Since its emergence nearly three years ago, the so-called standards road map has been known by several names, but the general concept has remained the same: harmonization of the FIX protocol, Swift messaging standards and the financial products markup language, or FpML.
Now dubbed the business investment road map, the plan calls for increased cooperation between FIX Protocol Ltd. (FPL) in the pre-trade and trade space for equities, fixed income, foreign exchange and listed derivatives, Swift in clearing and settlement, and FpML.org--part of the International Swaps & Derivatives Association (ISDA)--for over-the-counter derivatives. The International Securities Association for Institutional Trade Communication (ISITC) will be responsible for establishing best practices, and occasionally contributing messages.
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