FIX Trading Community has published a 24-Hour Markets Industry FAQ designed to help firms navigate the shift towards extended hours and 24-hour trading.
Compiled by industry practitioners, the FAQ addresses the common questions firms are facing during the transition to longer trading hours. Topics covered span aspects of trading, transparency, and connectivity, and include post-trade processing, clearing implications, and operational resilience.
Since FIX Trading Community governs the FIX Protocol, a global, open messaging standard that enables securities transactions worldwide, the document also shows how FIX data fields can be used to support 24-hour trading models.
Enrico Cacciatore, co-chair of the FIX 24-Hour Markets Working Group and co-founder and chief product and strategy officer of CalcGuard Technologies points out, “Once the session never closes, basic questions like which trade date a fill belongs to, or which session it is printed in, become where reconciliation breaks. Most of the answers already exist in FIX. This FAQ shows firms how to use the fields they already have consistently, before every venue invents its own convention.”