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Samuel Gaer, Chief Information Officer New York Mercantile Exchange, Inc. FIA FIXML Workshop. April 22, 2004 New York, NY. The Importance of FIXML. FIX: A standards-based protocol. Widely accepted within the financial services industry. FIXML: - PowerPoint PPT Presentation
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Samuel Gaer, Chief Information OfficerNew York Mercantile Exchange, Inc.FIA FIXML Workshop
April 22, 2004New York, NY
The Importance of FIXML• FIX:
– A standards-based protocol.– Widely accepted within the financial services industry.
• FIXML:– An efficient way to transmit standardized messages
across disparate systems.– As with other implementations of XML, tags
(descriptors) can be customized. – Individual implementations of FIX and FIXML with
custom tags are verging on the proprietary, negating the purpose of FIX.
Our Vision• We are FIX purists.
– We want to avoid custom tags and our new systems will not produce them.– We propose a ‘North American futures exchange’ standard.– We believe that this widely accepted implementation of FIX and FIXML will
benefit every facet of our industry. • We believe that FIXML works.
– FIXML is platform independent.– FIXML lowers everyone’s costs.
• Standards in . . . Standards out!
Where We Stand• NYMEX ClearPortsm Trading
– The Exchange’s web-based trading platform that offers access to more than 60 energy futures markets.
– Accepts FIXML 4.2 messages.– Sends FIXML 4.2 messages.
• Universal Trade Blotter– An API into the Exchange’s Trade
Management System (TMS).– Will be FIXML 4.2 compliant soon.
• Electronic Order Routing (EOR)– Will be FIXML 4.2 compliant.
• Allocations– Allocate Trades via FIXML
• Post Trade Processing– Trade File Formats in FIXML
Our FIXML Future
How We Get There• We are upgrading all of our systems
to support the FIXML 4.2 protocol.
• We cannot succeed alone. For FIXML to work, we need our industry’s cooperation.
• The sooner we, as an industry, commit to a timeline for implementing FIXML 4.2, the sooner we will all be on the same platform.
• In the long term, FIXML reduces everyone’s costs.