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Maximizing Industry Efficiency with FIXML Standards

Explore the benefits of FIXML, a widely accepted protocol in the financial services industry. Learn about the efficiency of transmitting standardized messages and the importance of adhering to FIX standards. Join us in embracing the 'North American futures exchange' standard to enhance industry operations. Upgrade to FIXML 4.2 for cost-effective solutions and seamless integration across systems. Let's collaborate to boost industry-wide efficiency and streamline processes with FIXML.

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Maximizing Industry Efficiency with FIXML Standards

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  1. Samuel Gaer, Chief Information OfficerNew York Mercantile Exchange, Inc.FIA FIXML Workshop April 22, 2004New York, NY

  2. The Importance of FIXML • FIX: • A standards-based protocol. • Widely accepted within the financial services industry. • FIXML: • An efficient way to transmit standardized messages across disparate systems. • As with other implementations of XML, tags (descriptors) can be customized. • Individual implementations of FIX and FIXML with custom tags are verging on the proprietary, negating the purpose of FIX.

  3. Our Vision • We are FIX purists. • We want to avoid custom tags and our new systems will not produce them. • We propose a ‘North American futures exchange’ standard. • We believe that this widely accepted implementation of FIX and FIXML will benefit every facet of our industry. • We believe that FIXML works. • FIXML is platform independent. • FIXML lowers everyone’s costs. • Standards in . . . Standards out!

  4. Where We Stand • NYMEX ClearPortsm Trading • The Exchange’s web-based trading platform that offers access to more than 60 energy futures markets. • Accepts FIXML 4.2 messages. • Sends FIXML 4.2 messages. • Universal Trade Blotter • An API into the Exchange’s Trade Management System (TMS). • Will be FIXML 4.2 compliant soon. • Electronic Order Routing (EOR) • Will be FIXML 4.2 compliant. • Allocations • Allocate Trades via FIXML • Post Trade Processing • Trade File Formats in FIXML

  5. Our FIXML Future

  6. How We Get There • We are upgrading all of our systems to support the FIXML 4.2 protocol. • We cannot succeed alone. For FIXML to work, we need our industry’s cooperation. • The sooner we, as an industry, commit to a timeline for implementing FIXML 4.2, the sooner we will all be on the same platform. • In the long term, FIXML reduces everyone’s costs.

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