Monitor FIX traffic

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Imported from previous forum

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Hi
I am new to FIX area, just started to learn FIX protocols. I have following questions and need your help:

  1. Is FIX being used between end user and stock broker? I tried to capture packets with a sniffer when accessing my Fidelity account with IE browser, all I get are HTTPS packets, looks like the data is SSL encrypted, and can’t really see any packets with FIX headers.
  2. Is FIX ONLY used between financial firms? In that case, are the messages between financial firms also encrypted, or they are just FIX traffic without encryption since the packets traveling within VPN over secured channels?

I have found some open source FIX engine such as QuickFIX which can help me to learn FIX protocol, but still I’d like to know how the FIX protocol being used in the real world.

Thanks,
-Hongrui

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[ original email was from Rodrick Brown - rodrick.brown@lehman.com ]
> Hi I am new to FIX area, just started to learn FIX protocols. I have

following questions and need your help:

  1. Is FIX being used between end user and stock broker? I tried to
    capture packets with a sniffer when accessing my Fidelity account
    with IE browser, all I get are HTTPS packets, looks like the data is

Since your fideltiy client as you stated is a web browser you wont see any FIX sessions originating from your side Fidelity most likley will have some kind of backend system that reads your orders from a database and send them to another OMS or Exchange via FIX or other means where they will be executed.

SSL encrypted, and can’t really see any packets with FIX headers.
Yes because of
2) Is FIX ONLY used between financial firms? In that case, are the
messages between financial firms also encrypted, or they are just
Yes FIX is used between two financial parties who are looking to buy/sel/trade securities.

FIX

traffic without encryption since the packets traveling within VPN
over secured channels?
The most standard setup is to use dedicated lines between parties. VPN/SSL tends to add overhead and makes your setup much more complex.

I have found some open source FIX engine such as QuickFIX which can help
me to learn FIX protocol, but still I’d like to know how the FIX
protocol being used in the real world.

You can start by reading the documentation provide here on fixprotocol.org generally FIX is used between buy side institutions/hedge funds as well as the sell side brokers/dealers to buy/sell securities.

Thanks, -Hongrui

4

Thanks a lot for the input.

-Hongrui

Hi I am new to FIX area, just started to learn FIX protocols. I have
following questions and need your help:

  1. Is FIX being used between end user and stock broker? I tried to
    capture packets with a sniffer when accessing my Fidelity
    account with IE browser, all I get are HTTPS packets, looks like
    the data is

Since your fideltiy client as you stated is a web browser you wont see
any FIX sessions originating from your side Fidelity most likley will
have some kind of backend system that reads your orders from a database
and send them to another OMS or Exchange via FIX or other means where
they will be executed.

SSL encrypted, and can’t really see any packets with FIX headers.
Yes because of
2) Is FIX ONLY used between financial firms? In that case, are the
messages between financial firms also encrypted, or they are just
Yes FIX is used between two financial parties who are looking to
buy/sel/trade securities.

FIX

traffic without encryption since the packets traveling within VPN
over secured channels?
The most standard setup is to use dedicated lines between parties.
VPN/SSL tends to add overhead and makes your setup much more complex.

I have found some open source FIX engine such as QuickFIX which can
help me to learn FIX protocol, but still I’d like to know how the FIX
protocol being used in the real world.

You can start by reading the documentation provide here on
fixprotocol.org generally FIX is used between buy side
institutions/hedge funds as well as the sell side brokers/dealers to
buy/sell securities.

Thanks, -Hongrui

5

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Hi I am new to FIX area, just started to learn FIX protocols. I have

following questions and need your help:

The following draft document may be of help regarding FIX usage and security:

http://www.fixprotocol.org/documents/3556/FIX%20Security%20White%20Paper.pdf

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This document answered most of the questions I have in mind. Thanks for the pointer.

-Hongrui

The following draft document may be of help regarding FIX usage
and security:

http://www.fixprotocol.org/documents/3556/FIX%20Security%20White%2-
0Paper.pdf