FIX protocol, has long stood as the backbone of communication in financial markets. It's a powerful and efficient means of transmitting messages between participants, ensuring quick and reliable communication. However, its technical nature makes it inaccessible to the typical user on the desk. Most people don't have the time or inclination to delve into the intricacies of FIX or the resource to connect to FIX. They need a more straightforward way to interact with these data standards - a language they already understand.
So, what if we could converse with FIX in natural language via chatbots? Welcome to ipushpull’s FIX translation service, which is integrated into our bot framework. At the FIX EMEA conference earlier this year, delegates were polled for responses to this question, “what is the one thing that you would like the industry to be working on right now?”. While 42% still answered that they wanted improved data standards, 32% wanted better electronic and integrated trading workflows. The key is to improve efficiency and productivity for market participants through seamless communication.
ipushpull seamlessly transforms FIX messages into conversational language, compatible with messaging platforms such as Slack, Symphony and Teams. ipushpull's innovative solution bridges the gap between technical specifications and usable everyday language that appears in a chat with your counterparts. The ipushpull service translates FIX messages from trading platforms into human-readable actionable chat messages. This means everyone from traders to the back office can send and receive FIX confirmations and fills via chat messaging without needing the resource to connect directly to FIX.
ipushpull’s FIX service is already used across banks and a leading IDB to map and transform FIX messages into chat messages fully integrated into the bank's existing workflow. After using these tools, the IDB saw 70% of trades booked STP through chatbot automation as opposed to the vagaries of manual intervention on the desk. The dialects that this integration provides are:
- FIX to Chat - using the IPP chatbot framework to map pre- and post-trade FIX messages to and from chat platforms, such as Slack, Symphony, and Teams
- FIX to Excel - as above but mapping directly into Excel
- FIX to Webpage - mapping to an IPP Workspace, in a browser
Interested in FIX and REST APIs? Check out this recent blog. If you have clients who want to access your data and connect to your service but lack the time or resources to connect via FIX or want to learn more about how our FIX translation/integrations improve efficiency and productivity for market participants, get in touch.