The Financial Information eXchange (FIX) Protocol is a messaging standard developed specifically for the real-time electronic exchange of securities transactions. FIX is a public-domain specification owned and maintained by FIX Protocol, Ltd. (FPL) FIX was developed in order to improve the global trading process by defining, managing, and promoting an open protocol for real-time, electronic communication between industry participants, while complementing industry standards. FIXatdl is a new standard from (FPL), which delivers advanced support for algorithmic trading. It is designed to enable institutional investors, hedge funds and other buy side firms to access and utilise new algorithmic order types within a significantly reduced timeframe. FIXatdl leverages the general purpose mark-up language XML to define algorithms. A clear set of rules have been established by the FPL Algorithmic Trading Working Group for creating XML files which represent the algorithmic trading strategies contained in the FIXatdl schema. The schema is an industry agreed standard maintained by FPL.