Transactive Resources Working Group
Call for Participation
FIX has created a new working group (‘Transactive Resources’), jointly with OASIS, to align standards used for transactive resources (energy and others) with FIX’s standards. OASIS is one of the oldest and broadest open e-commerce standards organizations and has worked in cooperation with industry and regulatory agencies to develop data standards that bring market structure and functionality to transactive energy markets.
Business opportunities include, but are not limited to:
• Improving small market liquidity while providing broader FIX-Based markets for Transactive Resources
• Coordinating terminology between the simpler markets using the OASIS Common Transactive Services (CTS) and the more semantically rich markets using the FIX Protocol.
• Expanding interoperation of financial markets with energy markets
• Allowing broader and more democratic participation in energy markets.
Markets for transactive resources enable decision making on the edge of the Internet of Things (IoT) using markets. The value of a transactive resource depends on the time of exchange or delivery.
Transactive resource markets have been used for power distribution (transactive energy), water system management, allocating natural gas between pipelines, lane allocation in smart roadways, and cloud computing bandwidth, among other resources. Transactive energy is used today in large markets for transmission and distribution, and in small markets for internal management of microgrids.
The purpose of the Transactive Resources Working Group (TRWG) is to make the common transactive messages similar to those for other financial transactions.
Energy markets, in particular, can benefit from the application of methods developed in and borrowed from financial markets, including analytics, hedging, bundling, and arbitrage.
For example, consider a battery participating as a local market maker or by providing third party hedging to an unreliable power source. Local micromarkets may have liquidity issues, so extending the reach and participation will both engage broader financial markets and improve management of local markets.
The TRWG will work to align the draft CTS specification in OASIS (https://docs.oasis-open.org/energyinterop/ei-cts/v1.0/csd02/ei-cts-v1.0-csd02.html) with FIX. The group will also identify any gaps in the FIX Protocol related to transactive resources.
Members who are interested in this topic are invited to participate. To do so, please contact our programme office at fix@fixtrading.org or register directly at https://www.fixtrading.org/groups/transactiveresources/.