Legal compliance issues with FIX

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1

Imported from previous forum

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I am interested in understanding legal compliance requirements/ issues related to FIX messaging in US, Canada and EU. Most of the messages talk about protocol compliance but not the business compliance impacts of FIX.

Are there any business compliance standards for Financial Institutions related to FIX?

Thanks

Rajesh

3

Hi Rajesh,

In my 1+1/2 years of working on FIX-Java, I have not yet come accross any special legal compliance requirement(s) for a FIX Trader compared to any other method of trading Financial instruments in the market like using phone, Fax or a different trading technology beyond things like FIX engine logs and reconciliation reports should be archived by administrator and available for audit,etc.

Have you found any further information on this topic ?

Regards,
K. Mahesh

I am interested in understanding legal compliance requirements/
issues related to FIX messaging in US, Canada and EU. Most of the
messages talk about protocol compliance but not the business
compliance impacts of FIX.

Are there any business compliance standards for Financial Institutions
related to FIX?

Thanks

Rajesh

4

Mahesh,

No. I have not been able to find further information in this regard.

Thanks

Rajesh

Hi Rajesh,

In my 1+1/2 years of working on FIX-Java, I have not yet come accross
any special legal compliance requirement(s) for a FIX Trader compared to
any other method of trading Financial instruments in the market like
using phone, Fax or a different trading technology beyond things like
FIX engine logs and reconciliation reports should be archived by
administrator and available for audit,etc.

Have you found any further information on this topic ?

Regards,
K. Mahesh

I am interested in understanding legal compliance requirements/
issues related to FIX messaging in US, Canada and EU. Most of the
messages talk about protocol compliance but not the business
compliance impacts of FIX.

Are there any business compliance standards for Financial Institutions
related to FIX?

Thanks

Rajesh

5

[ original email was from Greg Wood - gregjwood@hotmail.com ]
Several exchanges request completion of what is generally called an ATS (Automated Trading System) form if FIX is going to be used with a black box system. This is certainly true of major derivatives exchanges such as LIFFE, ECBOT, NYMEX and GLOBEX. If a black box is not used then some exchanges specify that individual traders sending orders via FIX need to be identified through use of a SenderSubID. Everything depends on the strictness of the particular exchange’s regulations.

Hope this helps,

Regards,

  • Greg

Mahesh,

No. I have not been able to find further information in this regard.

Thanks

Rajesh

Hi Rajesh,

In my 1+1/2 years of working on FIX-Java, I have not yet come accross
any special legal compliance requirement(s) for a FIX Trader compared
to any other method of trading Financial instruments in the market
like using phone, Fax or a different trading technology beyond things
like FIX engine logs and reconciliation reports should be archived by
administrator and available for audit,etc.

Have you found any further information on this topic ?

Regards,
K. Mahesh

I am interested in understanding legal compliance requirements/
issues related to FIX messaging in US, Canada and EU. Most of the
messages talk about protocol compliance but not the business
compliance impacts of FIX.

Are there any business compliance standards for Financial
Institutions related to FIX?

Thanks

Rajesh