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Information Security
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Re: FIX architecture questions
David Rhodes / TransactTools
8 Apr 2005 5:39PM ET1. 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
David Rhodes / TransactTools 8 Apr 2005 5:39PM ET
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