FPL Members,
Please see the press release below which will be distributed to
the media shortly.
Kind Regards
FPL Program Office
FIX
Protocol Limited Launches Standards-Based Algorithmic Trading Definition
Language - FIXatdlSM
Financial
Services Industry Set to Adopt FIXatdlSM and Change How Algorithms
are Distributed to Global Clients
Wednesday,
March 24th, 2010 – FIX Protocol Limited (FPL) today
launched an industry standards-based messaging language for algorithmic trading
strategies, the FIX algorithmic trading definition language (FIXatdl) version
1.1.
FIXatdl
1.1 allows algorithmic trading strategy providers to release their
specifications in the industry standard, computer readable XML format as
opposed to the traditional method of supplying detailed documentation,
considerable coding and testing. By using FIXatdl 1.1, firms
will be able to significantly decrease the time-to-market for new and updated
trading strategies.
Scott
Atwell, FPL Global Steering Committee Co-Chair, Manager of FIX Trading and Connectivity, American Century
Investments comments, “The standards-based
language, FIXatdl, will generate significant cost savings and improve
efficiencies for all participants in the ever-expanding world of algo
trading. Sell-side firms that want to update existing algorithms or
release new ones to their clients will be able to do so in a reduced
time-frame, buy-side firms will benefit from faster access to new and
innovative trading strategies, enabling a more timely and effective response to
dynamic market conditions, and OMS and EMS vendors will be able to include new
algorithms in their systems more swiftly and at a reduced cost.”
FIXatdl
1.1 complements the universally adopted FIX Protocol messaging standard and
allows firms receiving orders to specify exactly how their algorithmic orders
should be expressed in their clients’ desktop applications.
Strategies using FIXatdl 1.1 can then be transmitted from the
trader’s systems via the FIX Protocol. All versions of the FIX
Protocol are fully supported and no changes to the underlying FIX
infrastructure are required.
The official release of FIXatdl 1.1 follows
extensive testing and feedback on previous versions from a broad range of
industry participants and this latest version, which is recommended for
adoption, has now been approved by the FPL Global Technical Committee.
Commenting on the release of FIXatdl 1.1 John Goeller, FPL Americas Regional
Committee Co-Chair, Managing Director, Bank of America Merrill Lynch stated, “It is encouraging that FPL continues to
provide value-added solutions like FIXatdl to the marketplace. The FPL
Algorithmic Trading Working Group should be commended for their hard work and
dedication to bring this multi-year project over the line. FIXatdl’s
value proposition to buy-side, sell-side and vendor communities will become
clear to the industry in the very near term.”
Market
participants from across the algorithmic trading community have embraced this
new technology and many are now implementing the new standard. Commenting on
the benefits of FIXatdl Guy
Cirillo, Credit Suisse AES Global Channel Sales Manager stated, "Credit Suisse is
actively working with its OMS and EMS partners that support FIXatdl 1.1.
We expect FIXatdl 1.1 to expedite the time to market of our AES algorithms
globally."
Tim Wildenberg, Head of Direct Execution – EMEA, UBS added,
“One of the most important reasons UBS chose to be one of the original
participants in FIXatdl, is because our buy-side clients will reap the benefits
of innovations in algorithmic trading more quickly and seamlessly. The
faster we can deploy our new strategies and advancements, the faster our
clients can adapt and compete in a dynamic marketplace.”
Also commenting on the launch of FIXatdl Andrew Bowley, Executive
Director, Head of Electronic Trading Product Management, Nomura
stated, “Nomura has been involved in defining the
FIXatdl standard from the beginning, and see it as the most efficient way of
reducing time to market for new algo releases. We are delighted to be
able to offer our latest global algo suite to our clients in the FIXatdl
version 1.1 format, and expect the uptake of this standard to be widespread,
given the implicit time and cost savings it can provide to brokers, clients and
vendors alike.”
To access the new FIXatdl specification and
view a range of comments submitted by market participants please visit: www.fixprotocol.org/FIXatdl
About FIX Protocol Ltd
FIX Protocol Ltd is a non-profit organisation
that owns the intellectual property rights of the Financial Information
eXchange Protocol (FIX), which is available free of charge from the FPL
website, subject to FPL’s copyright and acceptable use policy. FIX is a
globally recognised messaging standard enabling the electronic communication of
pre-trade and trade messages between financial institutions, primarily
investment managers, broker/dealers, ECNs and exchanges. For more information,
see www.fixprotocol.org
Contact:
Daniella Baker, FPL Marketing and
Communications Manager, Daniella.Baker@fixprotocol.org, +44 (0)207 936 9334.