Since its inception FIXatdl has had real potential to reduce time-to-market and slash costs across the FIX community... Version 1.1 of FIXatdl now provides us with a solid foundation for communicating algorithms across the market.
(PRWeb UK) March 25, 2010
A new version of the FIXatdl standard was launched on March 23, 2010 at the FIX Protocol Limited EMEA Conference. FIXatdl is designed to reduce the time taken to get new sell-side algorithms into the hands of buy-side traders. Algorithmic trading has grown significantly in importance over the last five years, but to date, releasing new algorithms into the market has meant lengthy and expensive development and test cycles for each OMS vendor, and in turn costly delays for both sides of the market when looking to take advantage of new algorithms.
In contrast, with FIXatdl it should be possible to roll out new algorithms within a matter days, if not hours. Recognising the value of the new standard to the securities industry, Cornerstone Technology is launching a packaged consulting service to help firms achieve FIXatdl compliance quickly, and at a predicable cost. Branded FIXatdl Jump-Start, the programme offers training, consulting and testing services around FIXatdl, tailored to each client’s requirements, and is designed to help firms that lack the resources needed to incorporate FIXatdl into their environment.
Managing director and active member of the FPL Algorithmic Trading working group Steve Wilkinson commented: “Since its inception FIXatdl has had real potential to reduce time-to-market and slash costs across the FIX community, but to date, adoption of the standard has been slow and the business case uncertain. Version 1.1 of FIXatdl now provides us with a solid foundation for communicating algorithms across the market and adoption is building fast.”
He continued, “Part of the challenge with FIXatdl at this stage is that there are relatively few implementations on the buy-side. Whilst we expect this situation to change, it is crucial right now to have good relationships with a range of buy-side systems vendors, as testing and certification against a cross-section of platforms is essential. As an independent firm without competitive offerings in the space, Cornerstone is ideally placed to offer this.”
Although not officially launched until today, Cornerstone’s Jump-Start programme is already being used by a major investment bank to help them convert their existing algorithm specifications into FIXatdl.
About Cornerstone Technology
Founded at the start of 2010, Cornerstone Technology is focused on helping firms in the investment banking and fund management communities achieve better value for money and faster time-to-market from their technology assets. Managing director Steve Wilkinson previously founded FIX engine and OMS vendor Solutionforge, which was acquired by buy-side systems vendor SimCorp A/S in 2005. Instrumental in the integration of Solutionforge technology into the SimCorp Dimension front office offering, Steve was subsequently responsible for SimCorp’s architecture strategy globally. He brings nearly a decade of experience with the FIX protocol to Cornerstone Technology.
Contact: firstname.lastname@example.org, +44 (0) 845 302 3049
Released initially in 2008, FIXatdl is an XML standard for the capture, transmission and rendering of algorithmic trade information in buy-side order management (OMS) and execution management systems (EMS). The v1.1 of the standard being launched at the FPL EMEA conference on March 23, 2010 addresses a number of deficiencies in the specification, and is already seeing significant take-up by a number of major EMS vendors, as they seize the opportunities for cost savings and reduced time-to-market.
This Wikipedia article on FIXatdl provides further background.