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FIX becomes the pre-eminent standard for OTC Derivatives trading on SEFs

11th June 2014 – FIX Trading Community, the non-profit, industry-driven standards body at the heart of the global electronic trading community, announces the adoption of the FIX Protocol by an overwhelming majority of Swap Execution Facilities (SEFs), including BGC Derivative Markets, L.P., Bloomberg, trueEX, GFI Group, ICE Swap Trade, MarketAxess, Tradeweb (TW and DW), Tradition Trad-X and Tullett Prebon.
The FIX Trading Community has been working closely with the investment community since 2011 to develop guidelines on how FIX could be used to trade swaps following the requirement by Dodd-Frank a year earlier for regulated trading of certain swap instruments. With the commencement of mandatory trading for selected swap instruments this year, this work has resulted in the establishment of FIX as the de-facto standard for swaps trading on SEFs.
The adoption of FIX has brought multiple benefits to the industry:

1.     Increased pre-trade transparency through faster and easier integration between market participants

2.     Increased execution efficiency through lower cost of trading and connectivity

 

3.     Additional benefits include the ability of the industry to deploy cross-asset trading platforms for the trading of swaps