Imported from previous forum
[ original email was from Chris Lambert - chris.lambert@emx.co.uk ]
Reviewing the AUS, UK & US posted to the site it is apparent that they make an almost completely orthogonal set - geographically as well as in content.
As one wuold expect they reflect differences in environment (industry structure & workflow, message types and scope), national practices (IRAs v ISAs, client identification etc.) and technology (XML, FIX & fixed record layout)
Some consideration therefore needs to be given to:
Objective
A single set of messages worldwide ?
FIX or XML format initially ?
Target
Specific date and/or FIX release
Migration path for the national implementations
Working approach, e.g.
an initial "objective setting" meeting,
followed by working level meetings
backed up by Listserve Mailing List
Governance
Chairman
Decision mechanism - concensus, majority vote, veto
Responsible to / adjudication by a FIX committee or Board
etc etc
My instinct is for us to agree these points a.s.a.p - and in parallel to prepare a critique of the 3 standards tabled to date.
What do others think ?
Chris
Chris Lambert
EMX Project Manager
Tel : +44 1279 858 315
Mobile : +44 7973 839 693
E-Mail : chris.lambert@emx.co.uk
Chris,
I agree with your email that we need to decide the objective, target, work approach and governance.
In the Australian IFSA Infrastructure group, we have found the following tasks useful in assisting with setting objectives and targets:
- Identify the relationships and flows
When I looked at the UK and US submissions, my first question was - what relationships and flows are the UK and US messages supporting? I had to construct a high level model of these relationships and flows - to help understand the problem space the messages are supporting.
After going through this exercise, I soon realised that the UK and AUS messages had similar scope.
The point that I’m trying to make is that before we start setting objectives and targets, we need to have a common understanding of the flows and relationships - in the mutual fund area; a level 0 model would be sufficient. This will help set the context, and be useful for setting the focus and priorities in the group.
- Clearly establish a development method/approach
In the Australian IFSA Infrastructure group, we established a development approach before we started any message development. This approach employs and has a roadmap of the useful models, techniques and steps from various B2B methodologies - such MDF from HL7 (see www.hl7.org), the Unified Modelling Methodology from UN/CEFACT, and various workflow methodologies.
The approach consists of 7 major process steps - and shows the inputs and deliverables of each of the major steps. If anyone is interested, I will get Dwight to post the 1 page flyer on this approach.
We found this approach useful for breaking down the tasks which need to be done, and the deliverables which need to be produced. Importantly, it showed people how they could participate in the process - and what needed to be produced.
By introducing this approach, we found it was a good basis for setting objectives and targets.
Regards,
Andrew Blair
chair - of Australian IFSA Mutual Fund EC Working Group
Vice President
BT Financial Group
Sydney, Australia
tel: +61 2 9259-9450
[ original email was from Dwight Arthur - darthur@dtcc.com ]
Chris Lambert, Andrew Blair and Dwight Arthur have been discussing the possible creation of a model that shows roles in the management of collective investment trading and settlement across the three markets (NY: fund/SERV, UK: EMX, Australia: IFSA). There will be a conference call Monday 24 July at the following time:
San Jose 2:30 am
New York 5:30 am
London 10:30 am
Brussels 11:30 am
Sydney 7:30 pm
Please send email to "darthur@dtcc.com" by the end of the day Thursday 20 July and let me know if your will be calling in. Please also let me know your time zone (i.e. what time will the call be where you are? No acronyms like CET please)
I will reply to those I’ve heard from on Friday morning (NY time) with a number to call.
-Dwight