What Is FIX Orchestra and How It Will Help in FIX Trading?

What Is FIX Orchestra and How It Will Help in FIX Trading?

Traders and technologists built the FIX protocol 20 years ago to make communication between investment firms more efficient and bring down the errors. The FIX protocol helped them achieve this feat, which is reducing the errors. And for 20 years now, the FIX protocol has been the default FIX messaging tool for traders across the globe. There are numerous buy-side, sell-side, and exchanges for many traders who trade FIX specifications across different time zones, and there are costs and time involved in the process. Once the specifications are exchanged, the buyers and sellers or the concerned parties go over various scenarios. This is how it has been for 20 years, but with advancing technology, FIX can be improvised for traders.

Today, we’ll discuss how the FIX orchestra will revolutionize the FIX protocol. As John Greenan, one of the Orchestra's founders, says: "Orchestra is the full stop (period) at the end of FIX. Risks and costs can be cut, and time to market and efficiency improved."

What Exactly Is the FIX Orchestra?

FIX Orchestra is a new standard that was created by the FIX community that implements rules of engagement that are machine-readable. Through network interfaces, parties can then exchange Orchestra files either statically or dynamically. Once the files are exchanged, they can be compared and notified if there are any restrictions or differences in the files that were exchanged. After this is achieved, the generation of application configuration of FIX engines, test case creation, sample messages, and more can be developed automatically without any monitoring or help.

This helps in testing in a cost-effective and quicker manner, which is also in line with the FIX protocol.

Taking a Closer Look

The FIX community built the FIX Orchestra Release Candidate 1 and released it just recently for traders across the globe to help them with their trading. FIX Orchestra is a revolutionary invention in the field of FIX products that has been embraced by a few major players who use it to manage their specifications. The FIX orchestra release candidate 1 is much more capable than handling messages, components, fields, and components. FIX Orchestra release candidate 1 goes beyond message definition to allow scenario definition, which is a specific application of a message.

A FIX message can serve multiple purposes. With FIX Orchestra, you can define fill notification, done for day, partial-fill, order status, and more. You can also define the context of each scenario that occurs by using the ability of FIX Orchestra to model. For example, you can specify the response to various states by modeling the state of an OMS or an execution venue.

Not Limited to Tag-Value FIX

FIX Orchestra users can start by making a machine-readable inventory of their message formats. Alternatively, forward-thinking service providers can incorporate FIX Orchestra into the core of their order management systems, gateways, order routers, and execution management systems.

How Is FIX Orchestra Helping?

FIX Orchestra is basically the metadata of a particular implementation process of FIX. It is critical to understand that no changes to a company's FIX engine is required, which will help reduce the financial impact. The FIX Orchestra benefits businesses by allowing companies to set up FIX connections with minimal human input.

What’s Next?

The FIX community is underway to release FIX Orchestra Release Candidate 2 (RC2), which includes contextual and conditional rules that can be specified using the expression language. The grammar of the FIX Orchestra’s expression language is maintained by the FIX Trading Community via GitHub, under the Apache 2.0 license. The RC2 will also include a fix that supports FIXatdl that will resolve the issues faced by many customers and by broker-dealers.

The expected date for the completion and the release date is still unannounced as it is still being developed. The next version of the ISO 20022 standard is being developed by members of the FIX community for the FIX Orchestra. This integration is really important for the FIX Protocol's future.

As of now, much of the functionality exists within Release Candidate 1, where the brokers and customers are satisfied and adopting FIX Orchestra already at a steady pace.

FIX Orchestra is the next big FIX product for the FIX community, and this helps businesses to save costs and send specifications efficiently. The high-frequency trading infrastructure can be made even more efficient using the FIX orchestra.

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5
Posted Date
Insights Solutions
  • 27 Apr, 2022
  • 5 Mins Read

Traders and technologists built the FIX protocol 20 years ago to make communication between investment firms more efficient and bring down the errors. The FIX protocol helped them achieve this feat, which is reducing the errors. And for 20 years now, the FIX protocol has been the default FIX messaging tool for traders across the globe. There are numerous buy-side, sell-side, and exchanges for many traders who trade FIX specifications across different time zones, and there are costs and time involved in the process. Once the specifications are exchanged, the buyers and sellers or the concerned parties go over various scenarios. This is how it has been for 20 years, but with advancing technology, FIX can be improvised for traders.

Today, we’ll discuss how the FIX orchestra will revolutionize the FIX protocol. As John Greenan, one of the Orchestra's founders, says: "Orchestra is the full stop (period) at the end of FIX. Risks and costs can be cut, and time to market and efficiency improved."

What Exactly Is the FIX Orchestra?

FIX Orchestra is a new standard that was created by the FIX community that implements rules of engagement that are machine-readable. Through network interfaces, parties can then exchange Orchestra files either statically or dynamically. Once the files are exchanged, they can be compared and notified if there are any restrictions or differences in the files that were exchanged. After this is achieved, the generation of application configuration of FIX engines, test case creation, sample messages, and more can be developed automatically without any monitoring or help.

This helps in testing in a cost-effective and quicker manner, which is also in line with the FIX protocol.

Taking a Closer Look

The FIX community built the FIX Orchestra Release Candidate 1 and released it just recently for traders across the globe to help them with their trading. FIX Orchestra is a revolutionary invention in the field of FIX products that has been embraced by a few major players who use it to manage their specifications. The FIX orchestra release candidate 1 is much more capable than handling messages, components, fields, and components. FIX Orchestra release candidate 1 goes beyond message definition to allow scenario definition, which is a specific application of a message.

A FIX message can serve multiple purposes. With FIX Orchestra, you can define fill notification, done for day, partial-fill, order status, and more. You can also define the context of each scenario that occurs by using the ability of FIX Orchestra to model. For example, you can specify the response to various states by modeling the state of an OMS or an execution venue.

Not Limited to Tag-Value FIX

FIX Orchestra users can start by making a machine-readable inventory of their message formats. Alternatively, forward-thinking service providers can incorporate FIX Orchestra into the core of their order management systems, gateways, order routers, and execution management systems.

How Is FIX Orchestra Helping?

FIX Orchestra is basically the metadata of a particular implementation process of FIX. It is critical to understand that no changes to a company's FIX engine is required, which will help reduce the financial impact. The FIX Orchestra benefits businesses by allowing companies to set up FIX connections with minimal human input.

What’s Next?

The FIX community is underway to release FIX Orchestra Release Candidate 2 (RC2), which includes contextual and conditional rules that can be specified using the expression language. The grammar of the FIX Orchestra’s expression language is maintained by the FIX Trading Community via GitHub, under the Apache 2.0 license. The RC2 will also include a fix that supports FIXatdl that will resolve the issues faced by many customers and by broker-dealers.

The expected date for the completion and the release date is still unannounced as it is still being developed. The next version of the ISO 20022 standard is being developed by members of the FIX community for the FIX Orchestra. This integration is really important for the FIX Protocol's future.

As of now, much of the functionality exists within Release Candidate 1, where the brokers and customers are satisfied and adopting FIX Orchestra already at a steady pace.

FIX Orchestra is the next big FIX product for the FIX community, and this helps businesses to save costs and send specifications efficiently. The high-frequency trading infrastructure can be made even more efficient using the FIX orchestra.

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