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FIX Algorithmic Trading Definition Language, better known as FIXatdl, is a standard for the exchange of meta-information required to enable algorithmic trading activity within the financial markets. It works in tandem with the Financial Information eXchange (FIX) protocol which is the lingua franca of electronic trading in the securities market. == Background == Prior to the mid-nineties, virtually all trading of securities was transacted over the phone, but with the advent of FIX, trading moved steadily over to electronic means. The FIX protocol is used to communicate between sell-side and the buy-side Order Management Systems (OMS) to exchange orders and order execution information without human intervention, using standardised messages and workflows that are defined by the protocol. Initially, sell-side firms only provided access to their 'trading desks' via FIX, which meant that once an order arrived at the sell-side broker, it was handled by a human trader, at least at the start of its lifecycle. Subsequently, sell-side firms started to offer direct access via FIX to the exchanges/markets they were members of; this is known as direct market access (DMA). At this time, many sell-side firms had their own proprietary systems to trade automatically in the market, using algorithmic trading strategies, and over time they began to see that offering access to these trading strategies to the buy-side was a way to attract business and increase revenue. Whilst FIX is an extensible protocol, there were two challenges that arose as a result of sell-side firms offering access to their algorithmic trading strategies via FIX. The first was that each sell-side strategy had its own parameters that had to be included as part of the order, so every firm ended up requiring a different set of fields (known in FIX as "tags") to be included in the FIX message. This made life very difficult for the buy-side, and more particularly for their suppliers as adding new algorithms to their trading systems and managing all the different combinations of tags became a significant overhead for their development operations. The second issue for the market was that each sell-side firm had a specific way they wanted their algorithms to be displayed on the buy-side OMS, with controls in the user interface arranged logically for easy order entry. Again this proved a challenge for the buy-side systems vendors, as each new screen for each sell-side broker required dedicated development and testing effort. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「FIXatdl」の詳細全文を読む スポンサード リンク
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