This follows OMX and Deutsche Borse’s call for a ‘Harmonised Exchange Standard’, a common, global language for automated trading using the FIX specification.
In the 2005 FIX Global survey, Fix Protocol Limited (FPL) reported that over three quarters of the exchanges surveyed already support a FIX interface and the majority handle over 25% of their total trading volume via FIX. In 2006, there has been an increase in exchange participation within FPL activities and their usage of the FIX Protocol.
Exchanges play a critical role in creating efficiencies across the industry both in terms of cost and technology, stated Matt Simpson of the Chicago Mercantile Exchange (Americas region). FIX provides an excellent basis from which to achieve these goals, on the condition that exchanges use FIX in a consistent manner and support a core set of functionality for market participants. The purpose of the group is to define this model in practical terms and ensure that it meets the needs of all exchanges and their users.
