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The FIX Protocol Tool Kit Lunch and Learn - March 21, 2006

What is the FIX Protocol? & FIX Resources Cate Long, Multiple-Markets Co-Chair, Education and Marketing Subcommittee Global Fixed Income Committee. The FIX Protocol Tool Kit Lunch and Learn - March 21, 2006. <<< What is FIX >>>.

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The FIX Protocol Tool Kit Lunch and Learn - March 21, 2006

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  1. What is the FIX Protocol?&FIX ResourcesCate Long, Multiple-MarketsCo-Chair, Education and Marketing SubcommitteeGlobal Fixed Income Committee The FIX Protocol Tool Kit Lunch and Learn - March 21, 2006

  2. <<< What is FIX >>> • A technical specification for the electronic communication of trade-related messages • Collaboratively developed by many market participants • Made up of fields and messages

  3. <<< FIX fields >>> • Fields are the individual pieces of standardized data • 460 = Product • FIX defines what information the individual fields contain:

  4. <<< Messages >>> • Messages are made up of individual fields depending on the purpose of the message • IOI message – includes routing, administration, instrument, quote fields

  5. <<< Message flow >>> • IOI and quote response

  6. <<< Why use FIX >>> • Standardizes communications with all your counterparties • Supports STP • Reduces entry errors • Makes establishing new trading relationships quick and easy • Increasingly supports cross asset trading

  7. <<< FIX enables access >>> • Alternative trading systems • Single dealers • Exchanges

  8. Corporates Convertibles High yield MBS CMB ABS CMO CP CD Repo Treasuries Agencies Municipals Swaps Non-US securities <<< FIX trade many products >>>

  9. <<< BuysideFIX usage >>> Equity Fixed income Derivatives FX Source: fixprotocol.org/survey

  10. <<< SellsideFIX usage >>> Equity Fixed income Derivatives FX Source: fixprotocol.org/survey

  11. <<< Buysidefixed incomeusage >>> Pre-Trade Trade Post-Trade Support w/in 24 months Governments Agencies Corporates Converts MBS Source: fixprotocol.org/survey

  12. <<< Sellsidefixed income usage >>> Pre-Trade Trade Post-Trade Support w/in 24 months Governments Agencies Corporates Converts MBS Source: fixprotocol.org/survey

  13. <<< FIX Global Survey results >>> • By asset class and geographic region • Current and projected usage • Detailed by buyside, sellside, vendor and exchange • Information on OMS, networks, FIX engines • 580 respondents • Conducted by FPL and the Tower Group • Led by Brian Nathan, Macgregor & Bill Hebert, Fidelity

  14. <<< FIX resources >>> • Who is using FIX • FIX job listings • Technical specifications • FIX events • FIX Implementation Guide • newsFIX, fixed income newsletter • FIXGlobal, the quarterly FIX journal • Discussion forums • FIX products and vendors • FIX Global Survey

  15. <<< Global Fixed Income Committee >>> • Large group of markets professionals • Monthly conference calls • Subcommittees • Dan Doscas, HSBC & Tony Barral, NYFIX co-chairs

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