FIX Trading Community, the non-profit, industry-driven standards body, has launched a new set of message types to support periodic future payment management in post-trade.
The introduction of a new set of FIX standard messages will allow firms to send and receive details relating to expected periodic payments, a process which is done prior to any physical cash movement or remittance instructions.
Laurence Jones, co-chair of FIX Trading Community’s global post-trade working group and director, for post trade strategy at Traiana, said: “This is several years in the making and has gained a huge amount of focus in the industry in the last 12 months.”
He added: “Through the FIX Trading Community, we have created a new industry subgroup to focus on post-trade innovation and have explored ways in which we can adopt the FIX Protocol as a standard in this area.”
Lou Rosato, co-chair of the FIX Trading Community America’s regional committee and director in the global investment operations group at BlackRock, commented: “FIX Trading Community has long been a market leader in setting messaging and language standards for pre-trade, execution and post-trade across a host of different asset classes and functions.”
He added: “The natural next step is to continue looking further down the post-trade chain into asset servicing and reporting standards which help the industry reduce risk and operate more efficiently.”
