The FIX Trading Community (FIX) has launched four new message types for real-time settlement updates. This is in response to growing demand from industry participants for timely and standardised settlement status communications for securities transactions.
The new message types aim to improve operational efficiency, reduce risk and support wider industry initiatives for settlements.
FIX’s new workflow and messaging standards are expected to drive improvements to post-trade operational inefficiencies by closing the existing communication gap.
Laurence Jones, Americas regional director at FIX, comments: “FIX is working alongside the industry to develop new standards [for settlements], to sustain the high levels of automation and efficiency experienced upstream.”
David Pearson, product manager at Torstone Technology, adds: “The transition to T+1 in the US, and the potential repercussions on markets globally, have highlighted the pressing need for greater trade visibility and more efficient communication across buy-side firms, custodians and brokers.”
