Prominent ones are Financial Information Exchange protocol (FIX), S.W.I.F.T., Interactive Financial Exchange (IFX) and Open Financial Exchange (OFX). SWIFT is the leader in inter bank transactions, and also has gained a significant market holding on Securities and derivatives, payments as well as investments and treasury after introducing a set of messages for securities and derivatives industry. OFX is the leader in Intra-bank transaction systems followed by its successor, IFX. IFX is opting to replace OFX, through its rich and extended messaging standards. Both of these standards are widely used in business banking, Electronic Bill Presentment and Payment, ATM/POS Industry. FIX is the leader in securities and derivatives market, used by major stock markets around the world. Most of these protocols use XML as the medium of messaging. Non-XML based standards like FIX and S.W.I.F.T have come up with XML versions, namely FIXML and ‘SWIFTStandards XML’.
In addition to these major players, some of the other protocols are RIXML – Research Information exchange and IRML – Investment research markup , focusing on fixed income securities and Derivatives market, MDDL - Market Data Definition and REUTERS in economic and industrial indicators, STPML – Straight through processing markup language - a superset protocol to replace FIX,SWIFT ISITC and DTC ID, FinXML – Financial XML which focuses on Capital market instruments and straight through processing (STP) and finally FpML - Financial products markup language focusing on interest rate swaps, forward rate agreements, Foreign Exchange and other over the counter derivatives.
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