FIX Protocol Limited (FPL) has 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 and manager of FIX trading and connectivity, American Century Investments, said: “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.”
Tim Wildenberg, head of direct execution – Europe, Middle East and Africa (EMEA), UBS said: “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.”
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