The Bond Market Association and FIX Protocol Ltd. Join Forces to Introduce Common Protocols to Facilitate Online Bond Trading Systems.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 11, 2001 The Bond Market Association (the Association) and FIX Protocol Ltd. (FPL) today announced they have agreed to combine efforts to develop a common industry protocol for global fixed-income market securities. The development of a common set of protocols for the global fixed-income industry is expected to alleviate incompatibility The inability of a Husband and Wife to cohabit in a marital relationship. incompatibility n. the state of a marriage in which the spouses no longer have the mutual desire to live together and/or stay married, and is thus a ground for divorce concerns among the various electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. platforms. It also is consistent with FPL's strategy to extend FIX business-level messages into the new ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 15022 XML repository A Web site that serves as a central storehouse for publishing and reviewing XML schemas. For information, visit www.xml.org. . "Both the Association and FPL have been making significant advances toward the development of common protocols," said Dexter Senft of Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. and Chairman of the Association's Subcommittee. "This combining of efforts represents a major step toward the goals of promoting efficiency and expediting initiatives related to straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. and T+1 settlement." "Together we will produce the best possible outcome for the industry," said Michael O'Conor, Managing Director at Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co., Inc. and FIX U.S. Committee Co-chair. "By uniting the two working groups, we will be able to deliver a specification that benefits from the insights and guidance of the Association's broad membership and the technical know-how at FPL." Under the agreement, the Association's Protocols/Standards Subcommittee will merge into FPL's Fixed Income Working Group (FIWG FIWG Functional Integration Working Group ). The newly constituted FIWG will create two focus groups: a technology focus group that will address design and implementation issues In the Business world, companies frequently set-up a connection between which they transfer data. When the connection is being set-up, it is referred to as implementation. When issues occur during this phase, they are known as implementation issues. and provide rapid response to inquiries from the group's participants, and a business practices focus group that will develop appropriate business practices for electronic trading in additional sectors of the global fixed-income market. The FIWG will have balanced representation from the two entities and will divide the reporting responsibilities. A member of the Association's Online Bond Steering Committee steer·ing committee n. A committee that sets agendas and schedules of business, as for a legislative body or other assemblage. steering committee Noun will be appointed to chair the new FIWG. FIWG will be accountable to the FPL for proper representation of participants, process, disclosure and FIX compatibility issues. Matters having to do with strategic direction, implementation of fixed-income instruments and transaction/order types and prioritization will be directed through the Association. The Association will provide the FIWG with the support of its staff and membership as well as its selected contractors for its Voluntary Protocols Initiative, announced earlier this year. These include TradeWeb, which has been defining industry practices and developing technical specifications, and Jordan & Jordan, which has been serving as the effort's liaison to the various vendors, firms, and other market participants. About the Organizations The Bond Market Association (www.bondmarkets.com) represents securities firms and banks that underwrite, trade, and sell debt securities both domestically and internationally. FIX Protocol Limited (www.fixprotocol.org), is a non-profit, global organization formed by institutional investors and broker-dealers, to create a Financial Information eXchange protocol (FIX), to standardize the delivery of relevant pre-trade and trade information. This information includes indications of interest, orders, executions, allocations and confirmations. FIX is provided for free and is available in the public domain. The most recent version of FIX Protocol Specification is 4.3, released on August 24, 2001. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion