API Specifications FinSpec
FixSpec's founding vision is that the creation and sharing of machine-readable API specifications can unlock massive efficiency gains in financial markets connectivity. In support of that vision, FixSpec are today open-sourcing the FinSpec schema, designed for the creation of multi-protocol, machine-readable API specifications (also known as ROEs).
The schema is available on Github under the Apache 2.0 license, and FixSpec actively encourages contributions and discussion to the development of the schema from all areas of the industry. Full documentation is available at finspec.io.
Using the ubiquitous JSON format, API specifications which comply to the FinSpec schema will have a prescribed format and structure, making them machine-readable for the recipient, and easy to compare. FixSpec have also open-sourced a simple validation tool to validate spec completeness and conformance to the format.
FixSpec have been championing the idea of machine-readable specifications ever since the company was founded. A decade ago, the best way of defining standards was via committee and agreement; today it is via Github. We firmly believe that the right way to launch and evolve this schema is out in the open, with the ability for the whole industry to contribute their ideas and requirements.
Based on our conversations with stakeholders, it is no longer a question of if legacy PDF specifications will be replaced by machine-readable ROEs, but when they will be replaced. We want to play our part in raising the overall efficiency of the industry, and achieve it for all protocols and not just one.
Chris Lees, Founder of FixSpec
FinSpec schema has been designed to be multi-protocol from launch, making it suitable for both standard-based protocols such as FIX and SWIFT, commonly-used protocols such as OUCH and ITCH, and even custom protocols such as proprietary binary formats. It is agnostic to asset class and can be used freely for both internal and external projects.