FIX Protocol (FPL) has announced that the FIX Algorithmic Trading Definition Language (FIXATDL) has entered its beta phase in preparation for its ultimate release targeted for late 2007.
The new language will allow broker-dealers to specify algorithmic order types in an industry standard XML format, enabling Buy-side clients to access new order types within a significantly reduced timeframe.
Having completed development and initial testing phases, and gained broad industry feedback, on July 23rd FIXATDL will enter into its final stage of testing, the beta testing phase.
“In FIX.4.4 and FIX.5.0 we addressed the issue of how to communicate the parameters of an algorithmic trading strategy in a standard yet flexible way,” says Kevin Houstoun, Co-Chair FPL Global Technical Committee and Consultant to HSBC. “This complimentary language allows sell-sides, ECNs and exchanges to develop and deploy new algorithms much more quickly than before, and represents an important step towards the industry’s ultimate objective of minimising cost drag on end investors.”