In February 2005, ICMA and FIX signed a statement of understanding, agreeing to work with FIX to contribute ICMA Match protocols (API) to an extension of FIX and to create a single global technology standard for fixed income new issues.
A joint working group carried out an initial Gap Analysis, which it presented to the eSyndicate Working Group under the auspices of the Bond Market Association (BMA) and which was published in August this year. Educational "Lunch & Learn" meetings were then arranged in both New York and London to update members and potential users of the protocol, and to publicise its benefits. More than eighty key market participants attended the presentations. Work is now beginning on the detail of the draft FIX standard.
Chris OâMalley of ICMA commented, "Weâre pleased by the work of the ICMA FIX Gap Analysis Working Group and the support of the Bond Market Association in developing a new messaging standard for the global primary markets. ICMAâs traditional role has been the setting of industry standards and good market practice and we are pleased to extend this role into the technology space".
Joseph Sack, Executive Vice President of the BMA, commented "The BMA has worked closely with FIX and Iâm pleased to see its extension into new issue fixed income. This is a global initiative and weâre glad to support the success of ICMAâs efforts and FIXâs connectivity with ICMA Match".