FIX Recommended Practices Equity Issuance (Phase 1A)

Equity capital markets still rely heavily on manual workflows for placing orders in Initial Public Offerings (IPOs) and Accelerated Bookbuild Offerings (ABOs), creating inefficiencies and operational risk. This Recommended Practices document supports fully digital workflows for bookbuilding and deal allocation, enabling buy-side traders to place IPO and ABO orders via FIX in the same way they execute secondary market trades.
It captures the Working Group guidance for Phase 1A on using FIX for the electronic transmission of ABO orders.
This document focuses on equity capital raisings using a vendor- and system-agnostic approach. It covers buy-side order routing from an OMS/EMS directly to a syndicate bank, or via a vendor platform that manages orders and communicates with syndicate banks.