FIX Trading Community Publishes SEF Guidelines
The new guidelines aim to explain how details about client relationships can be transferred electronically using the FIX messaging language to increase efficiency and connectivity while reducing operational risks.
"Communicating client enablement information is currently a very labor-intensive process, and as each trading relationship will need to be validated on day one of the new SEFs going live, the impact of standardized electronic procedures could be huge—significantly speeding up the enablement process and considerably reducing the potential for errors," says Sassan Danesh, co-chair at FIX Trading Community global fixed income subcommittee, and managing partner at Etrading Software.
As SEFs are set to launch in the fourth quarter of this year, the structure of the over-the-counter (OTC) derivatives and OTC fixed income markets has significantly changed, and the development of recommended practices has become more important.
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