Recommended Practices
FIX Recommended Practices are produced to address topics relating to the usage or implementation of FIX Standards for specific scenarios. They are produced by various committees or working groups, are reviewed by the Global Technical Committee prior to official publication, and are subject to public review. These are intended to provide supplemental guidance to the FIX Standards.
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License. Note some documents may be listed under multiple headings to aid navigation. MiFID-related documentation can be found here.
By Region
Americas
Errata: Recommended Mapping CAT Phase 2A (equities) 133.99 KB 154 downloads November 21, 2020
2020/11/19 - Errata version of CAT-FIX Mapping Phase 2A (Equities) messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019. See the tab "Change...
Recommended Mapping CAT Phase 2A (equities) 132.01 KB 440 downloads January 2, 2020
2020/01/02 - CAT-FIX Mapping Phase 2A (Equities) messages to FIX messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019. Errata Version: Click here...Asia Pacific
Recommended Practices: BCAN ID using FIX for HKIDR 205.43 KB 353 downloads May 5, 2022
The FIX Asia Pacific Technical Subcommittee recommends how to communicate a BCAN (Broker-to-Client Assigned Number) using FIX fields for Hong Kong ID regime. ...
Recommended Practices: Hong Kong - Master SPSA 364.82 KB 119 downloads November 19, 2020
(Master) SPSA (Special Segregated Account) IDs were introduced by HKEx for the sole purpose of pre-trade checking for sell orders. This document provides a proposed solution for Master SPSA trade. This...
Recommended Practices: Hong Kong SFC Facilitation Trade Consent 993.74 KB 416 downloads May 13, 2019
Approved-V0.5: Recommended Practices, produced by the Asia Pacific Exchanges & Regulatory and Technical Subcommittees to address requirements by the HK SFC which requires prior consent from clients...EMEA
Recommended Practices - MiFIR Transparency (Volume 2 - Reporting Logic) 1.14 MB 107 downloads August 14, 2024
This document contains guidance on using FIX standards (specifically the FIX Protocol and MMT) for transmitting and using post-trade transparency data in European securities. This document specifically...
Recommended Practices - MiFIR Transparency (Volume 1 - Reporting Formats) 1.43 MB 350 downloads January 15, 2024
This document contains guidance on using FIX standards (specifically the FIX Protocol and MMT) for transmitting and using post-trade transparency data in European securities. It is based on guidelines...
MiFID II Transparency Subgroup - Brexit Impact 108.54 KB 358 downloads September 30, 2019
UPDATE: January 28, 2020 FIX tags for the purpose of MiFID II post trade transparency and STO determination. ...By Function
Pre Trade
Recommended Practices for Book Management 899.00 KB 378 downloads March 22, 2017
Version 2.0 - This document explains the proper conventions for managing an order book using FIX message formats and attribution. ...
Recommended Practices for Continuous Mass Quoting v1 190.31 KB 529 downloads July 10, 2007
Aims to be a guide to implementing the Mass Quotation function for equities, listed derivatives, foreign exchange and fixed income transactions using version 5.0 SP1 of the FIX protocol. ...Trading
Recommended Practices for the Standardization of FX Reject Codes 707.86 KB 184 downloads September 10, 2024
These FIX recommended practices provide guidance on the rejection scenarios of the FX market and communicating of the reason for rejection. Using FIX with a defined set of reject codes increases efficiency...
Recommended Practices for Execution Venue Reporting 438.47 KB 50 downloads August 20, 2024
These recommended practices define the usage expectations for the FIX fields that describe the final destination point of an execution, the capacity of the broker for that execution and the nature of liquidity...
Recommended Practices for Targeted Trade Advertisements 434.24 KB 27 downloads July 12, 2024
This document provides guidance on using the RoutingGrp component on FIX Advertisement(35=7) messages for selectively targeting or blocking firms from receiving trade advertisements. ...
Recommended Practices - Self Match Prevention 987.79 KB 136 downloads April 3, 2024
Guidance on usage of the FIX Protocol for using self-match prevention features on exchanges, including the provision and usage of self match prevention identifiers and instructions. Revision History [27-AUG-2024]...
Recommended Practices for Digital Asset Trading 799.11 KB 310 downloads September 23, 2022
This document defines industry practices for common usage of the FIX Protocol for trading digital assets. [August 24, 2022] Draft version published for comment. [September 23, 2022] Updated with final...
IPO Recommended Practices/Guidelines 396.55 KB 597 downloads January 28, 2015
Creates a practice that would bring the new issue order placing process in line with the same procedure used for secondary market orders and trade fills. ...
Recommended Practices for the use of FIX by Exchanges Phase 1 860.54 KB 2165 downloads January 25, 2007
Provides recommendations for best practices for the usage of FIX by exchanges and ECNs. ...Post Trade
Recommended Practices for Securities Settlement Status Management 1.05 MB 131 downloads November 23, 2023
This document covers securities settlement status message flow for communicating the settlement status of a security transaction. As an extension of the existing FIX Allocations and Confirmation workflows,...
Post Post-trade Confirmation Payments Recommended Practices 1.37 MB 369 downloads August 14, 2019
Document defines industry practices for common usage of the FIX Protocol for post-trade processing for all asset classes, between buy-side and sell-side that can be use bi-laterally as well as through...
Broker Allege and Asset Manager Confirm Request via FIX - Recommended Practices 423.14 KB 636 downloads February 1, 2018
This document defines industry practices for common usage of the FIX protocol for post-trade processing, for all asset classes, between buy-sides and sell-sides that can be use bi-laterally as well as...
Equity Options via FIX - Recommended Practices 549.65 KB 457 downloads January 30, 2018
Defines industry practices for usage of the FIX standard to facilitate parallel implementation across buys-sides, sell-sides and intermediaries. v1.0 ...
FX via FIX - Recommended Practices 1.94 MB 2217 downloads May 28, 2016
Addresses the FIX Protocol for FX Placement, Allocation, and Confirmation/Affirmation workflows. Updated: 20190207 (v0.08) ...
Qualified Vendor via FIX - Recommended Practices 777.79 KB 390 downloads May 19, 2016
Includes the FIX Recommended Practices for interfacing with DTC Qualified Vendors. ...
Equity Swaps via FIX - Recommended Practices 1.46 MB 831 downloads April 12, 2016
Addresses the two primary post-trade workflow types or equity swaps between the buy-side and the broker-dealer and swap providers. The workflows include 1) Hedge-leg style 2) Swap style. ...
Common Framework via FIX - Recommended Practices 1.02 MB 877 downloads March 11, 2016
Describes the common framework for cross-asset buy-side to sell-side workflow for post-trade processing. Note that pre-trade allocation is within the scope of post-trade processing. ...
Futures via FIX - Recommended Practices 1.47 MB 1103 downloads February 8, 2016
Addresses the post-trade workflow for futures and options on futures via FIX. ...
SEF_FX_FI via FIX - Recommended Practices 1.39 MB 467 downloads May 5, 2015
Focuses on the buy-side to sell-side workflow for trades executed on a SEF utilizing a pre-trade allocation workflow as opposed to "bunched" trades. ...
Equity Allocations Via FIX - Recommended Guidelines FIX 42-44 Examples and Notes 1.18 MB 833 downloads May 4, 2015
Contains examples associated with Equity Post-trade Processing via FIX, Guidelines, FIX 4.2, 4.4-V1.2. ...
Equity Allocations Via FIX - Recommended Guidelines v1.2.8 1.68 MB 773 downloads April 27, 2015
Defines industry guidelines for a common usage of the FIX Protocol for post-trade processing between buy-sides and sell-sides that can be used bi-laterally as well as through intermediary facilities. UPDATE:...Reporting
Recommended Practices - MiFIR Transparency (Volume 2 - Reporting Logic) 1.14 MB 107 downloads August 14, 2024
This document contains guidance on using FIX standards (specifically the FIX Protocol and MMT) for transmitting and using post-trade transparency data in European securities. This document specifically...
Recommended Practices - MiFIR Transparency (Volume 1 - Reporting Formats) 1.43 MB 350 downloads January 15, 2024
This document contains guidance on using FIX standards (specifically the FIX Protocol and MMT) for transmitting and using post-trade transparency data in European securities. It is based on guidelines...
Errata: Recommended Mapping CAT Phase 2A (equities) 133.99 KB 154 downloads November 21, 2020
2020/11/19 - Errata version of CAT-FIX Mapping Phase 2A (Equities) messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019. See the tab "Change...
Recommended Mapping CAT Phase 2A (equities) 132.01 KB 440 downloads January 2, 2020
2020/01/02 - CAT-FIX Mapping Phase 2A (Equities) messages to FIX messages based on CAT Reporting Technical Specifications for Industry Members Version 2.2, dated 24th June 2019. Errata Version: Click here...
MiFID II Transparency Subgroup - Brexit Impact 108.54 KB 358 downloads September 30, 2019
UPDATE: January 28, 2020 FIX tags for the purpose of MiFID II post trade transparency and STO determination. ...Repos
FIX Recommended Practices - Bilateral and Tri-Party Repos - Post-Trade 626.17 KB 305 downloads April 26, 2020
This document defines industry practices for common usage of FIX protocol for post-trade workflows for repurchase agreements (repos) in a bilateral setting. (version 0.7) ...
FIX Recommended Practices - Bilateral and Tri-Party Repos - Trade 723.74 KB 294 downloads April 26, 2020
The purpose of this document is to define industry practices for common usage of FIX protocol for Request for Quote (RFQ), Quote and trade messages for repurchase agreements in a bilateral setting. (version...Technology & Productivity
Onboarding using Orchestra - FIX Recommended Practices 762.71 KB 950 downloads July 21, 2023
The purpose of this document is to define industry practices for the establishment and certification of FIX and non-FIX connectivity between trading counterparties and to highlight the support provided...
FIX Recommended Practices - 24x7 Sessions 478.39 KB 655 downloads July 21, 2023
This document sets out a series of topics that should be addressed in any project that intends to use FIX for a continuous workflow over an extended period of time, including indefinite length sessions....By Asset Class
Equities
Recommended Practices: BCAN ID using FIX for HKIDR 205.43 KB 353 downloads May 5, 2022
The FIX Asia Pacific Technical Subcommittee recommends how to communicate a BCAN (Broker-to-Client Assigned Number) using FIX fields for Hong Kong ID regime. ...
Recommended Practices: Hong Kong - Master SPSA 364.82 KB 119 downloads November 19, 2020
(Master) SPSA (Special Segregated Account) IDs were introduced by HKEx for the sole purpose of pre-trade checking for sell orders. This document provides a proposed solution for Master SPSA trade. This...
Recommended Practices: Hong Kong SFC Facilitation Trade Consent 993.74 KB 416 downloads May 13, 2019
Approved-V0.5: Recommended Practices, produced by the Asia Pacific Exchanges & Regulatory and Technical Subcommittees to address requirements by the HK SFC which requires prior consent from clients...
Equity Allocations Via FIX - Recommended Guidelines FIX 42-44 Examples and Notes 1.18 MB 833 downloads May 4, 2015
Contains examples associated with Equity Post-trade Processing via FIX, Guidelines, FIX 4.2, 4.4-V1.2. ...
Equity Allocations Via FIX - Recommended Guidelines v1.2.8 1.68 MB 773 downloads April 27, 2015
Defines industry guidelines for a common usage of the FIX Protocol for post-trade processing between buy-sides and sell-sides that can be used bi-laterally as well as through intermediary facilities. UPDATE:...
IPO Recommended Practices/Guidelines 396.55 KB 597 downloads January 28, 2015
Creates a practice that would bring the new issue order placing process in line with the same procedure used for secondary market orders and trade fills. ...Fixed Income
Best Practices for Bonds 9.66 MB 1220 downloads January 21, 2015
Focuses on best practices for the cash bond markets, covering the vast majority of electronically traded bonds, including G8 Government bonds, High Yield, Corporates, Supras/Agencies. ...
Best Practices for Bonds - Pre-Trade Indications 185.72 KB 776 downloads December 1, 2014
Defines a standard for the transmission of Indications - Axes Inventories and Runs. ...
Best Practices for Swaps (Phase 3) 7.65 MB 742 downloads May 8, 2014
Support for the following workflows has been included as part of Phase 3 of the swaps best practices: recommendations to support the new regulations for SEFs; mid-market mark, US vs. non-US person, block...
Recommended Practices for Party Entitlement: OTC Markets - Fixed Income Instruments 1.63 MB 575 downloads November 5, 2013
Provides detailed guidelines for the implementation of party entitlement messages for Fixed Income OTC electronic markets. ...
Recommended Practices for Party Entitlements - OTC Markets - Swaps 4.10 MB 534 downloads August 14, 2013
Defines a standard set of guidelines based on Party Reference Data messages for exchanging enablement information for trading Fixed Income OTC instruments. ...Futures
Futures via FIX - Recommended Practices 1.47 MB 1103 downloads February 8, 2016
Addresses the post-trade workflow for futures and options on futures via FIX. ...FX
Recommended Practices for the Standardization of FX Reject Codes 707.86 KB 184 downloads September 10, 2024
These FIX recommended practices provide guidance on the rejection scenarios of the FX market and communicating of the reason for rejection. Using FIX with a defined set of reject codes increases efficiency...
FX via FIX - Recommended Practices 1.94 MB 2217 downloads May 28, 2016
Addresses the FIX Protocol for FX Placement, Allocation, and Confirmation/Affirmation workflows. Updated: 20190207 (v0.08) ...
SEF_FX_FI via FIX - Recommended Practices 1.39 MB 467 downloads May 5, 2015
Focuses on the buy-side to sell-side workflow for trades executed on a SEF utilizing a pre-trade allocation workflow as opposed to "bunched" trades. ...