Peter C. Randall Executive Director, FIX Protocol Limited
Peter C. Randall Executive Director, FIX Protocol Limited

A collaborative approach towards a common industry protocol for the FX markets

Peter Randall takes a look at the principal rationale behind the decision of FIX Protocol, ISDA and TWIST to collaborate in developing a common industry standard.

In July of this year, FIX Protocol Ltd. (FPL), the International Swaps and Derivatives Association, Inc. (ISDA) and TWIST Process Innovations Ltd., signed a Statement of Understanding outlining a collaborative approach in developing and using a common industry protocol for the Foreign Exchange markets. In this joint effort, FPL, ISDA and TWIST will work together and provide resources to undertake a product coverage and business process gap analysis with regard to the FX coverage in their respective standards ˆ FIX, FpML and TWIST. This gap analysis will serve as the basis for future developments in the FX area. The three organizations believe that agreeing on the universal business meaning of information and message scenarios covering the financial trading processing chain and utilizing common messaging standards, will enable and encourage the end-to-end straight through processing of foreign exchange messages between industry counterparties, without regard to the network(s) used, the platforms...continued

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