FIX 4.4
Direct FIX connectivity
to institutional liquidity.
Production FIX 4.4 sessions over cross-connect, VPN, or public transport. Order entry, market data, and drop copy supported. Hosted at Equinix LD4 with sub-millisecond core execution.
01 — Sessions
Three independent
FIX sessions.
01
Order entry
NewOrderSingle, OrderCancelRequest, OrderCancelReplaceRequest, OrderStatusRequest, and OrderMassStatusRequest. Synchronous fills with execution reports.
02
Market data
MarketDataRequest with subscription and snapshot modes. Aggregated top-of-book or full depth-of-book per symbol.
03
Drop copy
Independent session for execution-report mirroring to compliance, risk, or back-office systems.
02 — Specification
Session
parameters.
Production endpoints, order schedules, and counterparty identifiers are issued during onboarding. The values below describe the standard configuration.
- Protocol
- FIX 4.4
- Encoding
- Tag-value, ASCII
- Heartbeat
- 30 seconds
- TLS
- 1.2 / 1.3 over TCP
- Connectivity
- Cross-connect · VPN · Public
- Sandbox
- Available on request
03 — Order types
Supported
order semantics.
Standard FIX order types and time-in-force qualifiers. Custom order semantics can be evaluated on a counterparty basis.
- Market
- Limit
- Stop
- Stop-Limit
- IOC
- FOK
- GTC
- GTD
04 — Reference
Frequently asked.
FIX (Financial Information Exchange) is the industry-standard protocol for real-time electronic exchange of securities transactions. It provides a deterministic, low-latency channel between a counterparty's trading systems and a liquidity venue.
Counterparties open three sessions over TLS — order entry, market data, and drop copy. Each session is identified by a SenderCompID/TargetCompID pair issued at onboarding. Heartbeats run at 30 seconds, with sequence-numbered recovery on reconnect.
Brokers, hedge funds, proprietary trading firms, and treasury desks that operate their own execution stack and require deterministic latency, drop-copy auditing, or programmatic order management.
Median tick-to-trade through the core is approximately 20 ms when measured from a counterparty co-located in Equinix LD4. End-to-end latency depends on the counterparty's connectivity choice — cross-connect, VPN, or public transport.
Counterparties send a MarketDataRequest specifying symbols and depth. Subscriptions stream incremental updates; one-shot snapshots are also supported. Top-of-book and full depth-of-book are available per counterparty configuration.
Market, Limit, Stop, Stop-Limit, IOC, FOK, GTC, and GTD. Order entry uses NewOrderSingle (D), with OrderCancelRequest (F) and OrderCancelReplaceRequest (G) for amendments. OrderStatusRequest (H) and OrderMassStatusRequest (AF) provide synchronous state recovery.
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