The new message types aim to improve operational efficiency, reduce risk and support wider industry initiatives to achieve accelerated settlement.
FIX Trading Community elevates post-trade communications with the launch of new message types for real-time settlement updates
- Responding to growing industry demand for timely and standardized settlement status communications
- New message types will support the acceleration of settlement cycles
20 September 2023 – The industry-driven standards body, the FIX Trading Community (‘FIX’), today announces the launch of four new message types, in response to growing demand from industry participants for timely and standardized settlement status communications for securities transactions.
The new message types aim to improve operational efficiency, reduce risk and support wider industry initiatives to achieve accelerated settlement.
Laurence Jones, Americas Regional Director, FIX Trading Community, added: “Often recognized as the force driving electronic trading, FIX has consistently served as a market standard across the various stages of trade lifecycle management.
“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. Our core mission is to empower and support market participants meet their regulatory requirements.”
David Pearson, Product Manager, 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.”
