fix 05 cate long update

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Utilizing FIXIs everyone

connected?

GFIC 2005 Year-End Meeting

December 6, 2005

Cate Long

Jim Rucker



Presentation points

05 highlights

FIX Global Survey World FIX

US FIX - FIX Map

FIX Kit

06 plans



05 highlights

Global FIX Survey

June FIX Seminar at TBMA

newsFIX

FIXGlobal

FIX Guide Marketing support of Certification



The FIX Guide

30 market professionals

1st book published by FPL

1st fixed income book edited by two females

Top selling book on FIX for fixed income



FIX Global Survey take aways

Buy side firms express significant expectation of FIX

adoption in fixed income over next 24 months -

Increase from 20% to 50%

Cost of adapting OMS is the biggest obstacle toadoption

Need incentives for firms to upgrade to 4.4

Priorities for firms are:

Market data

Allocations

Confirmations



World FIX

Bond Exchange South Africa ± FIX 4.3 for marketdata and trade reporting

Australian Stock Exch ± 06-06, FIX 4.4, ITS

Japanese interdealer broker - Central Tanshi - 4.4 for market data and exec reports for its JGB tradingsystem

MTS-Shanghai Stock Exchange ± development of aChinese domestic FI market



Euro FIX

FIX interfaces available to

Single dealer systems

Bloomberg and Reuters

Electronic platforms

Exchanges ± Swiss Exchange and Euronext

Vendor OMS systems used in Europe increasingly have

FIX capabilities

However, Europe behind the US in terms of adoption ±lots of voice broking

Need to focus our marketing efforts appropriately



Trading platforms reporting FIX compliancy

Autobahn Electronic Trading

Bloomberg

BondDesk

BondVision

BondWave

CanDeal

CreditTrade

Eurex

Gov Rate/Odd-Lot Machine

GX Clarke

i-Deal

JP Morgan eXpress

LehmanLive

MarketAxess

Municenter

NYSE ABS (4.2)

Reuters Trading

SouthAf rican Bond Exchange (4.3)

Swiss Exchange Eurobonds

TLX SpA (4.2)

Tradeweb

ValuBond

FIX 4.4 compliancy (unless otherwise noted) as reported in the Bond Market Association

³Survey of Electronic Trading Platforms´ December 2005



US FIX - 06Fixed income classes in production by message types



FIX 06 Map

Used to gather and disseminate specific info aboutproduction implementations of FIX

Will identify active FIX flow by fixed income class and

message type

Firms will be identified in a general way so as not todisclose business strategies

Will be distributed via newsFIX starting in 06

The Editorial Board of newsFIX will oversee



Connection pointsFirms in production with FIX for fixed income

Buy Side Sell Side Liquidity Pool Vendor

Buy side 1 Sell side 1 Platf orm 1 Vendor 1



Buy side 4 etc Platf orm 4 Vendor 4

Buy side 5 etc Vendor 5

etc etc

FIX f or Fixed IncomeP

roduciton Implementations



FIX Kit

FIX 06 Map

Connection points

(Summary of firms that want to publish their FIX

capabilities)

Connector options

(Networks, FIX engines, OMS vendors etc.)

SpeedFIX

(Checklist of steps to implementation)

Rules of Engagement



FIX Kit ± Rules of Engagement

Create a standard document in conjunction with the BondMarket Association that could be used by counterparties

Make this document available free of charge to themarket participants

Would establish industry protocol in similar way to ISDA

document standardization



06 plans Full time resources on marketing

Increased PR effort

Cross asset class coordination

Higher profile in the media

newsFIX

Announcement of member initiatives

FIX Map and FIX Connections

FIX Kit

Increased focus on educational events

More parties!

fix 05 cate long update

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