What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and...
-
Upload
marilynn-armstrong -
Category
Documents
-
view
212 -
download
0
Transcript of What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and...
![Page 1: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/1.jpg)
What is the FIX Protocol?&
FIX Resources
Cate Long, Multiple-MarketsCo-Chair, Education and Marketing Subcommittee
Global Fixed Income Committee
The FIX Protocol Tool Kit Lunch and Learn - March 21, 2006
![Page 2: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/2.jpg)
<<< What is FIX >>>
• A technical specification for the electronic communication of trade-related messages
• Collaboratively developed by many market participants
• Made up of fields and messages
![Page 3: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/3.jpg)
<<< FIX fields >>>
• FIX defines what information the individual fields contain:
Value Product
1 AGENCY
3 CORPORATE
6 GOVERNMENT
10 MORTGAGE
•Fields are the individual pieces of standardized data
460 = Product
![Page 4: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/4.jpg)
<<< Messages >>>
• Messages are made up of individual fields depending on the purpose of the message
• IOI message – includes routing, administration, instrument, quote fields
![Page 5: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/5.jpg)
<<< Message flow >>>
• IOI and quote response
![Page 6: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/6.jpg)
<<< Why use FIX >>>
• Standardizes communications with all your counterparties
• Supports STP• Reduces entry errors• Makes establishing new trading relationships
quick and easy• Increasingly supports cross asset trading
![Page 7: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/7.jpg)
<<< FIX enables access >>>
• Alternative trading systems
• Single dealers
• Exchanges
![Page 8: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/8.jpg)
<<< FIX trade many products >>>
• Corporates• Convertibles• High yield• MBS• CMB• ABS• CMO• CP
• CD• Repo• Treasuries• Agencies• Municipals• Swaps• Non-US securities
![Page 9: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/9.jpg)
<<< Buyside FIX usage >>>
0%
10%
20%
30%
40%
50%
60%
Pre-Trade Trade Post-Trade Futuresupportw/in 24months
Fixed income
Equity
Derivatives
FX
Source: fixprotocol.org/survey
![Page 10: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/10.jpg)
<<< Sell side FIX usage >>>
Fixed income
Equity
Derivatives
FX
Source: fixprotocol.org/survey
0%
10%
20%
30%
40%
50%
60%
Pre-Trade Trade Post-Trade Futuresupportw/in 24months
![Page 11: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/11.jpg)
<<< Buyside fixed income usage >>>
Governments Agencies Corporates
Source: fixprotocol.org/survey
0%
20%
40%
60%
Converts MBS
Pre-Trade Trade Post-Trade Support w/in 24 months
![Page 12: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/12.jpg)
<<< Sellside fixed income usage >>>
Governments Agencies Corporates
Source: fixprotocol.org/survey
Converts MBS
Pre-Trade Trade Post-Trade Support w/in 24 months
0%
20%
40%
60%
![Page 13: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/13.jpg)
<<< FIX Global Survey results >>>
• By asset class and geographic region• Current and projected usage• Detailed by buyside, sellside, vendor and exchange• Information on OMS, networks, FIX engines• 580 respondents• Conducted by FPL and the Tower Group• Led by Brian Nathan, Macgregor & Bill Hebert,
Fidelity
![Page 14: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/14.jpg)
<<< FIX resources >>>
• Who is using FIX • FIX job listings• Technical specifications• FIX events• FIX Implementation Guide• newsFIX, fixed income newsletter • FIXGlobal, the quarterly FIX journal• Discussion forums• FIX products and vendors• FIX Global Survey
![Page 15: What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee The.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf831a28abf838c863c9/html5/thumbnails/15.jpg)
<<< Global Fixed Income Committee >>>
• Large group of markets professionals• Monthly conference calls• Subcommittees• Dan Doscas, HSBC & Tony Barral, NYFIX
co-chairs