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 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?

Trade surveillance helps the market players to monitor the trading pattern and investigate risks in the process. Surveilling the trading activity helps the organization protect the assets and interests of the entity. A high-frequency trading infrastructure is necessary to identify the risks and enforce stringent control. The financial markets are volatile and prone to periodic changes, making trade surveillance a vital process.

In simple terms, the FIX engine is a FIX protocol-based messaging infrastructure designed for high-frequency trading or help in online trading. It is adaptable with both .NET and Java.

FIX engine is an implementation of the FIX protocol, and specific software programming is required to set up FIX connectivity.

The Financial Information eXchange (FIX) protocol is the most preferred communication mode in the global capital markets, and PhiFIX makes sure that your trading infrastructure is fluent and seamless in that! With our highly scalable feature, no matter where the communication is from being the sell-side or buy-side or even implementation in the client’s environment, you will have data interoperability and insight. PhiFIX supports every FIX version from 4.0 to 5.0 SP2 and multiple gateway connectivity, such as order entry, trade management, market data, and drop copy.

The Financial Information Exchange (FIX) protocol has now evolved as the de facto standard in the global equity markets. Used by thousands of firms, including buy-side and sell-side companies, trading platforms, and regulators to communicate trade information, FIX has been helping companies reduce trade costs, increase efficiency and transparency.

Before establishing FIX connectivity, your organization must decide on the target counter parties and their profiles.

Our client is a New York based OTC exchange founded in 1999. They are one of the premier providers of developing market definitions, trading rules, order types, credit matrices, GUI trading screens, and order and market data APIs.

Our client is a New York based OTC exchange founded in 1999. They are one of the premier service providers for developing market definitions, trading rules, order types, credit matrices, GUI trading screens, and order and market data APIs.

Our client is a US based asset management firm. The firm's primary activity is to handle foreign exchange markets and execution via swaps, futures, options and cash instruments. Our client makes investments in both developed and emerging market countries.

The trading world today is evolving into a critical and regulation-based scenario. The regulatory authorities have prefixed stringent rules for the trading institutions to avert risks and lower operational costs. Trading operations have become quite complicated over the past decades, with the addition of multiple applications and emerging technologies into an all-inclusive trading infrastructure.

Many financial firms have been trying to avoid the situation of changing their Order Management System due to the hectic process they have to undergo. Typically, there were three reasons for this reluctance to change: