Algorithmic Trading Working Group
This Working Group develops and maintains the FIX algorithmic trading definition language (FIXatdl) - a standard that formalizes the specification of trader's order entry screens, including all the various parameters, dialogue boxes, workflows, default values, help text, and validation rules.
Order providers (Targets) who will be receiving new order messages sent to them by traders (Senders) describe their various order types in a simple XML file prepared in conformance with the FIXatdl standard. The structural integrity of that file must formally validate against the templates (Schema .xsd files) prepared and distributed directly from this Working Group. The FIXatdl XML file contains for each order type, the exact "recipe" for creating a standard FIX message communicating a specific live order of that type. The underlying FIX message protocol remains absolutely unchanged by this meta standard.
A Target's published XML file may then be distributed to a wide variety of traders in various locations, who in turn are utilizing a broad array of custom and packaged OMS and EMS systems. Those various systems are programmed one-time to enable them to digest and consume FIXatdl files. After that single-shot effort, those systems easily may accept new and modified order types submitted to them in updated or newly created FIXatdl file format. There is no need to further reprogram any part of the OMS or EMS to accommodate small and large changes to standing order types, or to accommodate brand new order types. This technology allows order type innovations to proceed on a very rapid basis, enabling them to reach active traders and be in ready-to-trade status on their OMS and EMS systems almost instantaneously.
See also Discussion Forums: Algorithmic Trading
The Working Group uses that forum to communicate and generally holds a teleconference monthly. All are welcome to participate.
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