The Financial Information eXchange Protocol

  • FIX allows you to do Futures, Forwards, Options, Fixed Income, Option pay offs and Fixed Income Desks.

  • The FIX engine is an application program that creates and parses FIX messages

  • The OMS allows trades to create orders, perform order settlement, order compliance, pre and post TCA, time analytics, etc.

  • FIX helps with Direct Market Access (DMA), Algorithm Trading, Single Stock Desks, Multi Stock Desks (MSD) and Portfolio Trading.

FIX tagvalue message format

Reference URL: wikipedia

  • Message fields are delimted using ASCII 01 <start of header> character. They are composed of a header, body and trailer.

  • A FIX message consists of Header + Body + Trailer + Checksum.

  • Header: Up to FIX 4.4, the header contains three fields: 8 BeginString, 9 BodyLength and 35 MsgType tags.

  • Body: The body of the message depends on the MsgType tag in the header.