FIX Press Release: FPL Announces Formation of Algorithmic Trading Working Group

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Imported from previous forum

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August 4, 2004- FIX Protocol Ltd. (FPL) is pleased to announce the formation of an Algorithmic Trading Working Group. The establishment of this group is due to the fact that over the last year there has been a growth in the number of services offered by brokers to the buyside, particularly in the area of DMA (Direct Market Access) and Algorithmic Trading. The interface requirements for each service vary from broker to broker. Whilst it must be recognised that the internal workings of Algorithmic Trading engines are proprietary and business-sensitive and should not be discussed in an open forum, the opportunity exists to ensure that the various interface requirements from buyside systems to the Algorithmic Trading engine are properly covered by the FIX protocol.

This Working Group is open to all FPL member firms and will be headed by Chris Sims, who is head of Information Systems Development at Gartmore Investment Management. If anyone is interested in FPL membership or joining this working group please contact the FPL Program Office at fpl@fixprotocol.org or + 1 212 652 4469. The link to this working group page is
http://www.fixprotocol.org/cgi-bin/Workgroup.cgi?id=1091219433&menu=1091219433.

“The success of the FIX Protocol in the marketplace can be attributed to its ability to adapt as the industry evolves. The formation of the Algorithmic Trading Working Group is the latest example of another exciting initiative which is focused on solving our industry’s needs,” stated Chris Sims.

About FIX Protocol Ltd
FIX Protocol Ltd is a non-profit organization that owns the intellectual property rights of the Financial Information eXchange protocol (FIX), which is provided free in the public domain. FIX is a globally recognized messaging standard enabling the electronic communication of pre-trade and trade messages between financial institutions, primarily investment managers, broker/dealers, ECNs and stock exchanges. For more information, see www.fixprotocol.org.

Contact
Mr. Tom Jordan at: +1 (212) 652 4469 (FPL Program Office)