FIX Trading Community, the non-profit financial trading standards body, has extended the Trading Enablement Standard Initiative (TESI) to include foreign exchange (FX) client enablement. TESI uses FIX protocols to achieve more efficient and standardised communication for trading enablements. Last year TESI designed and implemented the FIX standard to manage the complex process of enabling clients on fixed income trading platforms. As a result of close collaboration with the FX community, TESI is now available to clients using FX execution platforms for FX spot, forwards, swaps, FX options, NDFs and precious metals trading.
TESI helps reduce errors and improve the user experience by standardising the enablement process to make it more efficient. By using TESI, FX market participants can change pricing streams, map accounts, authorise new instruments or even suspend clients for trading and a message will be automatically distributed to all relevant parties using a standard protocol.
By using the FIX Messaging language to transmit this information, all parties involved have assurance that they are using the protocol that has become a standard for the way the world trades. FIX protocol is used by thousands of firms every day to complete millions of transactions, enabling the industry to minimise the cost of trading, maximise operational efficiencies and achieve increased transparency.