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Subject: Fwd: [members@fixprotocol.org] FPL Press Release: FIX Protocol Limited Launches Standards-Based Algorithmic Trading Definition Language - FIXatdl

If we do things right, our work will fit right in with this type of work...

---------- Forwarded message ----------
From: "FPL Program Office" <fpl@fixprotocol.org>
Date: Mar 24, 2010 10:44 AM
Subject: [members@fixprotocol.org] FPL Press Release: FIX Protocol Limited Launches Standards-Based Algorithmic Trading Definition Language - FIXatdl

FPL Members,


Please see the press release below which will be distributed to the media shortly. 


Kind Regards
FPL Program Office


FIX Protocol Limited Launches Standards-Based Algorithmic Trading Definition Language - FIXatdlSM


Financial Services Industry Set to Adopt FIXatdlSM and Change How Algorithms are Distributed to Global Clients


Wednesday, March 24th, 2010 – FIX Protocol Limited (FPL) today launched an industry standards-based messaging language for algorithmic trading strategies, the FIX algorithmic trading definition language (FIXatdl) version 1.1. 


FIXatdl 1.1 allows algorithmic trading strategy providers to release their specifications in the industry standard, computer readable XML format as opposed to the traditional method of supplying detailed documentation, considerable coding and testing.  By using FIXatdl 1.1, firms will be able to significantly decrease the time-to-market for new and updated trading strategies. 


Scott Atwell, FPL Global Steering Committee Co-Chair, Manager of FIX Trading and Connectivity, American Century Investments comments, “The standards-based language, FIXatdl, will generate significant cost savings and improve efficiencies for all participants in the ever-expanding world of algo trading.  Sell-side firms that want to update existing algorithms or release new ones to their clients will be able to do so in a reduced time-frame, buy-side firms will benefit from faster access to new and innovative trading strategies, enabling a more timely and effective response to dynamic market conditions, and OMS and EMS vendors will be able to include new algorithms in their systems more swiftly and at a reduced cost.”


FIXatdl 1.1 complements the universally adopted FIX Protocol messaging standard and allows firms receiving orders to specify exactly how their algorithmic orders should be expressed in their clients’ desktop applications.  Strategies using FIXatdl 1.1 can then be transmitted from the trader’s systems via the FIX Protocol.  All versions of the FIX Protocol are fully supported and no changes to the underlying FIX infrastructure are required.


The official release of FIXatdl 1.1 follows extensive testing and feedback on previous versions from a broad range of industry participants and this latest version, which is recommended for adoption, has now been approved by the FPL Global Technical Committee.  Commenting on the release of FIXatdl 1.1 John Goeller, FPL Americas Regional Committee Co-Chair, Managing Director, Bank of America Merrill Lynch stated, “It is encouraging that FPL continues to provide value-added solutions like FIXatdl to the marketplace. The FPL Algorithmic Trading Working Group should be commended for their hard work and dedication to bring this multi-year project over the line. FIXatdl’s value proposition to buy-side, sell-side and vendor communities will become clear to the industry in the very near term. 


Market participants from across the algorithmic trading community have embraced this new technology and many are now implementing the new standard. Commenting on the benefits of FIXatdl Guy Cirillo, Credit Suisse AES Global Channel Sales Manager stated, "Credit Suisse is actively working with its OMS and EMS partners that support FIXatdl 1.1.  We expect FIXatdl 1.1 to expedite the time to market of our AES algorithms globally." 


Tim Wildenberg, Head of Direct Execution – EMEA, UBS added, “One of the most important reasons UBS chose to be one of the original participants in FIXatdl, is because our buy-side clients will reap the benefits of innovations in algorithmic trading more quickly and seamlessly.  The faster we can deploy our new strategies and advancements, the faster our clients can adapt and compete in a dynamic marketplace.”


Also commenting on the launch of FIXatdl Andrew Bowley, Executive Director, Head of Electronic Trading Product Management, Nomura stated, “Nomura has been involved in defining the FIXatdl standard from the beginning, and see it as the most efficient way of reducing time to market for new algo releases.  We are delighted to be able to offer our latest global algo suite to our clients in the FIXatdl version 1.1 format, and expect the uptake of this standard to be widespread, given the implicit time and cost savings it can provide to brokers, clients and vendors alike.”


To access the new FIXatdl specification and view a range of comments submitted by market participants please visit: www.fixprotocol.org/FIXatdl


About FIX Protocol Ltd

FIX Protocol Ltd is a non-profit organisation that owns the intellectual property rights of the Financial Information eXchange Protocol (FIX), which is available free of charge from the FPL website, subject to FPL’s copyright and acceptable use policy. FIX is a globally recognised messaging standard enabling the electronic communication of pre-trade and trade messages between financial institutions, primarily investment managers, broker/dealers, ECNs and exchanges. For more information, see www.fixprotocol.org



Daniella Baker, FPL Marketing and Communications Manager, Daniella.Baker@fixprotocol.org, +44 (0)207 936 9334.


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