FIX Trading Community, the non-profit, industry-driven standards body has announced the release of Candidate 3 for FIX Orchestra for public review.
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The goal of the publication is to streamline a standardized and automated method of rules of engagement between two or more firms. It also looks to enhance the existing process of onboarding counterparties.
FIX Trading Community hopes to also improve the process in which firms define their services and flows in an automated and accurate way. By automating the process, it will become less prone to mistakes, relative to the standard manual method of outlining flows.
FIX Orchestra creates automated rules of engagement between counterparties, and therefore facilitates the exchange of metadata and the description of offered services for any messaging protocol that uses the system’s capabilities.
In essence, FIX Orchestra will eliminate the need for PDF and Word files, previously used for the specification of service offerings, and the process of data exchange aimed at onboarding counterparties. These document types do not offer any types of actions within them, making the new solution much more interactive for users.
Damian Bierman, VP and Head of Asia-Pacific at Portware and Co-chair of the Global Technical Committee at FIX Trading Community commented on FIX Orchestra. “FIX Orchestra delivers major efficiencies to the counterparty onboarding process, and promises to bring benefits to the entire industry. Firms who adopt Orchestra will, for the first time, be able to define their service offerings in an entirely systematic way, allowing them to certify their flows faster and with greater accuracy, while significantly reducing the need for manual intervention.”
The FIX Trading Community has been proactive in its operational capacity. Toward the end of last year, the non-profit released a new document that outlined the obligations for Best Execution Reporting under MiFID II.
Moreover, the scope of FIX Trading Community has extended to the cryptocurrency space. Last year, OTC Exchange Network, an institutional trading network and infrastructure provider utilizing blockchain technologies, became a member of the community, further solidifying its place and reputation within the trading industry, encompassing crypto trading as well.
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