Fidelity, State Street, Others Use Clout To Push Protocol

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Fidelity Management & Research Co. and State Street Global Advisors Inc. are among the first investment management firms to join a committee whose purpose is to establish a standard protocol for communications among buy- and sell-side firms. The committee intends to develop a uniform messaging format which would support equity trading, including indications of interest, order routing, price quotes, confirmations and execution reports.

The members were motivated by a desire to retain control

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