FIXatdl is designed to reduce the time taken to get new sell-side algorithms into the hands of buy-side traders. Algorithmic trading has grown significantly in importance over the last five years, but to date, releasing new algorithms into the market has meant lengthy and expensive development and test cycles for each OMS vendor, and in turn costly delays for both sides of the market when looking to take advantage of new algorithms.
In contrast, with FIXatdl it should be possible to roll out new algorithms within a matter days, if not hours. Recognising the value of the new standard to the securities industry, Cornerstone Technology is launching a packaged consulting service to help firms achieve FIXatdl compliance quickly, and at a predicable cost. Branded FIXatdl Jump-Start, the programme offers training, consulting and testing services around FIXatdl, tailored to each clientâs requirements, and is designed to help firms that lack the resources needed to incorporate FIXatdl into their environment.
Managing director and active member of the FPL Algorithmic Trading working group Steve Wilkinson commented: âSince its inception FIXatdl has had real potential to reduce time-to-market and slash costs across the FIX community, but to date, adoption of the standard has been slow and the business case uncertain. Version 1.1 of FIXatdl now provides us with a solid foundation for communicating algorithms across the market and adoption is building fast.â
He continued, âPart of the challenge with FIXatdl at this stage is that there are relatively few implementations on the buy-side. Whilst we expect this situation to change relatively quickly, it is crucial to have good relationships with a range of buy-side systems vendors, as testing and certification against a cross-section of platforms is essential. As an independent firm without competitive offerings in the space, Cornerstone is ideally placed to offer this.â
Although not officially launched until today, Cornerstoneâs Jump-Start programme is already being used by a major investment bank to help them convert their existing algorithm specifications into FIXatdl.