Exchange connectivity: Why FIX alone is not enough

Whitepaper

FIX engine: The starting point, not the finish line.

The FIX engine is the foundation of exchange connectivity, managing sessions, message sequencing, logons, heartbeats, and retransmissions.

Open-source options like QuickFIX or FIX Antenna C++ can handle basic message formatting, but they assume your team already understands the FIX protocol and the behaviour of your exchanges in detail, including how to implement and interpret complex and evolving message feeds like 35=D (New Order) or 35=8 (Execution Report). Without depth of knowledge, ongoing maintenance and vigilant testing, small errors in session logic, sequencing, or tag handling can cause trades to fail silently or book incorrectly.

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From fragmented FIX versions to subtle session behavior and shifting exchange APIs, many firms find that building exchange connections in-house is wildly more complicated and time-intensive than expected. This whitepaper outlines where teams typically get stuck, what often gets overlooked, and why the FIX engine is only one piece of the larger exchange connectivity puzzle.

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