It focuses on the technological aspects, such as the on-going buy-versus-build dilemma facing firms needing to evolve their technology quickly and makes recommendations including how to select a vendor. It also identifies other key considerations, such as which venues and technologies to consider for pre-trade risk management, the delivery of reference data and accessibility to post-trade reporting and clearing.
The report also presents the mix of FIX or native connectivity options that will be available for SEF connectivity. While many venues are aiming to utilise their existing connectivity APIs for their SEF launches, the trend is more towards a FIX protocol based interface. As a result, many SEFs are currently either offering or planning to support functions over a version of the FIX protocol.
