FIX protocol is Industry standard protocol for electronic trading , with evolution with computer technology Trading also getting Electronic and now most of the exchanges in the world are fully electronic and concept of trading floor is taken over by computers.When I was new to FIX protocol I have searched net to find a good FIX protocol tutorial but not much is available so I am trying to write my own experience in form of short FIX protocol tutorial.
In this blog post I would like to share my thoughts, experience and knowledge about FIX protocol which I had acquired by working on different areas of FIX.
Basics of FIX protocol and FIX Engine
FIX protocol is a tag value protocol where every field has a unique tag name and signify something e.g. Price (tag 44) denotes the price of a particular shares , OrderQty denotes quantity of order.FIX protocol specify different types of messages for different trading purposes e.g. for Sending an Order to exchange they used NewOrderSingle message (MsgType=35) or for Sending a Cancel to exchange they used CancelOrder message (MsgType=F). MsgType (tag 35) and they message for all purpose of trade life cycle e..g they have pre trade message ( e.g. News , Indication of Interest ) , trade message (NewOrderSingle, OrderCancelReplaceRequest , OrderCancelRequest) and post trade message (e.g. Allocation messages).
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