NEW YORK (HedgeWorld.com)–Officials of FIX Protocol Ltd, New York, and of the Futures Industry Association, Washington, will sign a statement of understanding July 31, at the Bond Market Association offices, New York, promising to work together to ensure that the Financial Information Exchange protocol, FIX, is compliant with futures and options.
The BMA offices are an appropriate neutral ground, a spokesperson for FPL said Monday, in part because the BMA has already signed a similar agreement with FPL (in October 2001).
The FIA and FPL said in a joint statement that the goal of the signing Thursday is to make FIX available “for adoption as an industry-wide standard for the exchange-traded derivatives marketplace.”
FIX is a messaging standard developed specifically for the real-time electronic exchange of securities transactions. It’s a public-domain specification in extensible mark-up language (XML), owned and maintained by FIX Protocol Ltd.
Even before the agreements with BMA and now FIA, an early sign that FIX may emerge as the industry-wide standard was FPL’s announcement of an alliance with a Belgian financial-messaging company, SWIFT, La Hulpe, in July 2001.