Getting the Right Fit : Buy-side, Sell-side and Vendor on Non-Standard ATDL Implementation

As a firm, we design our Algo Ticket offering to fully utilize the features and benefits associated with FIXatdl^SM. This includes control workflows for conditionally required parameters, validation of trader input, and tool tips to help our clients. Overall, these elements add to a pleasant and feature rich experience that our clients have come to expect. The competitive advantage is shared by our sales teams and vendor partners.
How do you use your FIXatdl^SM offerings as a distinguishing factor among your competitors?
By offering a product that is highly functional, customizable on a per client basis, unproblematic to implement and distribute, and has a familiar look and feel, we are able to keep pace with the ever changing algo trading industry. The ability to quickly evolve, adapt, and deliver sets us apart from other brokers and vendors.
What are the main issues you and your clients encounter when using FIXatdl^SM, and how would you like to see these resolved?
The main issue encountered with FIXatdl^SM stems from lack of tools and enforcement of the FPL defined protocol. Every vendor is tasked with developing and integrating the three components that allow them to support FIXatdlSM. They are required to create a Parser (reads the XML filed containing the Algo Ticket implementation), Render (Generates a GUI used by the client to create an algo order), and data model for processing validations and generating a FIX order message. All of these components need to be integrated into their OMS/EMS and the end result is a unique offering from each vendor. The expectation is that the behavior across platforms will be uniform, but that is not always the case.
Additionally, FIXatdl^SM is limited to defining the Algo Ticket and it is impossible for the broker to predict how it will be integrated with the EMS order entry function. Some vendors offer to include basic order parameters (OrderType, Limit, TIF, DisplayQty, etc) within the same window as the Algo ticket, but those who don’t create a less then ideal workflow for the client. In the future, FPL should include more stringent guidelines for how the Algo Ticket will appear in the OMS/EMS and provide source code for developing the Parser and Render elements.
Where do you see algorithmic trading expanding; e.g. new trading arenas, asset classes, etc.?
Over the last few years, algorithmic trading has become main stream for single stock trading. As the environment continues to evolve, it is very likely that algorithmic trading will become the norm for FX, futures, options, and fixed income as well. FIXatdlSM is primed to play a role as algo trading continues to gain traction and will very soon dominate the landscape.

Highlighting the perspectives of FIXatdl^SM technology providers, FIXGlobal asked RealTick’s Stuart Breslow to offer insight on his firm’s experience of FIXatdl^SM and how clients view the standard.
Stuart Breslow, CEO / CIO, RealTick
How do you see your clients evaluating FIXatdl^SM offerings relative to their existing algorithmic products? Do you see it as important to stick to the ‘standard’?
As a leading vendor and early proponent of FIXatdl^SM, we at RealTick believe it is important to ensure the latest and most comprehensive FIXatdl^SM standards are understood and supported by industry participants. In fact our firm was involved from the start with the FIXatdl^SM working group and schema, so our team has built up a detailed understanding of FIXatdl^SM, from the analysis of files, through to quickly and effectively completing any changes to ensure a broker’s file functions optimally within our system for their clients. Our aim is to ensure we adhere to and support the latest schema, while maintaining the flexibility to support specific broker provided XML files, which may have additional attributes the broker requires. New releases from FIX have to be reviewed and upgraded quickly so new user features can be adopted. For the industry as a whole it makes sense to create and adopt agreed standards and iterative releases, as this means we collectively lower the opportunity cost and time to market to get new algorithms into the hands of traders. However we also want to ensure our partners can innovate and the ability to provide the latest and advanced execution capabilities to their clients is not restricted. Hence a key element in this process is having the necessary depth and breadth of experience that enables a vendor to support the FIX standard across the user base, along with the flexibility to supplement this when required to do so.