At a recent conference the subject of FIX Orchestra was front and centre. I described FIX Orchestra as "the full-stop at the end of FIX" .
What does that mean? Orchestra will remove on-boarding testing. It will empower firms to change their internal systems and then automatically allow Counterparties to trade using new features. Sell-side changes the parameters on an Algo or adds a new Algo. No problem, publish the new configuration via Orchestra and you're good to start trading as soon as your counterparty has loaded the Orchestra file.
Exchange has a new order type - same scenario - get the Orchestra file out to your Counterparties and they can trade with the new order type.
So why is Orchestra the full-stop at the end of FIX? It means people no longer need to consider FIX. It becomes ubiquitous, easy to use and invisible. Same way that your mobile phone pairs up with Bluetooth headphones - it just works.
Once adopted, no need to discuss tag 38 or any other tag. It's all abstracted out by the Orchestra representation. No more debating with an OMS vendor about how much they want to charge to get your Algos out to the buy-side.
And as with most posts on this blog, there is a music, film or car reference. This one is from Manic Street Preachers:
"I once wrote that the Manics' triumph is that, when they could have been the full stop at the end of rock'n'roll, they chose to be a question mark." -- Taylor Parkes