Alliance Capital Management L.P. and Fidelity Management & Research Co. (FM&R) have begun to implement the so-called Financial Information Exchange (Fix) protocols, a set of message formats for equity order-routing proposed as a standard by a group of influential buy-side and sell-side firms.
Details as to how Alliance and Fidelity intend to make use of Fix have begun to emerge of late, in part driven by industrywide anticipation of T+3. The two firms presented their Fix strategies as case
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