FIX Trading Community Awarded Buy-side Project of the Year Award 2014 by The Trade

27 November 2014

FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, today announced that they have been awarded the Buy-side Project of the Year Award for 2014 by The Trade. The award is in recognition of the EMEA Investment Management Subcommittee’s work on the automation of the Initial Public Offering (IPO) process.

The IPO Initiative was kicked off earlier in the year as the Buy-side sought to replicate the order placing process in the secondary market and provide greater transparency and a more efficient workflow for transmitting IPO orders. The manual process that has been in place had proved to be not only inefficient but also increased the risk of error in transmission or misinterpretation by the receiver of those placed orders. The Best Practices document is currently being drafted and will provide market participants with the framework for electronic IPO order transmittal, utilising the FIX Protocol.

Adam Conn, Head of Dealing, Baring Asset Management, Co-Chair FIX Trading Community Global Buy-Side Committee commented, ‘the work done by the Investment Management Subcommittee has involved all aspects of the market, including the Sell-side and vendors. By coming together under the neutral umbrella of the FIX Trading Community, we are ensuring that the use of standards is fundamental to the IPO initiative moving forward. It is very rewarding to be recognised by The Trade for the work that the subcommittee has done.’

The FIX Trading Community works in a collaborative manner and is delighted that the EMEA Investment Management Subcommittee has worked in a similar manner to address the IPO workflow process and has been acknowledged for this work.

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