FIX protocol makes inroads in Europe

European swap platforms are looking to match the language they use for swap trading to the language used by the bulk of swap execution facilities in the US, despite a breakdown in negotiations for mutual recognition between US swap execution facilities and their European equivalents, multilateral trading facilities.
Several European swap platforms have already adopted the FIX trading protocol after widespread pickup in the US. FIX is a set of standards for the electronic trading of swaps that was created by the FIX trading community from 2011, a year after swap trading was regulated under Dodd
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