8 September, 2026 (London): The FIX Trading Community, the industry association that manages the world’s trading language, the FIX Protocol, has published guidance for electronic securities lending.
By providing a common electronic messaging framework, the FIX guidance will help firms reduce integration costs, improve operational resilience, and support further innovation across the market, said Executive Director Jim Kaye.
“Securities lending is fundamental to the smooth functioning of markets, underpinning a range of important functions including hedging and collateral management, not just short selling,” he said. “The FIX working group brought together buy- and sell-sides, vendors and venues to design a solution that supports all participants, via all routes to market.”
The guidelines establish workflow practices for securities lending contracts, either in a bilateral setting or including a venue. Building on previously published practices for US equities, corporate bonds and DTC eligible DVP US cash collateral contracts, they provide support for quote negotiation workflows along with last look, as well as FOP (Free of Payment) lending.
“FIX’s new guidelines provide the industry with a shared framework for electronic securities lending, helping firms streamline integration, reduce operational friction and accelerate automation,” said Yuri Brightly, head of securities finance platform at Fidelity Investments and FIX Securities Lending co-chair. “By establishing a common industry language, these standards can reduce the cost and complexity of connectivity while creating a foundation for greater efficiency, resilience and innovation across the securities finance marketplace.”
Rachel Andreassian, Head of Product and Market Structure at Provable Markets, said: “A common protocol is a prerequisite for a healthy market structure. It not only lowers the barrier for firms to connect, trade, and scale electronically, but most importantly fosters innovation by enabling seamless access to new workflows and venue protocols. Provable Markets is grateful for the opportunity to work with our peers to drive the working group to tangible results that will benefit the future growth of this vital market segment.”
Andy Wiblin, COO of GLMX Technologies, said “GLMX supports initiatives that harness technology to advance global financial markets. Since our inception, we have invested in protocols that make our nuanced execution venue more accessible to the complex workflows of the global securities lending market. With over 180 established FIX connection points in place with our clients, we are excited to be part of this evolution.”
The FIX Trading Community is the custodian of the FIX Protocol – the trading language that underpins global financial markets. An independent, non-profit, global organisation, FIX brings firms together to solve common issues and shape the evolution of financial capital markets. Through more than 40 working groups and committees in over 60 countries, FIX maintains and develops the FIX Protocol and other trading standards; helps shape regulation; and supports the industry across a wide range of global issues including digital assets implementation, AI and automation, liquidity, data quality and trading workflows. FIX’s work is only possible through the support of its members – to find out more visit www.fixtrading.org.
For further information and interviews with Jim Kaye: Laura Ponder | laura.ponder@fixtrading.org| +44 (0) 203 950 3934
