These documents are produced to address specific implementation topics at the semantics or application level. They are produced by various committees or working groups, and are reviewed by the Global Technical Committee and the FIX® Community prior to official publication.

Execution Venue


Recommended Practices for the use of FIX by Exchanges Phase 1 860.54 KB 947 downloads

Provides recommendations for best practices for the usage of FIX by exchanges and ECNs.

Create date: January 25, 2007

FIX Execution Venue Reporting Best Practice Guidelines 439.75 KB 630 downloads

Defines the usage expectations for the FIX fields that describe the final destination point of an execution, the capacity of the broker for that execution and the nature of liquidity (added or taken) for that trade.


Create date: August 1, 2015

Shanghai/Hong Kong Connect: ASIFMA & FIX Trading Community Implementation Guide 513.94 KB 331 downloads

Shanghai-Hong Kong Stock Connect, also known as Mutual Market Access or the "through train", is a pilot programme that signals the continuation of Mainland China's capital markets' opening to direct overseas investment.  This document is an accurate initial representation of the majority of the participants' expected workflows, both upstream and downstream of their order flow.

Create date: April 10, 2015

    Fixed Income


    Recommended Practices for Party Entitlements - OTC Markets - Swaps 4.10 MB 215 downloads

    Defines a standard set of guidelines based on Party Reference Data messages for exchanging enablement information for trading Fixed Income OTC instruments.

    Create date: August 14, 2013

    Recommended Practices for Party Entitlement: OTC Markets - Fixed Income Instruments 1.63 MB 200 downloads

    Provides detailed guidelines for the implementation of party entitlement messages for Fixed Income OTC electronic markets.

    Create date: November 5, 2013

    Best Practices for Swaps (Phase 3) 7.65 MB 146 downloads

    Support for the following workflows has been included as part of Phase 3 of the swaps best practices: recommendations to support the new regulations for SEFs; mid-market mark, US vs. non-US person, block trades, required vs. permitted transactions, etc., guidance on how to send tiered prices i.e. different prices for the same instrument to multiple customers, guidance on sending 'Axes' to indicate if you are a better buyer or seller, guidance on how to run auctions and how to support workups, support for stop orders, iceberg orders and peg orders and messaging from the execution venue to the dealer to confirm if a trade has been cleared.

    Create date: May 8, 2014

    Best Practices for Bonds - Pre-Trade Indications 185.72 KB 234 downloads

    Defines a standard for the transmission of Indications - Axes Inventories and Runs.

    Create date: December 1, 2014

    Best Practices for Bonds 9.66 MB 287 downloads

    Focuses on best practices for the cash bond markets, covering the vast majority of electronically traded bonds, including G8 Government bonds, High Yield, Corporates, Supras/Agencies.

    Create date: January 21, 2015

      Foreign Exchange


      Recommended Practices for Party Entitlements - FX OTC Markets 2.37 MB 263 downloads

      Defines a standard set of guidelines based on Party Reference Data messages for exchanging enablement information for trading both Foreign Exchange as well as Fixed Income OTC instruments.

      Create date: April 30, 2014



        IPO Recommended Practices/Guidelines 396.55 KB 193 downloads

        Creates a practice that would bring the new issue order placing process in line with the same procedure used for secondary market orders and trade fills.

        Create date: January 28, 2015

          Market Data


          FPL Recommended Standards for the Consolidation of Trade Reports and Market Data in Europe 727.60 KB 212 downloads

          This document details the recommended standards for the consolidation of trade reports and market data for European equity markets. These industry-driven recommendations mark an important milestone in the development of a European Consolidated Tape. The recommendations provide guidance, explaining how trade reports could be published in a standard manner to enable data to be more easily consolidated, significantly enhancing transparency and quality of data.

          Published: November 2012

          Create date: February 6, 2017


            Please click here to view all MiFID related documentations.

            Post Trade


            Broker Allege and Asset Manager Confirm Request via FIX - Recommended Practices 423.14 KB 124 downloads

            This document defines industry practices for common usage of the FIX protocol for post-trade processing, for all asset classes, between buy-sides and sell-sides that can be use bi-laterally as well as through intermediary facilities.

            Create date: February 1, 2018

            Common Framework via FIX - Recommended Practices 1.02 MB 335 downloads

            Describes the common framework for cross-asset buy-side to sell-side workflow for post-trade processing.  Note that pre-trade allocation is within the scope of post-trade processing.

            Create date: March 11, 2016

            Equity Allocations Via FIX - Recommended Guidelines FIX 42-44 Examples and Notes 1.18 MB 271 downloads

            Contains examples associated with Equity Post-trade Processing via FIX, Guidelines, FIX 4.2, 4.4-V1.2.

            Create date: May 4, 2015

            Equity Allocations Via FIX - Recommended Guidelines v1.2.8 1.68 MB 229 downloads

            Defines industry guidelines for a common usage of the FIX Protocol for post-trade processing between buy-sides and sell-sides that can be used bi-laterally as well as through intermediary facilities.
            UPDATE: 20171003 - Includes MiFID II recommended practices for post-trade commission unbundling and representation of commission types.

            Create date: April 27, 2015

            Equity Options via FIX - Recommended Practices 549.65 KB 74 downloads

            Defines industry practices for usage of the FIX standard to facilitate parallel implementation across buys-sides, sell-sides and intermediaries. v1.0

            Create date: January 30, 2018

            Equity Swaps via FIX - Recommended Practices 1.46 MB 248 downloads

            Addresses the two primary post-trade workflow types or equity swaps between the buy-side and the broker-dealer and swap providers.  The workflows include 1) Hedge-leg style 2) Swap style.

            Create date: April 12, 2016

            Futures via FIX - Recommended Practices 1.47 MB 287 downloads

            Addresses the post-trade workflow for futures and options on futures via FIX.

            Create date: February 8, 2016

            FX via FIX - Recommended Practices 1.94 MB 452 downloads

            Addresses the FIX Protocol for FX Placement, Allocation, and Confirmation/Affirmation workflows.

            Create date: May 28, 2016

            Qualified Vendor via FIX - Recommended Practices 777.79 KB 160 downloads

            Includes the FIX Recommended Practices for interfacing with DTC Qualified Vendors.

            Create date: May 19, 2016

            SEF_FX_FI via FIX - Recommended Practices 1.39 MB 168 downloads

            Focuses on the buy-side to sell-side workflow for trades executed on a SEF utilizing a pre-trade allocation workflow as opposed to "bunched" trades.

            Create date: May 5, 2015

              Pre Trade


              Recommended Practices for Continuous Mass Quoting v1 190.31 KB 166 downloads

              Aims to be a guide to implementing the Mass Quotation function for equities, listed derivatives, foreign exchange and fixed income transactions using version 5.0 SP1 of the FIX protocol.


              Create date: July 10, 2007

                Risk Management


                Recommended Risk Control Guidelines (2012) 306.50 KB 245 downloads

                Provides information around risk management and encourage firms to incorporate best practices in support of their electronic trading platforms.

                Create date: January 1, 2012

                  Transaction Cost Analysis


                  TCA Best Practices for Equities_including IA comments 1.03 MB 245 downloads

                  Further refines ongoing TCA requirements across asset classes. The common goal is to provide the industry with specific guidelines to promote TCA standardization.

                  Create date: January 20, 2017

                  TCA Best Practices for Equities 1.04 MB 348 downloads

                  Develops industry-wide terminology and methodology for Equities, from pre-trade to post-trade analytics.

                  Create date: January 21, 2014