November 24, 2015
FIX Trading Community – the nonprofit, industry-driven standards body at the heart of global financial trading – announced in the official press release that it is now opening its technical standards process to software developers throughout the financial industry using GitHub, a leading open-source platform used by millions of developers around the world.
As reported by FIX, the goal of opening standards is to promote fairness, lower costs, and foster quality and reliability improvements. All of the important resources will be freely available in one place with a single sign-on.
FIX has already published several projects on GitHub and there are more to come. According to the press release, the FIX High Performance Working Group is developing new protocols for high-performance trading applications; two specifications have already been published, with FIXML, Google Protocol Buffers and ASN.1 being available soon:
- FIX project that contains the specifications for simple binary encoding, an FIX standard for binary messaging.
- FIX project that provides specifications for FIX performance session layer, a protocol for exchanging messages between counterparties.
Jim Northey, Principal Consultant and Industry Standards Liaison, CameronTec and Co-Chair, Global Technical Committee, FIX Trading Community, commented in the official press release, We realized that while standard FIX is highly performant, there is an additional need for a high-performance interface for order routing and market data to support the modern trading venue. This need is currently being met with varying levels of success and completeness by a myriad of proprietary protocols. Our goal is to provide an FIX-based standard, including an open-source reference implementation that fully meets the requirements of the modern execution venue. The simple binary encoding and the new FIX performance session protocol, both of which build upon the collective experience of the marketplace, are first steps in meeting this need."
With free public access to all FIX projects, the company is looking for feedback from the developer community. Moreover, users are authorized to copy and redistribute the documents, which is enabled by the Creative Commons Attribution-NoDerivatives 4.0 International License. Implementation code is licensed under Apache License, Version 2.0, to allow developers to freely use, modify and redistribute code.
The FIX Trading Community’s steps in opening its projects prove the company's independent and neutral position. By opening the technical standard process, FIX addresses real business and regulatory issues impacting multi-asset trading in global markets through transparency, reduced costs and risks for all market participants.
Among FIX members are industry giants such as Barclays, Bank of America Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, Fidelity Investments, J.M. Morgan, among others. The company has more than 275 members.