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Call for brokers to accept protocol

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A group of international investment banks is urging local brokerages to join a standard electronic protocol to enable more efficient cross-border communication.

The Financial Information Exchange (Fix) protocol has been established by some of the world's largest investment banks, including Salomon Smith Barney, Fidelity, Goldman Sachs, Merrill Lynch, Morgan Stanley Dean Witter and many others.

James Leman, United States co-chairman of the Fix Protocol Steering Committee and managing director of Salomon Smith Barney, said the protocol had been used widely by investment banks in the United States, Europe and Japan.

He and other investment bank representatives were in Hong Kong yesterday to introduce the protocol to 180 SAR market practitioners.

Mr Leman said the Fix protocol was not a trading system but a communication system for brokers.

It would provide a standard language for brokers to communicate on-line about such issues as interest rates, order confirmations and trading lists.

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