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FIX Protocol Ltd (FPL), a non-profit, industry standards organisation for the global electronic trading community, has published recommended best practices and accompanying implementation guidelines for the electronic trading of bonds.
These recommendations will enable bond market participants to benefit from cost effective and efficient connectivity to the growing number of bond trading platforms emerging across the US and European markets.
Regulatory efforts to increase capital requirements and enhance transparency, in this traditionally voice traded asset class, have led to market structure changes, creating an increasingly automated and venue-driven trading environment. The best practices and implementation guidelines provide recommendations to both existing and emerging venues, broker-dealers and market makers on how they can use the FIX Protocol to support their platforms. This development complements recommendations released in 2012 to support the trading of Credit Default Swaps (CDS) and Interest Rate Swaps (IRS), which are currently being implemented by a number of Swap Execution Facilities (SEFs).
These guidelines have been produced by market participants keen to encourage the adoption of standards by fixed income trading venues. Written by industry experts, the recommendations explain how FIX can be implemented in a consistent manner to lower implementation costs and deliver maximum industry-wide benefit, including recommendations for how FIX can be used to support fixed income trading on:
• Markets based on quote negotiation, using Request for Quote models
• Quote-driven markets based on streaming executable quotes
• Markets based on central limit order books
Additionally, further functionality has been added to the FIX Protocol to meet emerging needs for bond trading. These enhancements will ensure that the standard can comprehensively meet all business requirements as effectively as possible. To access the guidelines click here.
Sassan Danesh, co-chair FPL global fixed income committee and managing partner, ETrading Software, says: “This initiative is expected to play a significant role in the evolution of bond trading. In recent years this market has witnessed massive change and as it becomes increasingly electronic encouraging the use of FIX will be vital to its success. FIX adoption will ensure that an efficient trading environment is created, within which innovation and competition can flourish.”
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