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FIX Protocol Explained for Financial Markets

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Brian Driscoll

The document provides an overview of the FIX (Financial Information eXchange) protocol, including: 1) FIX is a messaging standard used for real-time electronic exchange of securities transaction data between institutional investors, broker-dealers, exchanges, and other financial services organizations. 2) It is used to distribute market data, send orders, receive trade confirmations, and more. 3) The protocol is governed by FIX Protocol, Ltd and supports various financial instruments and regions worldwide.

TechnologieBusiness
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Introduction To The Financial Information eXchange (FIX) Protocol presented by Brian Driscoll at BarCampNYC3
What is the FIX Protocol? ,[object Object]
Who uses FIX? ,[object Object],[object Object],[object Object],[object Object],[object Object]
What is it used for? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Products & regions supported ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
How is the standard governed? ,[object Object],[object Object],[object Object],[object Object],[object Object]
A brief history of FIX ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Session & application layers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Transport independent ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
FIX messages ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Message types ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Message fields ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
User defined fields & msgs ,[object Object],[object Object],[object Object],[object Object],[object Object]
Two message syntaxes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
A simple example scenario A money manager sends an order to a broker, and receives an execution/fill back. TCP socket Over a WAN FIX Session Layer Transport via TCP used with tag=value message syntax where the buy side initiates connection and the sell side accepts. buy side trading system FIX engine sell side trading system FIX engine
Typical simplified msg flow ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Buy 5000 IBM @ 110.75 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],8=FIX.4.2^9=251^35=D^49=AFUNDMGR^56=ABROKER^34=2^ 52=20030615-01:14:49^11=12345^21=1^ 55=IBM^54=1^ 60=2003061501:14:49^38=5000^40=2^44=110.75^10=127
Same message in FIXML ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],<OrderQtyData> <OrderQty>5000 </OrderQty> </OrderQtyData> <OrdType Value=&quot;2&quot;/> <Price>110..75</Price> </Order> </ApplicationMessage> </FIXMLMessage> </FIXML>
Integrating applications w/ FIX ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Open source FIX Engines ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
FIX engine vendors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
FIX Info on the Web ,[object Object],[object Object],[object Object],[object Object],[object Object]

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FIX Protocol Explained for Financial Markets

  • 1. Introduction To The Financial Information eXchange (FIX) Protocol presented by Brian Driscoll at BarCampNYC3
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  • 15. A simple example scenario A money manager sends an order to a broker, and receives an execution/fill back. TCP socket Over a WAN FIX Session Layer Transport via TCP used with tag=value message syntax where the buy side initiates connection and the sell side accepts. buy side trading system FIX engine sell side trading system FIX engine
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