Under this agreement, FIA and FPL representatives will jointly serve on FPL's Global Derivatives Committee (GDC) to further address the needs of the derivatives marketplace. Additionally, both organizations will leverage their support resources for joint marketing and educational events. As Jim Northey, FPL Global Derivatives Committee Chair articulated, "This Statement of Understanding formalizes what has long been a productive working relationship. The input of the FIA Standards Working Group was invaluable in adding derivative functionality to FIX 4.4."
John Damgard, president of FIA agreed, "Derivatives industry participants including exchanges, vendors and financial institutions are all represented by our membership. Working together we will succeed in further developing and promoting standardization."
The FIA/FPL Statement of Understanding is available on the FPL website at www.fixprotocol.organd the FIA website at www.futuresindustry.org/downloads/Standards/FIXAgreement2003July.pdf.
About FIX Protocol Ltd.
FIX Protocol Ltd. is a non-profit organisation that owns the intellectual property rights of the Financial Information eXchange protocol (FIX), which is provided free in the public domain. FIX is a globally recognized messaging standard enabling the electronic communication of pre-trade and trade messages between financial institutions, primarily investment managers, broker/dealers, ECNs and stock exchanges. For more information, see www.fixprotocol.org.
About Futures Industry Association
The FIA is a U.S.-based international association that acts as a principal spokesman for the futures and options industry. Its membership includes approximately 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.