FIX launches 4 message types for real-time settlement updates

The FIX Trading Community (FIX), announced the launch of four new message types to provide timely and standardized settlement status communications for securities transactions, aiming to improve operational efficiency, reduce risk and support wider industry initiatives to achieve accelerated settlement.

Laurence Jones, Americas regional director for FIX, said in a statement: “In response to the rapidly evolving settlement cycle landscape, FIX is working alongside the industry to develop new standards, in order to sustain the high levels of automation and efficiency experienced upstream. Our core mission is to empower and support market participants meet their regulatory requirements.”

David Pearson, product manager at Torstone Technology, said in a statement: “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, speedy communication across buy-side firms, custodians and brokers – both crucial in supporting the early detection of errors and the swift resolution of issues. FIX’s new workflow and messaging standards will drive significant improvements to post-trade operational inefficiencies by closing the existing communication gap and enabling near real-time updates on securities settlement status for end clients.”

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