Fix and FpML: a friendly war

Swap reforms see messaging standards collide

Fix and FpML: collaboration meets competition

For most of their existence, the over-the-counter derivatives market's two standardised trading languages have been able to rub along quite nicely. Financial products markup language (FpML) – the junior of the two – was invented as a medium for the more complex messages required in the post-trade environment, while financial information exchange (Fix) conveys order information for a variety of products and asset classes. In other words, they served very different parts of the trad