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FIXT redirects here. For media company and record ing across the global nancial markets through the inlabel, see FiXT Music.
creased use of standards, including the FIX Protocol
messaging language, delivering operational eciency, inThe Financial Information eXchange (FIX) protocol is creased transparency, and reduced costs and risk for all
market participants.
an electronic communications protocol initiated in 1992
for international real-time exchange of information related to the securities transactions and markets. With trillions of dollars traded annually on the NASDAQ alone,
nancial service entities are investing heavily in optimiz3 FIX message format layout
ing electronic trading and employing direct market access (DMA) to increase their speed to nancial markets.
Managing the delivery of trading applications and keep- The message elds are delimited using the ASCII 01
ing latency low increasingly requires an understanding of <start of header> character. They are composed of a
the FIX protocol.
header, a body, and a trailer.
History
Up to FIX.4.4, the header contained three elds: 8 (BeginString), 9 (BodyLength), and 35 (MsgType) tags.
The FIX Trading Community is the non-prot, industrydriven standards body with the mission to address the Trailer Security Check through Signature and CheckSum.
business and regulatory issues impacting multi-asset trad1
Users
Technical specication
There are two main groups of messagesadmin and application. The admin messages handle the basics of a FIX
session. They allow for a session to be started and terminated and for recovery of missed messages. The application messages deal with the sending and receiving of
trade-related information such as an order request or information on the current state and subsequent execution
of that order.
The FIX protocol is a technical specication for elec- Has a Body length of 65.
tronic communication of trade-related messages. It is The SOH delimiter at the end of a Tag=Value belongs to
a self-describing protocol in many ways similar to other the Tag.
self-describing protocols such as the newer XML; XML
representation of Business content of FIX messages is
known as FIXML but FIXML is not widely deployed.
FIX Session is layered on TCP (Transmission Control 5.2 Checksum
Protocol). FIX is more popular than FIXML in Securities Trading because FIXML messages are much larger The checksum algorithm of FIX consists of summing
in size due to XML tags.
up the decimal value of the ASCII representation all the
FIX messages are formed from a number of elds, each bytes up to the checksum eld (which is last) and return
eld is a tag value pairing that is separated from the next the value modulo 256.
eld by a delimiter SOH (0x01). The tag is an integer that
indicates the meaning of the eld. The value is an array
of bytes that hold a specic meaning for the particular
tag (e.g. tag 48 is securityID, a string that identies the
security; tag 22 is IDSource, an integer that indicates the 6 Latest developments in FIX proidentier class being used). The values may be in plain
tocol
text or encoded as pure binary (in which case the value
is preceded by a length eld). The FIX protocol denes
meanings for most tags, but leaves a range of tags reserved The latest version of FIX Protocol implements Transfor private use between consenting parties.
port Independence by permitting multiple versions of
The FIX protocol also denes sets of elds that make a application messages to be carried over a single version
particular message, within the set of elds some will be of Transport Independent FIX Session (FIXT.1.1 and
mandatory and others optional. The ordering of elds higher).
within the message is generally unimportant, however re- Transport Independence also paves the way for transport
peating groups are preceded by a count and encrypted protocols such as message queues and web services to be
elds are preceded by their length. The message is bro- used instead of traditional FIX over TCP.
ken into three distinct sections: the head, body and tail.
Fields must remain within the correct section and within FIX now supports algorithmic trading by use of FIX Aleach section the position may be important as elds can gorithmic Trading Denition Language FIXatdl.
act as delimiters that stop one message from running into FIX Protocol Limited has released FAST protocol which
the next. The nal eld in any FIX message is tag 10 stands for FIX Adapted for Streaming. FAST is used for
sending Multicast market data.
(checksum).
FIX Protocol Organization - this ocial FIX Protocol website also includes a comprehensive list of
closed-source and open-source FIX engine implementations.
FIX System
Business Msg
Processing
FIX Engine
FIX System
FIX Engine
Business Msg
Processing
Busi
Pro
Business Msg
Processing
customer.
Persists
during
Online Resource
including
usage notes on Rapid
life
of FIX
session.)
Addition
- Online
FIX Resource including detailed
notes on usage (versions 4.0, 4.2, 5.0 SP2).
Order Management System
Order Management
Trader
Trader
Trader
Trader in
Foreign
Oce
See also
Algorithmic trading platform
Algorithmic trading
FIXatdl
Electronic trading
QuickFIX, an open source FIX implementation
SWIFT:Message Types
Notes
Xpedia-tradeSeries
nary/Analyzer
Xpedia
FIX
Trader
DictioTrader
Trader
11
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11.1
Financial Information eXchange Source: http://en.wikipedia.org/wiki/Financial%20Information%20eXchange?oldid=649255737 Contributors: The Anome, Edward, Thue, RScheiber, Euphoria, Canterbury Tail, ChrisRuvolo, Rich Farmbrough, John Vandenberg,
Wsames, Leifern, H2g2bob, Crosbiesmith, Tobiwan, Dmccreary, JoshuaK, Lmatt, Gaius Cornelius, Ilionyl, Spike Wilbury, Rjlabs, FTota,
Open2universe, Tiger888, DocendoDiscimus, SmackBot, Od Mishehu, Vald, Bluebot, Sicklittlemonkey, Bigmantonyd, Djmitche, John,
Beetstra, Mesgary, Pompom2309, ChrisCork, Ilehrman, Cydebot, Solidpoint, Bmathis, Mojo Hand, Hmrox, Widefox, Jayron32, Lumbercutter, Burnash, Randy549, LittleOldMe, Camerojo, VoABot II, Granburguesa, Cander0000, Hakan.guzelgoz, R'n'B, Gareth.randall,
Nicolas39, Openshac, MoodyGod, FIXtechie, Signalhead, A4bot, Billinghurst, Moonriddengirl, Phe-bot, HotBridge, Auntof6, Nikolai.legkodimov, Juancentro, Echion2, Sbganesh, 7, Jcjollant, XLinkBot, Srinivasarao khammam, Addbot, Alik1006, Luckas-bot, Yobot,
Jack Falltrades, Fixguru, Khaderv, Wikiphile1603, Lotje, Amin Mahetar, Hobbes Goodyear, Olukoya, Renz.marcello, Vamiot, SCWilkinson, Duku Dave, Prabhupj, Widr, Fixomaniac, Dmg3, Alugupta, Mikedl778, Fritzbunwalla, Monti213, Brucesgarland, Timhealy57 and
Anonymous: 121
11.2
Images
File:Financial_Information_eXchange_System_Connectivity_Diagram.svg Source:
http://upload.wikimedia.org/wikipedia/
commons/8/8f/Financial_Information_eXchange_System_Connectivity_Diagram.svg License: Public domain Contributors: Own work
Original artist: Gareth.randall
File:Text_document_with_red_question_mark.svg Source: http://upload.wikimedia.org/wikipedia/commons/a/a4/Text_document_
with_red_question_mark.svg License: Public domain Contributors: Created by bdesham with Inkscape; based upon Text-x-generic.svg
from the Tango project. Original artist: Benjamin D. Esham (bdesham)
11.3
Content license