What is FIX?

The FIX Protocol (Financial Information Exchange) is a standardized messaging system for real-time electronic communication of trade-related information in financial markets.

History of FIX

Developed in the early 1990s, the FIX Protocol enables the seamless exchange of trade-related information, such as orders, executions, and market data, between trading institutions, brokers, exchanges, and other financial entities. It is highly valued for its speed, reliability, and real-time capabilities, which are essential for high-frequency trading and other time-sensitive financial activities. The protocol defines a comprehensive set of message types and field formats, making it adaptable for a variety of trading environments.

FIX tag/value pairs

A FIX tag value message is structured as a sequence of key-value pairs where each key (tag) is a numeric identifier representing a specific data field, and the value contains the associated data. FIX tagvalue encoding is standardised in ISO 3531-1:2022.

8=FIXT.1.1|9=61|35=A|34=1|49=EXEC|52=20250101-23:24:06|

Decoding FIX using FIXParser

FIXParser allows you to decode a FIX message into a clear, human-readable format, featuring both our proprietary Message representation and the standardized FIX JSON format.

Header: {
  BeginString: "FIXT11"
  BodyLength: 176
  MsgSeqNum: 4567
  MsgType: "MarketDataSnapshotFullRefresh"
  SenderCompID: "SENDER"
  SendingTime: "20160802-21:14:38.717"
  TargetCompID: "TARGET"
 }
Body: {
  NoPartyIDs: [
    PartyID: "DEU"
    PartyIDSource: "BIC"
    PartyRole: "ExecutingFirm"
    NoPartySubIDs: [
      PartySubID: "A1"
      PartySubIDType: "SecuritiesAccountNumber"
     ]
    PartyID: "104317"
    PartyIDSource: "CSDParticipant"
    PartyRole: "ClearingAccount"
    PartyID: "GSI"
    PartyIDSource: "BIC"
    PartyRole: "ClearingFirm"
    PartyRoleQualifier: "23"
    NoPartySubIDs: [
      PartySubID: "C3"
      PartySubIDType: "SecuritiesAccountNumber"
     ]
   ]
 }
Trailer: {
  CheckSum: "034"
 }