What is FIXML Online?
The FIX protocol is a messaging standard developed by the Financial Information Exchange. FIX - is used by trading partners that want to automate communications, and FIXML is a standard for FIX application messages that use XML syntax.
So why is it crucial and used?
The FIXML team began their investigation into the XML format in 1998 and showed the world how FIXML was used, with the FIX protocol using the XML format by publishing a white paper and releasing the first version of FIXML in 1999.
Why FIXML and its features?
- FIXML makes the data dictionary and business logic from the FIX Repository
- The XML representation and vocabulary for FIX application messages are known as FIXML
- FIXML does not include a session layer and includes FIX application messages
- FIXML can wrap around the FIX Session Protocol or another protocol such as MQ Series, TIBCO, and SOAP
FIXML and its categories
Every message category defined by the FIX specification has a pair of schema files of its own, such as implementation and a base schema file. For applications that only need access to one message category, this provides a granular level of use. Component and message definitions belonging to a specific message category are defined within the FIX Protocol and stored in the message category schema files. Message categories can include market data, indications, allocations, and positions. You can also find the complete list of FIXML category files under the FIXML Schema File Summary section.
FIXML integration and customization
FIXML schema files support extensions are recommended users minimize modifying them too much as it could impact the performance of FIXML Syntax. The lesser customization, the easier it is to connect with counterparties. If you require customization, you should communicate with the FPL Global Technical Committee and let them know your specific requirements. And they can implement solutions to make the FIXML meet your business requirements and confirm if the issue has been resolved already by the FIX community and for a future release. At the very least, you'll get coaching and help to extend FIXML so that the new feature becomes part of a future version of FIX.
Creating a customized field
In the fixml-fields-impl-5-0-SP2.xsd schema file, new fields can define as XML simpleType. You should add the field near the end of the schema document, and you should use XML comments to explain why you're adding it and be sure there's no standard FIX field with the same purpose and meaning.
The reference to the field adds to the component or message used. These messages are renamed in the relevant impl schema file if these messages are a group in the standard base file. Then the file for commonly used components will be fixml-components-impl-5-0-SP2.xsd. You might also alter the type definition in the fixml-fields-impl 5-0-SP2.xsd. Schema file to limit the enumeration values. The enumeration value extends by linking the old enumeration type definition values.
It is also possible to create an optional field by redefining the optional attribute group and modifying it to "required" from "optional" This is within the implementation file for either all the components or the implementation file for a specific message category.
While making the required fields optional is against the standard base definition of FIX and avoided by modifying the original required element or attribute group.
You can also add a custom message by creating a message structure for the category in which the custom message displays. An optional element, an attribute group, and a required element are for a custom message.
FIXML is an XML-based technical standard for FIX products that makes it easier to share information about securities transactions.
FIXML has numerous advantages, and we have listed such as sharing security information cannot be as smooth, putting the entire process at risk. Click here to know more.