Thirty years ago, a small book titled “FIX Protocol version 2.7” was published by a consortium of like-minded firms in the financial industry. Despite its unappetising name, this book and its subsequent versions catalysed a transformation in trading over the past three decades.
Back in the early 1990s, smartphones didn’t exist, and the internet was just emerging from universities. Computers were becoming more affordable and powerful, but electronic trading systems were disjointed. Traders needed different systems to trade with various brokers, leading to inefficiencies.
The real heroes of this story are the people who supported this initiative. They invested time and sometimes their firms’ resources to make it happen. The protocol’s openness and neutrality were baked in from the start.
Today’s financial landscape is more complex, with rapid technological innovation. People are busier, and spare time is scarce. Collaborative efforts like FIX allow individuals to contribute their insights and skills, benefiting both them and the industry.
As we explore artificial intelligence and distributed ledger technology, collaboration remains essential. Like-minded individuals working together can kick-start the next phase of electronic trading. Let’s embrace that spirit to shape the future of finance.
The FIX Trading Community remains dedicated to addressing implementation challenges and opportunities in the financial industry. From market outages to digital asset standards, collaboration is essential for progress. The same knowledgeable and dedicated individuals who sparked the electronic trading revolution continue to drive innovation.
By Jim Kaye, Executive Director of the FIX Trading Community
