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Re: FIX architecture questions
jeff yancey / sectel business solutions
9 Apr 2005 2:13AM ET> You will also find that Stock Exchanges are starating to use FIX for both trading and for market data. The Australian and Singapore Stock Exchanges provide a FIX interface to their trading systems.
> 1. All of the above. FIX is definitely used between buy-sides and sell-
> sides, and sell-sides and exchanges, for pre-trade, trade and post-
> trade activities. And it’s also often used as "middleware" internally
> between various desks and departments within an organization for some
> of those same activities.
>
> 2. Brokerages configure this in a variety of ways. A smaller shop might
> have one OMS and one FIX engine; as connections from customers and to
> exchanges grow in number, they might have one OMS but more than one
> FIX engine; as the complexity of trading grows they might have more
> than one OMS and several FIX engines.
>
> 3. It is usually up to the developer to integrate the OMS with the FIX
> engine, and the choice of protocols is generally limited to what the
> FIX engine offers. Robust FIX engines offer multiple options
> including using it in-process or out-of-process with your OMS,
> multiple choices of programming languages, and even support of
> popular middleware like TIBCO.
>
> 4. The JSPs behind some of the retail brokerage sites you mention
> probably don’t invoke FIX services directly. I would imagine that
> they invoke other application services related to order management,
> and those eventually make the decisions as to what messages to send
> and when. That being said, how those application services are
> architected to interact with FIX then depends on your choices in #3.
>
> Hope that helps a bit,
>
> David Rhodes TransactTools
>
> > Hi - Any input on the following FIX architecture questions is greatly
> > appreciated!
> >
> > 1. Are FIX engines are primarily used for b2b communication: ie.
> > broker to broker? Or, are FIX engines primarily/extensively used
> > in-house for exchanging buy/sell/quote requests amoungst brokers
> > and (external) web clients of one company?
> >
> > 2. Does a brokerage typically have a central FIX server connected to
> > the in-house OMS that relays executions to in-house FIX "clients"?
> > Or, do many in-house FIX engines connect to the OMS separately?
> >
> > 3. A FIX Engine often communicates with an OMS, but using what
> > protocol, FIX? Or, would this communication from FIX Engine to OMS
> > be handled by application programming?
> >
> > 4. Last question: In the case of brokerages with web clients like
> > schwab, etrade, fidelity... how might the JSP process spawn a FIX
> > request? Presumably, the fix process is already running as a
> > separate process, so some form of IPC is needed, what might be a
> > good choice?
> >
> > Thanks in advance!
Re: FIX architecture questions
jeff yancey / sectel business solutions 9 Apr 2005 2:13AM ET
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