flows.”
Among the banks and asset managers supporting the initiative are: BNP Paribas, BofA Merrill Lynch, Commerzbank, Crédit Agricole Corporate and Investment Bank, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, RBC Capital Markets, Royal Bank of Scotland, Santander, Societe Generale, UBS, Aberdeen AM, Aviva Investors, AXA IM, Deutsche AWM, Henderson Global Investors, Investec AM, Kames Capital, Nordea IM, Pictet AM, Pioneer Investments, Schroders, State Street Global Advisors and Standard Life Investments.
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