FiNETIK – Asia and Latin America – Market News Network

Asia and Latin America News Network focusing on Financial Markets, Energy, Environment, Commodity and Risk, Trading and Data Management

Chinese Markets STEP Forward with China FIX

Dr. Bai Shuo of the Shanghai Stock Exchange (SSE) explains the importance of the STEP Protocol and its development in China.

Dr. Bai Shuo, Shanghai Stock ExchangeHow did the STEP Protocol begin and which organisations originally developed it?

Back in 2003, at the same time when the SSE began to prepare the Next Generation Trading System (NGTS) project, which would later go live on Nov 23, 2009, the SSE decided to introduce a message-based protocol between the exchange and brokers, which is widely accepted to be FIX. The pioneering work was encouraged by the China Securities Regulatory Commission (CSRC).

Under the framework of national standardization, this protocol became one of the eight standards in the securities industry. The WG01 group was responsible for the drafting of the protocol under the direction of the CSRC. The membership of the WG01 group includes: SSE, Shenzhen Stock Exchange (SZSE), Shanghai Futures Exchange (SHFE), Guoxin Security Co. and some other securities companies. The protocol, which is informally called Chinese FIX, or CFIX, is named STEP (Securities Trading Exchange Protocol), as it is regarded as the initial ‘step’ towards a first-class stock market. STEP 1.0 was written in 2004 and issued in 2005. STEP was revised as version 1.1 in 2006.

How does STEP fit into China’s overall usage of standards in the financial world?

While FIX is a global standard in the securities industry, STEP is more suitable for the Chinese market, since STEP introduced many native business and local definitions. The CSRC is responsible for the STEP standard. The SSE has agreed to use STEP and is eager to promote STEP, so as to encourage brokers to follow STEP. In China, investor accounts that should be supervised are designed to be contained in Parties component block. Tags in range 8500 to 8540 are allocated for Chinese market usage, such as market data delivery and business for funds, warrants and voting. Quite a few tags are enhanced for local businesses, such as tag 40 (OrdType), tag 103 (OrdRejReason), tag 269 (MDEntryType), tag 326 (SecurityTradingStatus).

What is the scope of STEP’s usage? What parts of the trading cycle was it intended to cover and what asset classes is it used for?

STEP covers the pre-trade and trade parts of trading cycle, as well as some specific registering instructions. STEP is used for stocks, funds, bonds, warrants, ETFs, and lots of featured non-trading businesses, such as IPOs, right issuances, fund creation and redemptions, warrant executions, bond deposit and withdrawals, voting, etc.

Who were the early adopters of STEP? Who currently uses STEP and for what?

The SSE uses STEP for level2 market data service. Information vendors have taken STEP for level2 service in the meantime. Creative businesses like this are suitable to take the new protocol standard in order to have the ability to easily maintain and extend, without a burden to support a legacy interface.

What is the next stage in the development of STEP? Where is adoption of STEP going to grow most significantly in the near future? Are there new goals or applications for STEP?

STEP is under revision as many new businesses were introduced during the last five years. STEP is considered easier to be adopted in market data and other creative businesses. Also, STEP over FAST will be used for SSE level 1 market data delivery. Block trading, quote repo, agreed repo and margin financing on the Alternative Trading Platform (ATP) of the SSE will take STEP as the format for business records. Traditional trading business will gradually be enhanced to support STEP in near future as we get more confidence through the experience on creative business.

Source: FIXGlobalTrading, 15.09.2011
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Filed under: Asia, China, Exchanges, FIX Connectivity, Market Data, Trading Technology, , , , , , , , , , , , , , , , ,

John Cameron launch FIX Consulting Firm Cameron Edge

Former CameronFIX Chief Architect and Orc Software Chief Technology Officer, John Cameron, has departed Orc Software to establish the consulting firm, Cameron Edge.

Providing expert IT services to the worldwide financial industry, Cameron Edge specializes in the areas of electronic trading systems and the Financial Information eXchange Protocol.

Buy side, sell side and exchanges with internal or external system requirements for routing, market data, FAST, etc, will benefit from Cameron’s specialist domain expertise and know-how.

Cameron Edge services include:

  • Review of existing systems with an eye to refactoring for increased stability and ease of support, performance tuning, evolution/migration to future architectures
  • Analysis, design and coding assistance for new systems
  • FIX system review and design
  • FIX performance tuning
  • FIX training

“The tougher it gets for members of the financial industry, the more efficient their computer systems need to be,” says Cameron Edge principal, John Cameron. “Unprecedented market conditions have simultaneously presented financial firms with their greatest challenges and opportunities and Cameron Edge aims to assist firms gain ‘an edge’ over their competitors through superior IT.”

John Cameron was the original author of the leading CameronFIX Engine acquired by Orc Software in 2006. Cameron Edge will maintain a close relationship with Orc, providing complementary custom services to Orc’s CameronFIX customers.

100% of the fees for John Cameron’s services are donated to a selection of well-known charities.

Source: Finextra, 03.06.2009

Filed under: Asia, Australia, FIX Connectivity, News, Trading Technology, , , , , , ,

FISD Asia Pacific Event – Shanghai 21.04.2009

    The FISD Asia-Pac events offer the opportunity for professionals in the local market data community to meet and discuss the impact of both local and global industry developments. These meetings are scheduled to provide FISD members from around the globe with an opportunity to coordinate their business travel around activities in which the local Pacific Rim market data community participates.

    Fullday Program

    Welcome Remark – Mr. Bai Shuo, Assistant to President and CTO, Shanghai Stock Exchange
    Keynote – Mr. Wang, Yong, CEO, SSE InfoNet Ltd.
    Data Acquisition and Application for High Frequency Trading – Mr. Alex Chu, Bloomberg
    Speech by A Domestic Institutional Investor
    Presentation by China Securities Index Co., Ltd.
    FAST protocol applied in SSE Level-2 market data feed – Mr. Huang, Yue, SSE InfoNet Ltd.
    FISD Initiatives and Activities – Tom Davin, Managing Director, FISD/SIIA
    Economic Crisis: Regional and Global Update – Andrew Browne, Editor – China, WSJ and DJ Newswires

    Inside Market Data Panel: “Drivers of Data Demand in the Dragon Empire“                                               Eastern Promise: Competitive Battlefield or Regulatory Minefield?“

    Briefing from Standard & Poors – Kevin Ng, Director, Fixed Income & Risk Management Solutions, Asia Pacific
    Hardware – the path to lower latency” – Crispin Clarke, SVP – Asia and Latin America, Solace Systems

    Source: FISD, 16.03.2009

    Filed under: Asia, China, Data Vendor, Events, Exchanges, Trading Technology, , , , , , , , ,

    2nd FPL Latin America Electronic Trading Conference.

     2nd FPL Latin America Electronic Trading Conference. May 11th / Marriott Renaissance Hotel / Sao Paulo, Brazil

    Building upon the tremendous success of the 2008 event, which generated requested registrations from almost 300 delegates from the local trading community, almost double the anticipated numbers, the 2009 conference will address the key issues, challenges and opportunities impacting the Latin American electronic trading environment today.

    By employing the knowledge and experience developed in delivering the 2008 event, in 2009 we will aim toprovide an exceptional conference driven by a high quality, educationally focused agenda, prepared by the FPL Latin America Subcommittee. This dedicated team benefits from a wealth of local knowledge and includes representation from firms across the region. The agenda will feature dedicated business and technology streams, including a series of presentations and panel sessions.An exploration of the key developments that have taken place in the global electronic trading environment over the past 12 months

    Topic areas to be discussed will include:

    • An analysis of the electronic trading trends emerging within Latin America and the impact of changing market structure within the region
    • The opportunity to compare various emerging markets from across the globe and explore the issues and challenges presented by these regions. Additionally, it will examine the key factors that should be considered if Latin America is to continue enjoying the growth of recent years
    • How firms can benefit from business opportunities and remain competitive within the changing Brazilian market
    • Algorithmic Trading and Direct Market Access (DMA) – The evolution of these trends over the past 12 months
    • Market volatility and its’ impact on trading in Latin America
    • An examination of the changing roles of buy-side and sell-side traders in Latin America and the opportunities, and challenges they will face in late 2009 and 2010
    • The opportunity to benefit from detailed FIX and FAST Protocol implementation adviceAn examination of the technical architecture of FIX-enabled exchanges from across the region.

    Source: FIX Protocol Org, 24.02.2009

    Filed under: Brazil, Events, FIX Connectivity, Latin America, Mexico, Trading Technology, , , , , , , , , , , , , ,

    FPL Announces the Release of the FAST Protocol Version 1.2

    FIX Protocol Ltd (FPL) is proud to announce the release of the FIX Adapted for STreaming (FAST) Protocol(sm) Version 1.2.  FAST 1.2 offers incremental improvements to previous releases, enabling the industry to benefit from even greater efficiency gains.

    Working with existing adopters of the FAST Protocol, the FPL Market Data Optimisation Working Group (the team responsible for developing the FAST Protocol), has sought opportunities for improvement and has included enhancements in this latest release that enable greater compatibility for the use of FIX with FAST, specifically with regards to enumerations, time stamps and boolean data types.

    Based on the feedback received from the user community, the enhancements included within FAST 1.2 have also been developed in a manner to enable full compatibility with version 1.1.  FAST 1.2 is now publicly available and downloadable from the FPL website, at http://www.fixprotocol.org/fastspec.

    The FAST Protocol(sm) is a data compression methodology that has been developed in response to ever-increasing electronic trading volumes and market data messaging rates.  The FIX Protocol(sm)  has achieved very wide adoption, and it was clear that it would benefit from additional facilities to deal with high-volume messaging situations that would normally require greater network capacity.  Other alternatives that had been developed to address this issue presented performance limitations with respect to compression and latency.

    By leveraging concepts including implicit tagging, field encoding and binary representation of data, the FAST Protocol(sm) offers a solution that optimises communication in the electronic exchange of financial data and in particular when used in combination with the FIX Protocol.  FAST provides greatest benefits when handling large quantities of data that share similarities in content and structure, and it is now actively used by a growing number of execution venues globally.

    Commenting on the launch of FAST 1.2 Greg Maynard, System & Product Strategy Officer at the International Securities Exchange (ISE) and contributor to the FPL Market Data Optimisation Working Group, stated. The development of the FAST 1.1 standard presented a fantastic opportunity for the industry to benefit from reduced message size, reduced bandwidth requirements and improved latency.  FAST 1.2 offers enhanced computing performance and I believe this will drive even greater adoption of the standard.

    Rolf Andersson, Co-Chair FPL Market Data Optimisation Working Group, CEO of Pantor Engineering added. The incremental improvements that we have included to create FAST 1.2 present an excellent example of the value that FPL brings to the future development of the electronic trading industry.  FAST 1.2 was created through close collaboration between industry experts to improve the functionality available and to advance the global trading process for all market participants.

    Source: FPL, 18.02.2009

    Filed under: FIX Connectivity, News, Standards, Trading Technology, , , , , , , ,

    FiNETIK speaks at Events

    11.2008 FiNETIK speaks at State Gov. of Veracruz, Mexico  Agri-producer event about import and export requierments and business connectivity “Exportando a Singapur, Mercados Asiáticos” / “Exporting to Singapore and Asian Markets”

    10.2007 FINETIK speaks at Shanghai Stock Exchange/ FISD East Asia, Shanghai, October 18 “Impact of Growing Market Data Volums

    05.2007 FINETIK speaks ATIC Asian Traders and Investor Conference, Ho Chi Minh, Vietnam,” What do Institutional Investors expect of Vietnam”

    10.2006 FINETIK speaks at FISD Asia Financial Information Summit, Singapore;” Does Unified Data lead to a Unified Market?”

    05.2006 FINETIK speaks at GBST Client Forum, Melbourne; “Asian Financial Markets

    11.2005 FINETIK speaks at Inside Market Data, Asia, 2005, Hong Kong; “Local vs. Global Vendors

    12.2004 FINETIK speaks at ARIMI Risk Management Seminar, Singapore; Data Management Risk

    10.2003 FINETIK speaks at PRIMIA in Shanghai; “Operational Risk in Financial Information Management”

    11.2002 FINETIK speaks at Investors World Services Asia, Singapore; The Challenges of Implementing STP

    10.2002 FINETIK speaks at DAMA-METADATA Europe in London, UK; Data Strategy: Global Design for Local Content

    05.2002 FINETIK speaks at DAMA-METADATA International, San Antonio, USA; Data Strategy: Global Modeling & Knowledge Management for Local Content

    Filed under: Australia, China, Corporate Action, Data Management, Data Vendor, Events, FiNETIK Events, Hong Kong, Library, Market Data, Mexico, News, Reference Data, Singapore, Standards, Vietnam, , , , , , , , , , , , , , , , , ,

    CME upgrades market data application

    CME Group, the world’s largest and most diverse derivatives exchange, today announced the launch of the latest version of CME E-quotes, a premiere real-time streaming market data application offering quotes, charting, advanced analytics and news on CME Group traded products.

    E-quotes will enable users to access prices for all CME Group listings, including interest rates, equity indexes, foreign currencies, commodities, energy, metals and alternative investments. In addition, there is also access to prices for products listed on the Minneapolis Grain Exchange and the Kansas Board of Trade, which are available for electronic trading on CME Globex(R).

    “CME Group partnered with Chicago-based Computer Voice Systems Inc. to transform their data system into a platform that will provide market participants a sophisticated and intuitive tool to reliably engage the latest news, analytics and quotes,” said Brian McElligott, CME Group Director of Information Products Management. “This is another example of our continued focus on providing our customers with the latest market data technology at a significant value to view and analyze our markets and to better reach more informed decisions.”

    The E-quote Basic, Advanced and Professional editions enable users to track the markets with customizable features including quote monitors, market depth, advanced charts, time and sales and more. E-quotes supports Simplified Chinese, Russian and Japanese languages and is expandable to add additional languages.

    Features of E-quotes include:

    • Free bundled delayed quote/chart access to all CME Group exchanges
    • Bundled Dow Jones News Select news in E-quotes Advanced and Professional editions
    • Cutting edge technology and a robust, growing feature set
    • Advanced edition is packed full of top analytics and powerful quote display features plus bundled news and free agricultural weather maps
    • Professional edition is everything obtained in Advanced plus sophisticated new quote views and options analytics
    • All new Wireless edition to track the markets on the go; around the world
    • The best market combination of sophistication, usability, performance and price for accessing CME Group products

    Source: CME 06.10.2008

    Filed under: Data Management, Exchanges, FIX Connectivity, Market Data, News, Standards, , , , , , , , , , ,

    Inside Market Data: Standards May 2008

    This report discusses financial industry standards like: FIX, FAST, FpML, XBRL, MDDL, Symbology, STEP, ISO Standards.  IMD: Standards May 2008

    Source: Inside Market Data, May 2008

    Raising the Standard, By Max Bowie

    Every great structure is made up of a complex arrangement of smaller, more basic building blocks
    that together create a greater whole. The world of market data is no exception: It is neither luck
    nor miracles that ensure data gets to the right consumer in the right format, in time for the right
    purpose, but a sophisticated combination of underlying protocols that govern the message
    formats used for specific purposes and data types.
    Traditionally fragmented along the lines of vendors’ proprietary communication protocols,
    the financial industry has in recent years stepped into the driving seat with a series of initiatives
    intended to develop undisputed standards for different parts of the pre- and post-trade process.
    Yet not all of these—such as the FISD’s Market Data Definition Language (MDDL)—imme-
    diately took off, while others like the FIX Protocol proved so successful that firms were soon
    creating their own “flavors” of FIX. So much so that when the market tried playing fast and loose
    with the FAST Protocol, a derivative of FIX for streaming data, FPL took steps to ensure that the
    standard remained intact and that its value was not diminished by non-standard implementations that undermine its effectiveness.d

    Filed under: Corporate Action, Data Management, Data Vendor, Exchanges, FIX Connectivity, Library, Market Data, Reference Data, Standards, Trading Technology, , , , , , , , , , , , , , , ,

    Presentaciones Español- FPL Latin America Conferencia de Contratación Electrónica 2008

    Presentaciones en Español del FPL Program Office, New York 17.04.2008

    – Tendencias de la contratación electrónica en Europa
    – Tendencias de la contratación electrónica en Asia
    – Tendencias de la contratación electrónica en Estados Unidos de America
    – Tendencias de la contratación electrónica en Latinamerica
    – El FIX Protocol:Las ventajas que presenta al operador de bolsa latinoamericano
    – Comercialización en Latinoamérica
    – Compensación y liquidación en Latinoamérica
    – Clearing and Depository Corporation de Brasil
    – Contratación algorítmicay DMA (acceso directo al mercado) en Latinoamérica
    – El Protocolo FIX : Guía para la Implementación
    – El FAST Protocol: Optimización de comunicaciones de información financiera
    – FIX.5.0 y FIXT.1.1: Guía para la implementación
    – Contratacióncon algoritmos FIX Lenguajede definición
    – Mercados de Mercaderías de Fuentes Energéticas Alternativas – Mercado de Carbón
    – Mercados de Mercaderías de Fuentes Energéticas Alternativas – Etanol

    Filed under: BM&FBOVESPA, Brazil, Events, Exchanges, FIX Connectivity, Latin America, Library, Trading Technology, , , , , , , , , , , , , ,

    Apresentação em Português – FPL Latin America Conferência de Transação Eletrônica 2008

    Apresentação em Português de FPL Program Office, New York

    -Mercado Europeu de Negociação Eletrônica: Tendências Emergentes
    -Tendênciasda Transação Eletrônica na Ásia
    -Tendênciasda Transação Eletrônica na Ámericano
    -O Mercado de Negociação Eletrônica:Tendências na América Latina
    -Protocolo FIX: As Vantagens que Ele Apresenta ao Comércio Latino-americano
    -Atividades de Negociaçãona América Latina
    -Serviços de Compensação & Liquidação na América Latina
    -Companhia Brasileirade Liquidação e Custódia
    -Transação Algorítmica e DMA na América Latina
    -Protocolo FIX: Guia de Implantação
    -Protocolo FAST:Otimizando a Comunicação de Informações Financeiras
    -FIX.5.0 e FIXT.1.1: Guia para Implementação
    -Linguagem de Definiçãodo FIX para Transações Algorítmicas
    -Energia Alternativa Mercados de Mercadorias – Mercado de Carbono
    -O Mercado de Commodities de Energia Alternativa – Álcool

    Filed under: Argentina, BM&FBOVESPA, Brazil, Chile, Colombia, Events, Exchanges, FIX Connectivity, Latin America, Library, Mexico, Trading Technology, , , , , , , , , , , , ,

    Presentations English – FPL Latin America Electronic Trading Conference 2008

    English Presentations by the FPL Program Office, New York 17.04.2008

    -The Electronic Trading Market: Emerging Trends -Europe
    -The Electronic Trading Market: Emerging Trends –Asia Pacific
    -The Electronic Trading Market: Emerging Trends –North America
    -The Electronic Trading Market: Emerging Trends –Latin America
    -The FIX Protocol: The Advantages it Presents to the Latin American Trader
    -Clearing & Settlement in Latin America Clearing & Settlement in Latin America
    -Brazilian Clearing and Depository Corporation
    -The FIX Protocol: A Guide to Implementation
    -Implementing FIX
    -The FAST ProtocolOptimising the Communication of Financial Information
    -FIX.5.0 and FIXT.1.1 Guide to Implementation
    -The FIX Algorithmic Trading Definition Language(FIXatdl): A Technical Introduction
    -Alternative Energy Commodities Markets– Carbon Market
    -The Alternative Energy Commodities Market – Ethanol Market

    Filed under: BM&FBOVESPA, Brazil, Colombia, Events, Exchanges, FIX Connectivity, Latin America, Library, Mexico, Trading Technology, , , , , , , , , , , , ,

    FPL Latin America Electronic Trading Conference, Sao Paolo, Brazil

    On Wednesday, April 2nd FIX Protocol Limited (FPL) will be hosting its first conference in Latin America . This event will take place at the BM&F- Brazilian Mercantile & Futures Exchange in Sao Paulo , Brazil.

    Please click here to visit the full day program.

    Filed under: Argentina, BM&FBOVESPA, BMV - Mexico, Brazil, Central America, Chile, Colombia, Events, Exchanges, FIX Connectivity, Latin America, Mexico, News, Peru, Trading Technology, , , , , , , , , ,

    Impact of growing Market Data Volums – Shanghai Stock Exchange

    See Market Data Volums Presenations (download) as presented on October 18th, 2007 in Shanghai to China’s financial information vendor and user community. Trend and Solutions in of the growing market data volum.  An event jointly organized between SSE Infonet (Shanghai Stock Exchange) and FISD

    Source: 18.10.2007 FiNETIK, Stephan Stadelmann

    Filed under: Asia, China, Data Management, Data Vendor, Exchanges, FiNETIK Articles, Library, Market Data, Standards, , , , , , , , , , , ,