FPL Welcomes ASIC's Adoption of FIX for Short Position Reporting
FIX Protocol Limited (FPL) welcomes the Australian Securities & Investments Commission’s (ASIC) adoption of the FIX Protocol messaging standard for reporting of short positions as of 1 June 2010.
The FIX Protocol is a free and open standard, which enables market participants to connect to other market participants in a standardised and cost-effective manner, minimising the financial implications of market entry and significantly reducing switching costs.
ASIC’s move to select FIX is yet another example of the growing level of interest by regulators and trading venues globally to chose standardised practices. This move builds upon the 2009 announcement by the Investment Industry Regulatory Organisation of Canada (IIROC) advising of the regulator’s plans to adopt FIX for market surveillance and transaction reporting.
Greg Yanco, senior executive leader of market and participant supervision, ASIC, said: “The FIX Protocol messaging standard gives us a global footprint. The Australian short position reporting requirements apply to anyone with a net short position in an Australian listed security. We wanted users globally to be able to communicate with us via a protocol that they are familiar with and use of the FIX Protocol provides that.”