Chris Pickles Manager of Industry Relations at Radianz
Chris Pickles Manager of Industry Relations at Radianz

FIX – aiming to improve the FX Trading process

Chris Pickles discusses how FIX will enable change and increased efficiency within the FX industry.

Most people know that the Financial Information eXchange (FIX) Protocol started off in the equity sector, and then expanded into other asset classes including Fixed Income and Derivatives. But the way that FIX has been used for these asset classes has also been applied by many firms to automate their foreign exchange (FX) activities in one way or another. Initially, these firms saw what FIX could do for other asset classes, and used the same principles for their FX messaging. However, because FIX wasn’t yet developed to deal specifically with FX, there has been an element of “shoe-horning” involved – making the shoe fit even though it wasn’t exactly the right size, but at least a shoe is better than no shoe!The FX Working GroupThere are some areas of FX activity that today are either not handled by FIX or that could be handled more effectively. As a result, the members of FIX Protocol Ltd have set up an FX Working Group to...continued

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