The FIX Trading Community has boosted its post-trade communications provision in response to industry demand, launching four new message types for real-time settlement updates to support the upcoming move to T+1.
The new message types aim to improve operational efficiency, reduce risk and support wider industry initiatives to achieve accelerated settlement.
“In response to the rapidly evolving settlement cycle landscape, FIX is working alongside the industry to develop new standards, in order to sustain the high levels of automation and efficiency experienced upstream, said Laurence Jones, Americas regional director of FIX Trading Community. “Our core mission is to empower and support market participants to meet their regulatory requirements.”
The move has been met with approval from market participants. David Pearson, product manager at Torstone Technology, said: “The transition to T+1 in the US and the potential repercussions on markets globally have highlighted the pressing need for greater trade visibility and more efficient, speedy communication across buy-side firms, custodians and brokers – both crucial in supporting the early detection of errors and the swift resolution of issues.
“FIX’ new workflow and messaging standards will drive significant improvements to post-trade operational inefficiencies by closing the existing communication gap and enabling near real-time updates on securities settlement status for end clients.”
© Markets Media Europe 2023
