[This message was posted by Richard Labs of CL&B Capital Management, LLC <[EMAIL PROTECTED]> to the "Algorithmic Trading" discussion forum at http://fixprotocol.org/discuss/31. You can reply to it on-line at http://fixprotocol.org/discuss/read/79aef7c1 - PLEASE DO NOT REPLY BY MAIL.]
> How can I thank you Rick? Thank you so very very much :) Srihari, Don't thank me. Thank the founders of FIX for having the foresight to put the following sentences into FIX's foundation trust indenture that are indeed brilliant: *** FIX Protocol is open and free, but is not software. Rather, FIX is a specification which software developers can create commercial or open-source software, as they see fit. Purposes ... to insure that the FIX Protocol remains without charge to any person (whether involved in the provision of financial services or member of the general public) and that it is managed by an open vendor-neutral process. *** My wish for you would be that you consider doing some of your academic work in well documented, open source code, and that others after you might benift from it. I'm not suggesting you give away any trading secrets or proprietary know how, just that you consider sharing the basics with everone. Prior to writing code, try to look at what others have done in open source or open standards, perhaps you are just duplicating others good work? That's fine if you are just learning, however if you can refactor other open source code to suit your own purposes, and keep it very well documented and up to date, perhaps others might benefit too? They might stand on your shoulders. Later on, if you continue in this career direction perhaps you will find time to donate to FIX to work on one of the numerous committees helping to support and refine the protocol. You don't have to be a paid member to participate. It's hard work however, because informed technical consensus does not come easy. It takes time and effort. How is it that something that's given away free is so valuable? It's because so many people contributed their time and best thinking to it, and insured that it was developed and maintained in a "vendor-neutral process". Then they gave it away for free. If the entire world's financial capital could move around to the very best opportunities with less friction, perhaps it might be possible earn 5 bp more per year in aggregate. Ask yourself if you think that might be feasible? Using good, clean, efficient trading standards, would 5 bp more return be a possibility? FIX goes into emerging markets absolutely for free. They get to start right off the bat at the highest level. No need to "accumulate know how" gradually over time, like accumulating roads, bridges, ports and transportation infrastructure - start right out with the very best stuff on day one, just as soon as they are ready for access to worldwide capital. Remember too what 5 bp more return on capital means for labor. You don't have a 5 bp bump up in aggregate return on capital without also having a corresponding bump up in the return to labor. Best of all labor probably didn't have to work any harder or become more productive - the capital was what picked up the pace. Bottom line, trading standards can provide a very nice boost to worldwide wealth. While that alone won't solve natural resource constraints, polution, health care, poverty, distribution inequity, political instability and other world wide problems, at least it increases wealth that can pay for some of those things. I'm convinced that wide adoption of FIX and continuous improvements to it could indeed yield that 5 bp. If you get a chance and would like to help out in that effort I think you too would find it intrinsically rewarding. Rick [You can unsubscribe from this discussion group by sending a message to mailto:[EMAIL PROTECTED] --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/FIX-Protocol?hl=en -~----------~----~----~----~------~----~------~--~---
