Ecommerce 1 min read

Financial Information Exchange

Last Updated May 24, 2021 1:43 pm

Abbreviated as FIX, a vendor-neutral standardized message format protocol for describing real-time security transactions. FIX is a public-domain specification owned and maintained by FIX Protocol, Ltd. The protocol supports the following electronic conversations between brokers and other financial institutions:

Equity order submissions, cancellations and replacements
Equity execution reporting
Equity order statusing
Equity trade allocation
Indication of interest communication
Completed trade advertisements
Directed e-mail and news messaging

FIX is similar to OFX in that the two protocols are used to communicate financial information. However, OFX is focused more on retail transactions and is a query-response protocol much like HTTP while FIX is focused on institutional business and is a connected session-based protocol.

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