1. 06/23/2000FIX AND XML: FIXML1 FIXML and STP Related Efforts John Goeller Director Electronic Trading john.goeller@ssmb.com

2. 06/23/2000FIX AND XML: FIXML2 FIX Protocol Overview FIXML Industry Initiatives Questions Contents

3. 06/23/2000FIX AND XML: FIXML3 Institutional Trader Phone / VerbalFIX / Electronic OrdersIndications DirectionOrder Acknowledgments Executions ColorTrade Reports NewsResearch Notes Trade IssuesE-Mail Broker Sales / Trader FIX FIX What is FIX? Co-existence with tradition

4. 06/23/2000FIX AND XML: FIXML4 FIX Protocol Limited Global Steering Committee SUPPORTTECHNICALCOMMITTEE USEUROPETOKYO Regional Steering Committees...... IOIGroup 2Group 3... ECN/ Exchanges FIXMLLists Business Working Groups Technical Working Groups

5. 06/23/2000FIX AND XML: FIXML5 Recent Headlines Demand for FIX US Equity Order Delivery Increasing Tower Group expects spending on Vendor order management systems to grow 41% in 2002 Use of FIX by US and European Firms for US and International Equities Expected to Ramp Up Post-Y2K Vendors (QUICK) in Japan Expect Live Order Delivery in the Last Quarter Strong Asia/Pacific Interest in FIX Potential for New Regional Committee

6. 06/23/2000FIX AND XML: FIXML6 Recent Survey - Spring, 1999 82% of firms, buy-side and sell-side, execute at least some of their trades via ECNs/ATSs 78% of brokers and 59% of buy-side institutions utilize order routing networks for some of their orders/executions 31% of the surveyed institutions use FIX 82% of brokers use FIX 77% of buy-side firms not using FIX plan to use it in 2000 Enterprise Technology Corporation (ETC) surveyed nearly 900 senior executives from several hundred buy-side and sell-side firms on their current utilization as well as future plans for deployment of equity trading technology Key Findings

7. 06/23/2000FIX AND XML: FIXML7 Why FIX usage is increasing? Delivers information in real-time Provides platform and vendor independence Eliminates proprietary interfaces and coding of multiple message formats which reduces amount of time to connect Guarantees order message delivery Supports data security (encryption) Supports multiple currencies and instrument types Allows for cost-effective connectivity Technical Reasons

8. 06/23/2000FIX AND XML: FIXML8 Why FIX usage is increasing? Accommodates higher volumes Widely adopted Prepares firms for shortened settlement cycles Enables front to back STP Promotes liquidity through IOIs Responds quickly to industry changes Leverages the active participation of industry experts via working groups Business Reasons

9. 06/23/2000FIX AND XML: FIXML9 Technical Developments Working Group Update  Fixed Income  Mutual Funds  Program Trading US/European initiative for order delivery Japanese initiative on principal bid activity Strong Exchange Pilot/Design Interest  NYSE, NASDAQ, CBOE, TSE, OSE, LSE, etc.

10. 06/23/2000FIX AND XML: FIXML10 FIX Protocol Timeline Initial FIX Session-Level IOI/Advertisements Orders/Execution Reports Clarification of 2.7 Enhanced Session Level Quotes/ DK Trades/Allocations Minor Session Level Execution Report Changes Cross Border Allocations Foreign Exchange Trading FIX 2.7 FIX 3.0 FIX 4.0 FIX 4.1 FIX 4.2 Jan’ 1995 Sep’ 1995 Jan’ 1997 Apr’ 1998 Mar’ 2000 57 Pages 112 Fields 24 Messages 4 Appendices 69 Pages 138 Fields 27 Messages 4 Appendices 106 Pages 208 Fields 28 Messages 7 Appendices

11. 06/23/2000FIX AND XML: FIXML11 FIX 4.2 Summary Session-level New DataTypes XMLDataLen and XMLData Message Encoding - Japanese Character Sets Overall Business Level Reject Option Strategies Fixed Income IOIs - High Yield and Corporates IOI Routing Japanese Allocations 265 Pages 396 Fields 46 Messages 16 Appendices

12. 06/23/2000FIX AND XML: FIXML12 FIX 4.2 Summary Orders and Executions Appendix D - Order State Change Matrices Pre-allocation on order Good-Till (GT) and “ExecRestated” Exchange-related Enhancements Market Data Mass Quoting Security Definition and Status Trading Session Status Discretionary Pricing, Multiple/Extended Trading Sessions Program/List Trading Two bidding models List staging and submission 265 Pages 396 Fields 46 Messages 16 Appendices

13. 06/23/2000FIX AND XML: FIXML13 Issues to consider with FIX Implementation Ambiguities Simplistic, unstructured messages Custom parsing and validation Primarily Equities Limited post-trade usage

14. 06/23/2000FIX AND XML: FIXML14 How Can We Deal With The Issues? Certification & FIXML

15. 06/23/2000FIX AND XML: FIXML15 FIX Certification Defined Establish an ongoing testing and certification process to globally increase use and ensure compatibility of the FIX Protocol

16. 06/23/2000FIX AND XML: FIXML16 FIX Certification Steps Established FIX Technical Working Group Hired Pricewaterhouse Coopers (PwC) - facilitated and gathered requirements for RFP Created Online Survey Held Ten Principal and Vendor Workshops in May 1999 - New York, Boston, London Created Request for Proposal (RFP) Managed Responses (Four Firms Responded) Selected Candidate (Currently Under Negotiation)

17. 06/23/2000FIX AND XML: FIXML17 FIX Certification Components Testing Scripts Application Notes Reference Implementation and Testing System Managed Process

18. 06/23/2000FIX AND XML: FIXML18 FIXML Overview

19. 06/23/2000FIX AND XML: FIXML19 FIX and XML: FIXML FIXML is the XML vocabulary based on the FIX Protocol Ensures consistent parsing of messages Removes ambiguities related to conditionally required fields, nested elements, etc. Facilitates the expression of relationships between various pieces of data Creates easier programming model due to wide availability of parsers Provides cleaner, more expressive structure

20. 06/23/2000FIX AND XML: FIXML20 FIXML FIX Technical Background

21. 06/23/2000FIX AND XML: FIXML21 Trading Application FIX Protocol Session Layer Establishing and terminating the connection Message Delivery data integrity, sequencing, addressing Application Layer Business related content Order, Execution, IOI, etc FIX Session and Application Layers

22. 06/23/2000FIX AND XML: FIXML22 FIX Connectivity FIX Engine Order Management System FIX Engine Order Management System Wide Area Network Link TCP/IP (TCP Socket opened by customer, persists during life of FIX session) Investment Manager Broker/Dealer Trader

23. 06/23/2000FIX AND XML: FIXML23 FIX Vendors Active Financial Solutions Ltd Apt Computer Systems Ltd. AssistSoft Bridge Information Systems Cameron Systems CATHOX UK LTD Complete Business Solutions Davidge Data Systems Corp. Enterprise Engineering Inc. FIX Express Corporation Fujitsu Limited Hitachi, Ltd. Information InfoReach, Inc. Advent Bloomberg Bridge Information Systems Charles River DST Belvedere Decalog Eze Castle FlexTrade Systems, Inc INDATA. InfoReach, Inc. Innovision Interbizz NYFIX, Inc. royalblue Reuters SS&C Silicon Summit Technologies The LongView Group The MacGregor Group Tradeware Corporation Interbizz Financial Javelin Technologies Lynx Financial Netlife UK Limited** New Era of Networks NYFIX, Inc. Silicon Summit Technologies SolutionForge Limited Sybase, Inc. TCAM Systems Tradeware Corp. FIX EnginesOrder Management Systems

24. 06/23/2000FIX AND XML: FIXML24 TAG-VALUE Message Header Message Body Message Trailer Identifies message type, message length, sender/destination,sequence number, sending time, etc Contains specific session and application message content Contains optional digital signature and the required checksum value FIX Message Structure

25. 06/23/2000FIX AND XML: FIXML25 Session Messages Application Messages Heartbeat Logon Test Request Resend Request Reject Sequence Reset Logout Advertisement Indications of Interest News New Order - Single Execution Report Don’t Know Order Cancel/Replace Order Cancel Request Order Cancel Reject Order Status Request Allocation Allocation ACK New Order - List List Status List Execute List Cancel Request List Status Request Quote Quote Request Email Don’t Know Trade Settlement Instr. FIX 4.1 Message Types

26. 06/23/2000FIX AND XML: FIXML26 Application Messages Mass Quote Quote Ack Market Data Request Market Data Request Reject Market Data - Full/Snapshot/Incremental Security Request/Definition/Status Trading Session - Request/Status Bid Request/Response Business Message Reject Message Types Added for 4.2

27. 06/23/2000FIX AND XML: FIXML27 <TAG>=<VALUE><DELIMITER> Composed of four parts ------ ------ “=“ ------ non-printing ASCII character called the SOH character Example: “8=FIX.4.2^” FIX Fields

28. 06/23/2000FIX AND XML: FIXML28 FIX Single Order Example 8=FIX.4.1^9=0235^35=D^34=10^43=N^49=VENDOR^50=CUSTOMER^56=BROKER^52=19980930-09:25:58 ^1=XQCCFUND^11=10^21=1^55=EK^48=277461109^22=1^54=1^38=10000^40=2^44=76.750000^59=0^10=165 8=FIX.4.1 9=235 35=D 34=10 43=N 49=VENDOR 115=CUSTOMER 56=BROKER 52=19980930- 09:25:58 Begin String Body Length MsgType MsgSeqNum PossDupFlag SenderCompID OnBehalfOfCompID TargetCompID Sending Time 1=XQCCFUND 11=12345 21=1 55=EK 48=277461109 22=1 54=1 38=10000 40=2 44=76.750000 59=0 Account (optional) ClOrdID HandInst Symbol SecurityID(optional) IDSource(optional) Side OrderQty OrdType Price(optional) TimeInForce (optional) HeaderBody Trailer 10=165 Checksum

29. 06/23/2000FIX AND XML: FIXML29 FIXML FIX and XML

30. 06/23/2000FIX AND XML: FIXML30 … 12345 EK 10000 8=FIX.4.1^9=0235^35=D^34=10^43=N^49=VENDO R^50=CUSTOMER^56=BROKER^52=19980930- 09:25:58 ^1=XQCCFUND^11=10^21=1^55=EK^48=27746110 9^22=1^54=1^38=10000^40=2^44=76.750000^59=0 ^10=165 Becomes… FIXML: Example Syntax

31. 06/23/2000FIX AND XML: FIXML31 FIXML: Implementation Issues Easy migration for existing FIX engines  “Embedded FIXML” Backward-compatibility  optional field can co-exist with “standard” tag=value data  XML attributes represent existing FIX tags Session Layer remains intact  core engine is not affected

32. 06/23/2000FIX AND XML: FIXML32 FIXML: Embedded messages FIXML can be “wrapped” as a value of a standard FIX tag 49=BROKER 56=HUB 128=INST 212=245 213= …. …. SenderCompID TargetCompID DeliverToCompID FIXML Data Length FIXMLData FIXML

33. 06/23/2000FIX AND XML: FIXML33 FIXML: Major Business Goals Utilize existing systems and processes Protect investment in traditional FIX Provide migration path to next generation FIX systems Impose little or no impact on existing business applications Position FIX for greater interoperability with other industry standards

34. 06/23/2000FIX AND XML: FIXML34 FIXML and FIX 4.2 (next version) Added two new tags  XmlDataLen - 212  XmlData -213 Enables existing FIX engines to support FIXML Supports pilot applications

35. 06/23/2000FIX AND XML: FIXML35 How are XML Grammars Defined? FIX Specification 4.2 Format Structure Rules <!-- Revision: 1.0.0 Date: 15 Jan 1999 FIX Protocol fixmlmain.dtd Copyright 1999 FIX Protocol This DTD defines the FIXML protocol. --> <!ELEMENT Indication (IOIid, IOITransType, Instrument, IOISide, IOIShares, Price?, Currency?, ValidUntilTime?,…. Human ReadableComputer Readable FIXML.DTD

36. 06/23/2000FIX AND XML: FIXML36 FIXML DTD Design Decisions Evolutionary  Mirror the functionality of the existing FIX specification  Add structure without overly impacting the protocol’s flexibility Simple  Easy to process Convergence  Assist convergence by providing reference information

37. 06/23/2000FIX AND XML: FIXML37 XML offers many options DTD Example <!ATTLIST IOIShares Value CDATA #REQUIRED > XML Example One Approach: Use EMPTY content models and an attribute called Value Advantages: Enables easy conversion between FIX tag-value and FIXML DTD Example XML Example 10000 Another Approach: Content is contained between start and end tags Advantages: Improves compatibility with generic XML rendering tools

38. 06/23/2000FIX AND XML: FIXML38 Elements or Attributes? The perennial question is when to use an Element versus an Attribute 1. Using an Element: Micron... 2. Using an Attribute:.... Rules of thumb Attributes describe Elements like Adjectives describe Nouns Use Attributes for flat data without hierarchy Use Attributes for meta-data and Elements for contentUse Elements for ordered information Use Attributes when data requires an enumeration of values Use Attributes for computer-manipulated values

39. 06/23/2000FIX AND XML: FIXML39 The FIXML Approach 1) Attributes are used for static enumerations 2) All Elements are defined with FIXTag and DataType reference attributes <!ATTLIST SecurityType FIXTag CDATA #FIXED "167" DataType CDATA #FIXED "char" Value (BA|CD|CMO|CORP|CP|CPP|CS|FHA|FHL|FN|FOR|FUT|GN|GOVT|IET|MF|MIO| MPO|MPP|MPT|MUNI|NONE|OPT|PS|RP|RVRP|SL|TD|USTB|WAR|ZOO ) #REQUIRED > <!ATTLIST StrikePrice FIXTag CDATA #FIXED "202" DataType CDATA #FIXED "float" Min CDATA #FIXED "0" Max CDATA #FIXED "99999999.9999" > 3) Minimum and maximum definitions from FIX Specification are defined with attributes

40. 06/23/2000FIX AND XML: FIXML40 The FIXML Approach (Cont’d) 4) Handle conditionally required fields The parser can validate that StrikePrice is required in the Option Element content model. <!ATTLIST OrderList ListNoOrders CDATA #IMPLIED ListNoOrdersFIXTag CDATA #FIXED "68" > 5) Support repeating elements <!ATTLIST Side FIXTag CDATA #FIXED "54" DataType CDATA #FIXED "char" LocateReqd (Y|N) "N" LocateReqdFIXTag CDATA #FIXED "114" Value (1|2|3|4|5|6|7|8) #REQUIRED > 6) Use FIX enumerations

41. 06/23/2000FIX AND XML: FIXML41 The FIXML Approach (Cont’d) 7) Require ordered content model

42. 06/23/2000FIX AND XML: FIXML42 FIXML DTDs fixmlmain.dtd <!-- Revision: 1.0.0 Date: 15 Jan 1999 FIX Protocol fixmlmain.dtd Copyright 1999 FIX Protocol Organization. All rights reserved. This DTD defines the FIXML protocol. --> %emaildtd; %advertisementdtd; %newsdtd; %ioidtd; %orderdtd; %quotedtd; %basedtd;

43. 06/23/2000FIX AND XML: FIXML43 FIXML DTDs fixmlmain.dtdbase.dtd instruments.dtd ioi.dtdorder.dtd advertisement.dtd news.dtd email.dtd

44. 06/23/2000FIX AND XML: FIXML44 FIXML DTDs base.dtd <!-- Revision: 1.0.0 Date: 15 Jan 1999 FIX Protocol Base.dtd Copyright 1999 FIX Protocol Organization. All rights reserved. --> <!ELEMENT ApplicationMessage (Advertisement | Indication | News | Email | QuoteReq | Quote | Order | NewOrderList | ExecutionReport | DKTrade |...>

45. 06/23/2000FIX AND XML: FIXML45 FIXML Pilot Conduct a “proof of concept” that involves modifying an existing FIX engine to use FIXML

46. 06/23/2000FIX AND XML: FIXML46 FIXML Pilot Objectives Modify an existing FIX engine by adding a validating XML parser so that FIXML can be sent enclosed in a traditional FIX header and trailer Connect the modified FIX engine to an application that has the ability to send and receive FIX messages Measure the ease with which FIX engines can be ported to use FIXML Prove that FIXML messages will not break existing FIX engines and the same engine could handle FIXML and FIX messages

47. 06/23/2000FIX AND XML: FIXML47 FIXML Pilot Scope Run performance tests and comparisons between the raw processing of FIXML messages and ordinary FIX messages  Helps establish if larger FIXML messages will dramatically slow down processing Perform volume tests over WAN Test the effect of FIXML on real-life trading systems  Ensures FIXML has minimum impact on performance Determine the best method for handling the communication between the FIX engine and XML parser Establish guidelines for FIXML processing Evaluate parsers for recommendation

48. 06/23/2000FIX AND XML: FIXML48 FIXML Working Group Apt Computer Systems Aztec Software and Technology Braid D.E. Shaw Deutsche Bank DLJ DTC Enterprise Engineering Fidelity Investments Goldman Sachs GreatWay Technology Innovision IntegraSolv Introspect Consulting Javelin Microsoft MINT Solutions Morgan Stanley National Securities Clearing Neon FIX Paine Webber Robert Fleming SIAC Sybase webMethods XML Solutions XML/EDI Group

49. 06/23/2000FIX AND XML: FIXML49 FIXML: More Information FIX Web-Site www.fixprotocol.org Contains: FIXML White Paper FIXML Discussion Group FIXML DTD’s FIXML web-site www.innovision.com/xmlprotocols/fixml/ Contains: FIXML Demo Applications

50. 06/23/2000FIX AND XML: FIXML50 FIXML: Current Status Initial version of DTD’s completed on January 15th, 1999 Version 1.1 Released on November 11th, 1999  Clean up and extensible content models FIXML Pilot Projects Two types  Modification of existing FIX engine  Utilization of internet based protocols to demonstrate FIXML Complete FIXML 2.0 in July/August 2000 Timeframe  Support XML Schema and DTD formats  Base on FIX 4.2 and DNAfs STPML

51. 06/23/2000FIX AND XML: FIXML51 FIXML’s Future Next Version of FIX  FIX 5.0? Interoperability with other standards  ISO XML Task Force  IOA/ISITC Initiative  GSTPA XML Schemas  Enhanced data types (over 37)  XML Syntax (use existing XML tools)

52. 06/23/2000FIX AND XML: FIXML52 Industry Initiatives Who’s using XML?

53. 06/23/2000FIX AND XML: FIXML53 XML Efforts in Other Industries HL7 - developing standards for the healthcare industry XML/EDI - combining EDI standards X12 & EDIFACT with XML OTP (Open Trading Protocol) - providing an interoperable payments framework for Internet commerce Chemical Markup Language - managing molecular information HRMML - developing XML grammar for job postings, job descriptions, and resumes. GedML - encoding genealogical data sets in XML WAP (Wireless Application Protocol) - delivering XML on small devices SAE J2008 - providing easy access to emission-related automotive service information Over a 140 different proposed applications and industry initiatives

54. 06/23/2000FIX AND XML: FIXML54 1999: The Year of the Financial Markup Language After FIXML’s January 1999 release a flood of new XML initiatives began to appear FIXML (1/99) - redefining FIX Protocol Application messages into XML FpML (6/99) - developing standards for derivatives trading (JP Morgan & PwC) FinXML (6/99) - developing standards for derivatives trading (Integral) NTM (6/99) - developing standards for trading, risk mgt, and back office (Infinity) MDml (6/99) - Bridge releases Market Data Markup Language SWIFT (9/99) - Announces support of XML on their network GSTPA (9/99) - developing grammar based on ISO 15022 and XML Research Delivery IRML - Multex RIXML - Industry Consortium

55. 06/23/2000FIX AND XML: FIXML55 XML Standards Initiatives Application/ Business Session/ Communication XML Technologies RosettaNet OFX FpML FIXML XML DTD/XML Schema XSLT XML Namespaces ICE cXML/CBL WAP eCO Framework BizTalk ebXML Industry Specific Application Specific General Purpose Source: Giga Information Group/John Goeller RosettaNet is a global business consortium creating the electronic commerce framework to align processes in the IT supply chain OFX is the joint intiative of Microsoft, Intuit, and CheckFree to develop an open specification for the online transfer of financial data ICE manages and automates establishment of syndication relationships, data transfer, and results analysis The Common Business Library (CBL) is being developed by Veo Systems, Inc. as a set of building blocks with common semantics and syntax to ensure interoperability among XML applications. Wireless Application Protocol (WAP) is a result of continuous work to define an industry wide standard for developing applications over wireless communication networks. eCO is an industry consortium which is developing a common framework for interoperability among XML-based application standards and key electronic commerce environments. BizTalk, a Microsoft-based initiative, is an XML framework for application integration and electronic commerce ebXML is an international effort established by UN/CEFACT and OASIS to initiate a worldwide project to standardize XML business specifications Legend:

56. 06/23/2000FIX AND XML: FIXML56 GSTPA Leverage existing standards ISIN (Asset Identifiers), BIC (Firm Identifiers), and ISO 15022 (Financial Data Dictionary) Work with standards bodies Utilize XML as the tool of interoperability Global Straight Through Processing Association is building the model for the future of STP www.gstpa.org GSTPA Goals

57. 06/23/2000FIX AND XML: FIXML57 ISO 15022 And XML ADVICE OF EXECTION (MT 513 ON SWIFT) GENERAL INFORMATION …. 16R:ORDERDET 98A::TRAD//19980420 98A::SETT//19980423 90B::DEAL//ACTU/USD3,02 94B::TRADE//EXCH/XNYS 22H::BUSE//BUYI 22H::PAYM//APMT 22F::TTCO//BLKO 36B::ADVI//UNIT/20000, 35B::ISIN US2543764321 16S:ORDRSET …. SETTLEMENT DETAILS …. 19980420 19980423 USD3.00 XNYS BUY APMT BLOCK 20000 US2543764321 … Becomes….

58. 06/23/2000FIX AND XML: FIXML58 FpML Financial Products Markup Language - www.fpml.org XML based format for electronic interchange of derivatives data – Initially focused on fixed income and F/X derivatives Product coverage: Interest Rate Markets Vanilla Fixed Float Swap Cap/Floor Multi Option Foreign Exchange Spot, Outright, Swap, European Option, American Option, Knock in aka Barrier - In, Knock out aka Barrier - Out, Double Knockout, Binary Knockout, Binary (American), Digital (European), Average Rate, Time Trigger, FRA

59. 06/23/2000FIX AND XML: FIXML59 FpML Coordinate enhancement and maintenance Leverage respective expertise Share information and maintain open dialog Define product scope boundary between FIXML and FpML Ensure FpML can run over FIX Session Layer Work together regarding mapping message models in UML to XML Established working relationship between technical committees www.fpml.org

60. 06/23/2000FIX AND XML: FIXML60 Microsoft DNAfs Addresses the problem of overlapping industry protocols (FIX, SWIFT, and ID) Unifies standard protocols with XML technology and COM FIXML Working Group will take over XML portion of DNAfs

61. 06/23/2000FIX AND XML: FIXML61 XML and Interoperability What can we do?

62. 06/23/2000FIX AND XML: FIXML62 Current Environment XML Standardization Is Increasing Why? It is easy to create XML Standards Human nature Vendors –Creating standards implies technological leadership –Products can be tuned to standard Participants lack of knowledge of existing initiatives

63. 06/23/2000FIX AND XML: FIXML63 Interoperability Options Tag Agreement Transformations Modeling Industry Clearinghouses Coordination

64. 06/23/2000FIX AND XML: FIXML64 Tag Agreement Develop common grammar FIX15022 XML-Based Data Dictionary 21 (Tag for Handling Instruction) 22a::AUTO (Tag for Handling Instruction) “21=1”“:22F::AUTO//DDOT”

65. 06/23/2000FIX AND XML: FIXML65 Transformations - XSLT XSLT processor Template Defines syntax and semantics to transform one document into another XML Stylesheet Transformation (XSLT) provides a means for building standard templates for transformation between XML dialects

66. 06/23/2000FIX AND XML: FIXML66 Modeling - UML Unified Modeling Language Contains diagrams for use-case, class and object modeling Offers a syntax neutral approach Provides richer definitions Current Practitioners: HL7 - Healthcare SWIFT GSPTA XML/EDI Specification FIXML DTD SWIFTML DTD Mapping Rules Mapping Rules Java/C++

67. 06/23/2000FIX AND XML: FIXML67 Impact of Industry Clearinghouses Build consensus around industry specific XML vocabularies Adopt consistent set of syntax for different XML vocabularies Provide repository and registry of DTD and Schemas Current Initiatives: www.biztalk.org www.xml.org eco.commerce.net www.ebxml.org

68. 06/23/2000FIX AND XML: FIXML68 ebXML Joint Initiative of OASIS and UN/CEFACT Lower the barrier of entry to electronic business Defines common structure for interoperable messages sent between companies Creating end-to-end architecture –Messaging –Generic business process models

69. 06/23/2000FIX AND XML: FIXML69 XML Initiatives Coordination 15022 XML Advisory Group has been established under ISO Formed as a result of an ISITC-IOA co-sponsored meeting held on February 17th, 2000 Participants include GSTPA, FIX, ISITC-IOA, SMPG, SWIFT, Thomson, FinXML, NTM, and FpML Group will… Serve as the coordination point for XML initiatives Coordinate with ebXML Provide XML recommendations for the ISO 15022 data dictionary

70. 06/23/2000FIX AND XML: FIXML70 The Future of Standards Expanded use of modeling techniques  UML - Unified Modeling Language  Used Successfully by SWIFT and GSTPA Continued coordination between industry groups creating standards

71. 06/23/2000FIX AND XML: FIXML71 Conclusion Improving standardization = flexibility + technological choices XML is emerging as a tool to enable interoperability Coordination is key to success

72. 06/23/2000FIX AND XML: FIXML72 Questions?