The FIX Trading Community has published guidance that sets out a standardised messaging framework for margin requirement reporting between asset managers and clearing brokers and swap providers.
The guidance was developed by FIX’s post-trade committee and lets buy-side firms request and receive margin information from the sell-side in a consistent, machine-readable format.
Jim Kaye, executive director at FIX Trading Community, said: “Timely, accurate margin reporting is a critical operational control for firms managing swaps financing and other margined activity.
“By standardising how margin requirements are requested, acknowledged and reported through FIX, this guidance gives asset managers and clearing broker/swap provider a practical framework for reducing manual processing and improving transparency across counterparties and products.”
Firms can use the specification to request, receive and publish margin reports in a standard format.
It covers both one-off and ongoing reports, and margin information can be broken down by account, portfolio or instrument, or shown as an overall excess or deficit.
Ignatius John, co-chair of the FIX Post-Trade Committee, added: “This gives firms a common language for exchanging margin information, regardless of counterparty or reporting model. For buy-side and sell-side firms alike, that means fewer bespoke processes, clearer data, faster reconciliation and a stronger foundation for automating collateral and funding workflows.”
The new guidance is the latest post-trade work from FIX. In 2023, the firm introduced real-time message types to support the US move to T+1 settlement.