FIXdom can also review your existing FIX interfaces to determine the degree to which they are FIX-compliant and what needs to be changed in order to become fully FIX-compliant. FIX supports the usage of user-defined messages, fields and values. However, companies rarely check on a regular basis whether any extensions of the standard cover what was perceived as a gap before. FIXdom provides an assessment framework to determine compliance from various angles.
- Choice of messages and workflows for the given business requirements
- Choice of fields and values for the given business requirements
- Usage of user-defined messages , fields and values
- Statistics and ratios for messages, fields and values
- Assessment and recommended changes
Recommended changes may include new standard FIX messages, fields and values in cases where you have used user-defined elements that may be useful for other parts of the FIX Trading Community. As a FIX member, you have the possibility to participate in committees and working groups. You can contribute to the joint definition of recommended practices or the submission of extensions to the standard.
The FIX Trading Community has a standard process for the extension of its application layer. FIXdom can support you as a FIX member to compile, submit and obtain approval for formal Gap Analysis documents. This is normally done as part of a FIX Working Group but as an electronic venue, you can submit proposals directly to the FIX Global Technical Committee to ensure that your business requirements are fully covered by the FIX standard.