October 16, 2002 FIX Protocol Limited is now open to all firms interested in participation including vendors, exchanges, ECNs/ATSs, industry associations as well as buy and sell side financial institutions. According to Michael O'Conor of the U.S. Chair of the Reorganization Committee, "We have been preparing to open up membership for the past couple of months and feel confident that new members will both find and add value as part of the newly restructured FPL organization. As with any standard, beyond developing the protocol to meet market needs, concerted effort is required to promote adoption. That's where FPL members can play a pivotal role."
As part of their restructuring plan, FPL has been actively expanding its product coverage through the elevation of two key working groups to Global Product Committees in the Fixed Income and Derivatives area. The Global Fixed Income Committee originally began as a group effort between The Bond Market Association and FPL and is chaired by Dan Doscas of Lehman Brothers. The Derivatives Committee, chaired by Jim Northey of The LaSalle Technology Group, Inc. and a consultant for the CBOE, has been working actively within the futures and options industry to address derivatives market needs in FIX 4.4.
As stated by Alan Line, European Chair of the Reorganization Committee, "As an industry, we are no longer competing at the protocol level. Using standards reduces time to market and costs. FPL provides the structure for our member firms to work together to realize these benefits quickly and without duplicating efforts." Specifically, FPL offers members the ability to contribute to the industry advancement of the FIX protocol in the following ways:
Â· Understand how to use FIX for automating the trade process
Â· Ensure that FIX protocol development/maintenance addresses market and firm needs
Â· Address practical issues to promote adoption and implementation of the FIX protocol
Those organizations interested in becoming a member of the FPL organization should contact the FPL Program Office.
For more information, please contact:
Mr Michael O'Conor at 212-449-9180