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Re: FIX Basic Questions
Pravin Pillai
21 Oct 2009 1:50PM ET Hi Mahesh, I checked out the network listings and now I am clear on the service provider concept. Thanks for pointing me in the right direction.
> (1) Is this is a common route that buy-side firms take or is it that the
> majority of buy-sides would have their own FIX engine?
>
> In percentage terms, I do not have a % number of Buy side firms who
> directly connect to Sell side using their FIX engine versus those who
> use service provider(s). FIXGlobal at http://fixglobal.com/ might have
> the information you are looking for.
>
> (2) In case of the service provider approach, is it correct to assume
> that the service provider would have its FIX engine that would
> connect to the FIX engine of the sell-side.
>
> Yes, if a particular sell side is using FIX for inbound connections,
> then the service provider would have an outbound FIX engine which would
> act as Session initiator connecting to that sell side's inbound FIX
> engine (Session Acceptor).
>
> (3) What would be some examples of such service providers? Do the trader
> networks provided by the likes of Fidessa and Fix Flyer belong to
> this category?
>
> There are many networks listed at http://fixprotocol.org/products/3 ,
> you could contact those networks directly to find out if they do non-
> FIX to FIX connectivity (I would not speak on behalf of any
> particular vendor).
>
> There are networks which provide FIX to FIX translations, i.e. in a hub
> and spoke model, the buy side maintains a FIX session with a single FIX
> version with the network service provider and the network service
> provider translates it to the FIX version(s) as desired by the different
> Sell sides. This makes maintainence and certification easier on the buy
> side, but there is an associated cost.
>
> > Thank you very much Mahesh. This really helps.
> >
> > Regarding the last point on service providers that host FIX adapters
> > to do the 2-way conversion:
> >
> > (1) Is this is a common route that buy-side firms take or is it that
> > the majority of buy-sides would have their own FIX engine?
> >
> > (2) In case of the service provider approach, is it correct to assume
> > that the service provider would have its FIX engine that would
> > connect to the FIX engine of the sell-side.
> >
> > (3) What would be some examples of such service providers? Do the
> > trader networks provided by the likes of Fidessa and Fix Flyer
> > belong to this category?
> >
> > > > (7) I have some folks telling me that "buy sides will not have a
> > > > FIX engine but they will be able to send FIX messages using
> > > > some adapter. Only the sell side will have a fix engine to
> > > > receive and process these messages.". I believe this is
> > > > incorrect. Am I correct?
Re: FIX Basic Questions
Pravin Pillai 21 Oct 2009 1:50PM ET
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