The Fundamental of Financial Information eXchange (FIX)

Updated: Jul 7


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From the point a securities order is placed in a digital channel, there are several operations applied on the order and these operations depend on the asset you are trading...


This paper will walk through the operations after the securities are placed in the digital channels.


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Financial Information eXchange (FIX) is a network communication protocol used for the exchange to trade information between trading agents.

< Figure 1: FIX Connectivity >

The widely use of FIX makes it an industry standard. FIX provides trading agents with not only cost and efficiency competitiveness but also the flexibility to adopt new business requirements.


COMPASS FIX Engine is one of the FIX message conversion solutions. It provides comprehensive FIX message conversion. It supports the latest version of FIX, over 6,000 FIX data items, and all FIX messages.


< Figure 2: COMPASS FIX Screen >

The proprietary protocols provided by trading agents, such as Nasdaq OUCH, are alternatives to FIX. These protocols communicate with a single agent, which makes it more efficient.


There are two types of order routing processes. The first is batch mode, which consolidates orders into a single batch before routing them to the trading gateway. The second is the real-time mode, in which each order is routed to the trading gateway in real-time.


The completion of the trade stage could be broken down into multiple transactions, each of which fills a portion of the total quantity of the order. The trading stage is completed when the order quantity is fully filled.


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