FIX Protocol

The Financial Information eXchange (FIX) Protocol is an open, vendor‑neutral messaging standard used to convey trade‑related information such as orders, executions, and market data between financial institutions, including broker‑dealers, exchanges, and asset managers. First introduced in the early 1990s, FIX provides a common language that enables disparate systems to communicate efficiently and reliably, supporting a wide range of asset classes from equities to derivatives.

FIX matters because it underpins the high‑speed, low‑latency workflow of modern electronic trading; for example, a trader’s order routed through a broker’s FIX gateway is translated into a standardized FIX message that the exchange can instantly interpret, reducing manual intervention and errors. Its widespread adoption also facilitates connectivity across venues, making it a cornerstone of algorithmic and API‑driven trading strategies.