FIX Trading Community Unveils Latest Iteration of EMEA Execution Guidelines

FIX Trading Community, a non-profit industry-wide initiative, has produced specific guidelines on Execution Venue Analysis for the Europe, Middle East, and African (EMEA) region.

The group’s latest round of revisions shifts focus onto the augmented clarity of Last Capacity and Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term flag definitions, in conjunction with the mandate of executing venues. This includes the important topics of broker crossing and alternative trading systems, namely in supply of valid Market Identifier Codes (MICs) on their respective executions.

The guidelines put forward by FIX have undergone an extensive process of review, following the group’s Global Buy-Side Committee analysis. Consequently, FIX’s community has monitored for any inconsistencies in an attempt to usher in the highest possible level of transparency.

These guidelines were supplemented by the newly forged EMEA Business Practices Subcommittee, which produced a revised set of guidelines to highlight EMEA-specific trade scenarios.

According to Irina Sonich-Bright, Director, AES Business Development, Credit Suisse, in a recent statement on the guidelines: “The importance of the work being done by the FIX Trading Community is immense. The buy-side has voiced their needs and concerns and the importance of agreeing on the uniform standards that can be adopted by the broker community. By collaborating with the buy-side, consensus has been achieved in a very practical way.”

Last month, FIX unveiled a targeted focus on MiFID II, culminating in the creation of six new subgroups to specifically address the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. In order to better grapple with a period of regulatory change and upheaval, FIX devoted six new specialized subgroups to MiFID II regulation, following a recent meeting with European regulatory authorities. The six subgroups included Clock Synchronisation, Reference Data, Transparency, Best Execution, Microstructure, and Order Data and Record Keeping.