Buy-side and sell-side firms can now confirm trades between themselves via FIX, said Fidessa.
The group announced the availability of its open post-trade confirmation hub, which firms can certify to once and then be part of Fidessa’s global trading community of 3,600 buy-sides and 775 brokers.
Fidessa's new service will enable firms to send and receive allocation and confirmation instructions to each other via an open, free-to-use protocol. This, a release said, removes the need for proprietary alternatives that charge on a per message basis.
The service covers global equities trading and is available now.
"For some time the industry has been looking at post-trade as a key battleground in the war on daily operating costs," said Steve Grob, director of group strategy at Fidessa.
"What we found was that, whilst many of the processes are hugely important, there is no competitive edge in one proprietary approach over any other. Recent fragmentation into competing alternatives has simply made the whole process even more inefficient for market participants of all types."
Fidessa's David Pearson, who is co-chair of the FPL EMEA post-trade working group, said: "Our approach has been to focus on both the messaging standards that the industry wants to adopt and the business process for the operational users."
"By standardising the workflow for all our buy- and sell-side customers we are able to provide a straight-forward and effective middle office environment. In addition, firms can leverage the existing FIX infrastructure they already have in place for routing order flow."
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