FIX Protocol (FPL), the organisation responsible for the FIX messaging standard, has launched version 1.1 of its FIX Algorithmic Trading Definition Language. The standard is designed to allow the simple XML expression of electronic trading capabilities, which FPL says should enable firms to generate rich and dynamic graphical user interfaces (GUIs) for traders automatically.
Version 1.0 of FIX Algorithmic Trading Definition Language (FIXatdl) became a fully approved FIX standard in March 2008. The 1.1 update incorporates feedback from the industry and adds new capabilities for advanced validation rules and dynamic trader GUI workflows.
In the new version, rules may now be named and expressed once, then reused and cascaded to allow maximum control over virtually all aspects of workflow and final order validation, according to FPL. Validation, the firm said, was named as the number one problem area, consuming considerable technical resources in upgrading order management systems to allow advanced new trading strategies. It added that FIXatdl 1.1 adds greater automation to the validation process.
According to FPL, the FIX Algorithmic Trading Definition Language (FIXatdl) complements the FPL messaging standard and allows firms receiving orders to specify exactly how their electronic orders should be expressed. Orders built using FIXatdl can then be transmitted from the trader’s systems via the FPL. All versions of the FPL are fully supported and no changes to the underlying FIX infrastructure are required.