FIX (Financial Information Exchange Protocol) has become the Financial Industry standard for trade system message delivery and has revolutionized the trading world. The standardized protocol has alleviated barriers that once made it difficult, costly and time consuming to integrate with exchanges, vendors and application providers. FIX has evolved as a fast, efficient and proven technology for data transmission for most trade based financial firms.
TradeStation offers FIX (www.fixprotocol.org) gateway for Institutional partners as a standardized communication link. The TradeStation FIXGateway provides access to the TradeStation’s network-based Order Execution (OX) system for routing equities, options, futures and Forex orders. Order Management System (OMS), Gray box or trading applications can send orders to TradeStation’s OX network using standard 4.2 or 4.4 versions. Alternatively, the TradeStation FIXGateway can deliver execution reports in the form of drop copies for orders sent by the TradeStation platform or any integrated application connected to the system.
Direct Access orders are orders that originate from an external third party system such as an Execution Management System (EMS), OMS or other trading system that uses FIX to communicate order information. These orders are routed to the TradeStation execution network in most cases using the TradeStation proprietary Intelligent route but can be directed orders as well. Order state is updated in real-time.
FIX can be used as a real-time data delivery for trades originating away from a money manager or hedge funds OMS, or portfolio management system providing simultaneous updates for orders originated within the TradeStation network. It can also provide post trade execution reports for clearing or risk management systems. Drop copies generally help provide uniformity when multiple trading systems are utilized by a firm.