The BMA’s Protocols/Standards Subcommittee will merge into FPL’s Fixed Income Working Group (FIWG). The newly constituted FIWG, charged with solving compatibility issues across the various exchanges, will create two focus groups:
- a technology group that will address implementation issues and respond to inquiries
- a group charged with developing appropriate business practices for electronic trading in the global fixed-income market.
The FIWG, which aims to bring the industry closer to straight-through processing and T+1 settlement, will have equal representation from the two entities and will divide the reporting responsibilities.
A member of the Association’s Online Bond Steering Committee will be appointed to chair the FIWG, which will be accountable to the FPL for proper representation of participants, process, disclosure and FIX compatibility issues.
Matters concerning strategic direction, implementation of fixed-income instruments and transaction prioritization will be directed through the BMA.