August 4, 2004- FIX Protocol Ltd. (FPL) is pleased to announce the formation of an Algorithmic Trading Working Group. The establishment of this group is due to the fact that over the last year there has been a growth in the number of services offered by brokers to the buyside, particularly in the area of DMA (Direct Market Access) and Algorithmic Trading. The interface requirements for each service vary from broker to broker. Whilst it must be recognised that the internal workings of Algorithmic Trading engines are proprietary and business-sensitive and should not be discussed in an open forum, the opportunity exists to ensure that the various interface requirements from buyside systems to the Algorithmic Trading engine are properly covered by the FIX protocol.
This Working Group is open to all FPL member firms and will be headed by Chris Sims, who is head of Information Systems Development at Gartmore Investment Management. If anyone is interested in FPL membership or joining this working group please contact the FPL Program Office at + 1 212 652 4469.