Buy side traders say they can spend months deciphering broker-specific FIX tags before they can even think of using AI tools for TCA, research and trading.

FIX is now pushing for machine-usable execution metadata. The AI working group is working on building up the standards from the buy-side-mandated, algo-specific flags trio: tags 29, 30 and 851. The framework would extend tagging to algo certification, urgency, and whether execution decisions were machine-led — and in what capacity. Continue Reading…