Financial Services Industry
Industry: Email Alert RSS FeedStandards become a priority issue.
Financial News, March, 2003
Byline: Heather McKenzie
Standardising communication between financial market players cuts costs and reduces the time spent on trade processing. Communications between financial market participants have usually been complicated by disparate and incompatible operating systems, application packages and business processes.Trades fail, or need repair, because of incorrect use of standards, staff unwillingness to use standards and, at times, confusion over which standard should be used.
Now, as investment management firms face increasing pressure on costs, the implementation of standards is becoming a priority.
The extensible mark-up language (XML) standard and financial information exchange (FIX) protocol have done more for the standards flag...
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