About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

FIX Release of Orchestra Supports Standardisation of Rules of Engagement

Subscribe to our newsletter

The FIX Trading Community has published Release Candidate 3 of FIX Orchestra for public review. FIX Orchestra supports machine readable rules of engagement between counterparties and enables firms to define their service offerings in a systematic way, certify flows faster and with greater accuracy, and reduce manual intervention. It is designed to help the financial industry move further towards standardisation and automation of the rules of engagement and deliver efficiencies to the counterparty onboarding process.

The simplest use of FIX Orchestra will be to create an unambiguous specification for a service offering, replacing PDF and Word documents that are not actionable. In its most extreme adoption level, FIX Orchestra can be used to automate the entire process of onboarding, normalising, and validating disparate counterparty implementations.

Following publication of Release Candidate 3, FIX Orchestra will be used as the basis for the re-engineering of the FIX Repository maintenance and publication system in 2018. By the end of 2018, all best practice documents will include a FIX Orchestra service definition. Independent software vendors, managed network providers and bespoke implementations are encouraged to enhance their systems to consume FIX Orchestra service definitions.

Essentially, FIX Orchestra is a standard for the exchange of metadata about the behaviour of FIX applications that will allow adopters of not only FIX, but any messaging protocol, to describe their service offering. The ultimate goal is to bring the capability of ‘plug and play’ into the FIX ecosystem, improving operational efficiency and reducing the time to trading for the FIX Community.

Nirav Shah, senior vice president, testing tools engineering at Itiviti, says: “We are closely involved in the area of standardisation and automation of rules of engagement. We are observing the progress of FIX Orchestra and evaluating how our platforms can consume FIX Orchestra files for automation of testing using an unambiguous specification of a service offering.”

Damian Bierman, vice president, head of Asia-Pacific at Portware, and co-chair of the Global Technical Committee of the FIX Trading Community, adds: “FIX Orchestra delivers major efficiencies to the counterparty onboarding process and promises to bring benefits to the entire industry. Ultimately, firms on Orchestra will be able to start trading faster, with greater ease and at lower cost than ever before.”

The next steps of this initiative will be to work with firms on early adoption to drive and mature the standard.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: The Role of Data Fabric and Data Mesh in Modern Trading Infrastructures

23 September 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes The demands on trading infrastructure are intensifying. Increasing data volumes, the necessity for real-time processing, and stringent regulatory requirements are exposing the limitations of legacy data architectures. In response, firms are re-evaluating their data strategies to improve agility, scalability, and governance....

BLOG

Genesis Launches MCP Server to Bridge AI Agents with Enterprise Applications

Genesis Global, the application development framework provider, has introduced a Model Context Protocol (MCP) Server to provide a controlled and compliant interface between large language models (LLMs) and enterprise applications built on its platform. The MCP Server supports the emerging open MCP standard, which aims to unify how software applications deliver operational and contextual data to...

EVENT

RegTech Summit New York

Now in its 9th year, the RegTech Summit in New York will bring together the RegTech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...