Hands-On Machine Learning for Algorithmic Trading

The FIX protocol

Just like SWIFT is the message protocol for back-office (example, for trade-settlement) messaging, the FIX protocol is the de facto messaging standard for communication before and during, trade execution between exchanges, banks, brokers, clearing firms, and other market participants. Fidelity Investments and Salomon Brothers introduced FIX in 1992 to facilitate electronic communication between broker-dealers and institutional clients who by then exchanged information over the phone.

It became popular in global equity markets before expanding into foreign exchange, fixed income and derivatives markets, and further into post-trade to support straight-through processing. Exchanges provide access to FIX messages as a real-time ...