FIX Protocol
Financial Information eXchange Protocol
Industry-standard electronic communication protocol for pre-trade and trade execution in securities markets.
FIX Protocol enables automated electronic communication between trading systems, providing standardized messaging for order routing, execution, and post-trade processing. The protocol supports various message types including new orders, execution reports, market data, and settlement instructions. FIX has evolved through multiple versions with enhanced functionality for different asset classes and trading workflows. Implementation enables straight-through processing, reduces errors, and supports algorithmic trading strategies. The protocol includes session-level controls for message sequencing, authentication, and error recovery. FIX usage extends beyond equities to fixed income, derivatives, foreign exchange, and commodities markets. Industry adoption has made FIX the de facto standard for electronic trading communications globally.
Example
Order routing between buy-side and sell-side systems, execution management system integration