Introducing FIX Trading Community
By Daniella Huggins
In 2013, FIX Protocol Ltd (FPL), the non-profit, industry-driven standards body had its 15th birthday as a formal organisation and like most teenagers, in recent years its personality has begun to flourish. From the very beginning, the organisation has been focused on developing and encouraging adoption of the FIX messaging language. FIX has revolutionised the trading environment and has become the way the world trades. Nonetheless, FIX is far from done, and FPL continues to explore areas of the global trading process where increased use of the standard could prove beneficial, such as the recent industry drive to encourage greater use of FIX in the post-trade, fixed-income and high frequency trading environments to name just a few.
In recent years, the organisation has also expanded its focus to meet new and emerging challenges in both the business and regulatory environments impacting multi-asset trading across the globe. It has looked both at FIX and beyond, exploring other ways in which standardised best practices could effectively support these evolving needs, such as the creation of recommended risk controls to achieve increased market stability, and the development of standards to enhance post-trade transparency for European equity markets.
The organisation does not just look at the technical aspects of messaging standards. FPL today is fundamentally focused on addressing the business and regulatory challenges affecting its member firms and the industry as a whole through the use of standards, and like any confident teenager it is keen to ensure that the wider world understands what it is all about.
The name FIX Protocol Ltd was selected at a time when the organisation was only looking at FIX the protocol, however FPL has grown-up and this brand is no longer reflective of both the scope of work it conducts nor the countless opportunities that actively participating in its member-led community offers to firms globally. As such, the time had come for FPL to rebrand with a name that not only reflected the organisation’s purpose today, but also the important role it will play in helping to shape the future trading environment in coming years.
The name selected was FIX Trading Community because the organisation is essentially about bringing people together to solve industry challenges through standardisation – at its core it is a global community of FIX trading professionals that work collaboratively to improve the global trading process.
This global community includes more than 275 of the world’s leading financial services companies, spanning six different continents and multiple industry sectors. Social media has done much to enable people across the globe to communicate in real time be it via Twitter, LinkedIn or one of the numerous other platforms available. However, with representatives from member firms working hard on multiple projects with participants in many different regions, the organisation wanted to create a dedicated on-line meeting place for the global FIX Trading Community facilitating even greater collaboration and interaction between its member firms. So in July 2013, not only did the organisation announce its decision to rebrand as FIX Trading Community, it also launched a new website:fixtradingcommunity.org.
Seeking to significantly enhance its user’s on-line experience the new site was designed to build upon the most valued features of the organisations previous website, whilst adding a wealth of new content, funcyionality and innovative opportunities.
In addition to enabling visitors to quickly comprehend the organisation’s latest initiatives and gain a detailed insight into FIX and the firms that have chosen to become members of the organisation, the site also offers a unique forum where the real issues impacting the market can be debated. It achieves this by featuring areas of the site dedicated to hot industry iopics such as cross-asset trading, regulation, risk management, high performance trading, FIX implementation and connectivity challenges.
Through the new site, representatives from FIX Trading Community member firms can share their knowledge and insight by contribution white papers, blogs and featuring discussion posts on the subjects that matter most to them and their clients. They can also connect with other members of the FIX community, bookmark intersing content and provide links and articles they feel may be of interest to others. Additionally, members can create a group within which their company’s worldwide FIX representatives can communicate, discuss topics, share documents and learn about the activities of their colleagues. Further to this, through dedicated product and service listings, members can supply information about their latest developments and interact with interested parties that have chosen to follow those products through the site’s social functions. Overall this creates an environment where the FIX community can meet and discuss the issues that matter most to them.
Turning 15 has been a coming of age experience for the organisation. With a new name and website, the FIX Trading Community is keen to connumicate to the world the many opportunities presented by getting involved and provides its members with the tools to work even more collaboratively as it seeks to address industry challenges through standardisation – delivering greater operational efficiency, increased transparency, and reduced costs and risks for all market participants.