Steve Donovan, chief investment technology officer of Massachusetts Financial Services and Jack Lemonik, chief technology officer of FXall are to lead a drive to extend the use of the front office FIX protocol to support foreign exchange trading.
Donovan and Lemonik take over as co-chairs of the FIX foreign exchange working group, set up by FIX Protocol Limited under the leadership of Scott Atwell, manager of FIX trading and connectivity at American Century Investments.
Atwell states: "The fact that nearly fifty people representing nearly forty firms are participating in this group reflects significant industry interest in this effort to broaden the use of the FIX Protocol within foreign exchange."
In addition, Keith Lite, head of business development at Hotspot FXi will be coordinating the group's education and marketing effort.
MFS' Donovan states: "As an asset management firm that deals with numerous market participants in various security types, we see an immense benefit to establishing a common message format. This group's focus on foreign exchange is another important step toward expanding the application of the FIX standard."