The Fixed Income Connectivity Working Group (FICWG) was a collaborative initiative launched in 2010 by the investment banking community and facilitated by Etrading Software. Its objective was to standardize the communication protocols for...
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The current climate of economic restraint and increased regulatory oversight provides a unique opportunity for capital market participants to achieve a step-change in IT efficiency by significantly increasing the use of common technical standards within the industry. Such standards allow the creation of an ecosystem of service providers that provide competing solutions for commoditized business domains, thereby allowing capital markets participants to focus their internal technology strategies and spend on their unique business propositions.
As a trusted partner to the majority of the world’s leading investment banks, Etrading Software is uniquely placed to facilitate the development of such market standards, by promoting change through existing standards bodies wherever possible, or through the creation of informal groups of participants that wish to collaborate together. Across the capital market space we are now seeing the rise of utilities – not-for-profit organizations that offer services for common, non-competitive areas of market activity.
Etrading Software has three key considerations when driving collaborative initiatives:
- Identifying and communicating clear business benefits for participants: It is important that these are not only understood at the outset but also delivered.
- A focus on adoption: If stakeholders need to adopt a new technical standard to achieve a better environment, it is important that any concerns with using new technology are addressed early and that their involvement with the design is continuous throughout the programme.
- Industry ownership: Etrading Software is keen to ensure that what is created is maintained and built upon. To that end, what the industry adopts is handed over to the industry. Much of the work Etrading Software has done to date is now in the hands of standards bodies such as the FIX Trading Community and FpML
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