FIXing the Money Markets

Although the repo markets are among the highest volume in the world, they are also among the most manual. Recently the FIX Trading Community has instituted two working groups on the use of FIX in the money markets—one on repo and one on the EU’s Securities Financing Transaction Regulation (SFTR). This TABB Group report examines the repo workflows and the application of FIX messages to those workflows, and looks at the possibilities of using these messages to comply with SFTR.