What Is Fix Protocol?
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FIX Protocol is a set of rules for electronic communication between financial entities such as banks, broker–dealers, and exchanges. The FIX Protocol is overseen by an industry organization called FIX Protocol Ltd (FPL). The protocol is designed to provide an efficient, reliable, secure, and cost–effective method of exchanging financial information over the internet, such that trading partners can quickly and easily communicate with each other. The FIX Protocol is used by a wide variety of market participants, including buy–side institutions, sell–side institutions, exchanges, ECNs, and alternative trading systems (ATSs).