As the title says, for example, if the Client(Broker) server sends an order to the FIX Host (Exchange) server, will the execution report and other responses be sent directly to the one who sent the order or is it sequential meaning it is sent to anyone who is connected to the Host?
I’m not entirely clear on the details of your scenario.
Assuming a “regular” connection using TCP initiated from broker to the exchange, then the execution reports would only be delivered back down the same TCP connection back to the broker.
If by “anyone who is connected to the host” you mean other brokers/clients, then they certainly will not see any FIX execution messages relating to flow from other brokers (except where a fill is matched with them, when they see “their side” of the execution on their order).
If you are referring to some flow where a buy-side client sends an order via a broker to the exchange, then the broker would still receive the execution reports directly from the exchange and depending on how the client submits orders to the broker (e.g. another FiX connection from client to broker) the broker could choose how to route them back (translating the exchange execution into one sequenced for the buy-side connection).
Some exchanges may potentially expose “dropcopy” FIX sessions for specific clients to receive copies of broker-exchange connection (configured to only show executions for orders from that particular client, you would not receive them from other clients)
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Thank you for replying to my inquiry. It covered my question.