ASICs adopts FIX Protocol for short position reporting
13 August 2010 London
Image: Shutterstock
FIX Protocol Limited (FPL) welcomes the Australian Securities & Investments Commission (ASIC's) adoption of the FIX Protocol messaging standard for reporting of short positions as of June 1st 2010.
The FIX Protocol is a free and open standard that has become the language of the world's financial markets, having achieved wide adoption across the global financial services industry. Use of the FIX Protocol enables market participants to benefit from significant cost savings and efficiency gains as firms can connect to other market participants in a standardised and cost‐effective manner, minimising the financial implications of market entry and significantly reducing switching costs.
FIX is a network neutral protocol and many providers offer solutions that enable firms to easily implement the standard. Many of these providers are FPL Member firms, which due to being involved in the organisation, benefit from up-to-date information about FIX developments, upcoming initiatives and best practices.
ASIC's move to select FIX is yet another example of the growing level of interest by regulators and trading venues globally to chose standardised practices. This move builds upon the 2009 announcement by the Investment Industry Regulatory Organization of Canada (IIROC) advising of the regulator's plans to adopt FIX for market surveillance and transaction reporting.
Commenting on ASIC's adoption of the FIX Protocol, Greg Yanco, Senior Executive Leader of Market & Participant Supervision, ASIC stated, "The FIX Protocol messaging standard gives us a global footprint. The Australian short position reporting requirements apply to anyone with a net short position in an Australian listed security. We wanted users globally to be able to communicate with us via a protocol that they are familiar with and use of the FIX Protocol provides that."
Edward Mangles, FPL Asia Pacific Regional Director added, "In addition to the widespread existing FIX user base benefitting from the adoption of FIX by regulators, it is also the scalability of the standard that proves advantageous for market participants, as it reduces future implementation costs should the regulators choose to request more reporting requirements via the FIX Protocol."
The FIX Protocol is a free and open standard that has become the language of the world's financial markets, having achieved wide adoption across the global financial services industry. Use of the FIX Protocol enables market participants to benefit from significant cost savings and efficiency gains as firms can connect to other market participants in a standardised and cost‐effective manner, minimising the financial implications of market entry and significantly reducing switching costs.
FIX is a network neutral protocol and many providers offer solutions that enable firms to easily implement the standard. Many of these providers are FPL Member firms, which due to being involved in the organisation, benefit from up-to-date information about FIX developments, upcoming initiatives and best practices.
ASIC's move to select FIX is yet another example of the growing level of interest by regulators and trading venues globally to chose standardised practices. This move builds upon the 2009 announcement by the Investment Industry Regulatory Organization of Canada (IIROC) advising of the regulator's plans to adopt FIX for market surveillance and transaction reporting.
Commenting on ASIC's adoption of the FIX Protocol, Greg Yanco, Senior Executive Leader of Market & Participant Supervision, ASIC stated, "The FIX Protocol messaging standard gives us a global footprint. The Australian short position reporting requirements apply to anyone with a net short position in an Australian listed security. We wanted users globally to be able to communicate with us via a protocol that they are familiar with and use of the FIX Protocol provides that."
Edward Mangles, FPL Asia Pacific Regional Director added, "In addition to the widespread existing FIX user base benefitting from the adoption of FIX by regulators, it is also the scalability of the standard that proves advantageous for market participants, as it reduces future implementation costs should the regulators choose to request more reporting requirements via the FIX Protocol."
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
