 Connecting the FIX Community
The Highlight
FIX Protocol and Technology look set to play a major role in meeting market demands with the BSE announcing its adoption of FIX 5 and the NSE using FIX 4.2, with plans to upgrade to 5.0 as needed. Both the NSE and BSE seem determined to not only meet, but exceed, their members’ expectations and have aggressive plans to build on existing capabilities and develop new products.
Three exchanges (NSE, BSE and MCX) came together to debate the role of technology, regulators and, of course, competition.
The Keynote – High Frequency Trading
High Frequency Trading as the New Market Makers was addressed by Ronald Gould, Chief Executive Officer, Asia- Pacific, Chi-X Global.
Ron questioned whether High Frequency Trading is Bad or just Badly understood. He gradually unfolded the story by looking at the development of HFT in the U.S. and Europe in terms of regulatory evolution and the technology arms race. He also illustrated how ATS has had a positive impact on trading volumes, which has been reflected by the explosion of trading activity in Europe and in the U.S. He predicted that Asia-Pacific markets will undergo many of the same changes as the U.S. and Europe and HFT will play a critical role in many existing Asia-Pacific markets with relatively low liquidity.
What about Algo?
The major drivers were still the foreign institutional investors, that were showing a strong appetite for algorithms and it was agreed that FIX ATDL would be attractive to our Indian clients. They could rely on both the broker developed algos and those customized specifically for them by brokers.
What are the tech guys saying?
The good news, it appeared, was that the panelists have seen a significant increase in the investment in technical infrastructure and resources. From a technology perspective, exchanges in India were on a par with their counterparts in some of the leading global market centres, and this was driving an increase in algorithms, liquidity and price discovery.
And finally to the buy-side …
As always the buy-side debate was a popular end to the day. Both Viresh Joshi, chief trader equity at Axis Asset Management and Vinoth Ramakrishnan, senior trader at Sundaram BNP Paribas, said getting live updates from most of their brokers had made life more efficient, reduced errors, improved the timeliness of news and the pace of execution. Both agreed that the interest level in algorithms was higher than ever, with anonymity proving as popular with domestic players as with international firms.
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“At no other conferences we get as many relevant leads as at the FIXGlobal events” - Toby Corballis, CEO, Rapid Addition Limited
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“The forum was informative and gave the participants a chance to understand the views of all sections of the trading community. I also enjoyed the ample opportunity provided to network with members of the sell-side and buy-side. I look forward to attending similar FIXGlobal events in the future." - Dr Anshuman Jaswal, Senior Analyst, Celent
“Well organized conference bringing key industry players together helping create a dialogue and opportunity to network!” - Arun TIWARI, Head of Indian sub-continent, SWIFT
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