Tag

#FIX Protocol

13articles

From Best Price to Best Outcome: FIX-Powered Smart Order Routing Rules Brokers Actually Use

See how brokers use FIX to implement smart order routing with practical rule examples for spread, slippage, toxic flow, and LP quota management—without over-engineering execution.

April 19, 20266 min518

David Kovač

Are Your LPs Really Performing? 8 FIX Execution Quality Metrics Every Broker Should Watch

Execution quality isn’t a feeling—it’s measurable. Here are 8 FIX metrics brokers can track to spot LP issues, reduce rejects, and tighten slippage control.

April 19, 20266 min522

Noman Chaudhary

MT5 on the Front, FIX in the Back: The Prop Firm Stack That Stops Limit Leaks and Payout Disputes

Traders can stay on MT5 while your back office runs on FIX: cleaner risk controls, consistent limits, better audit trails, and fewer payout disputes at scale.

April 19, 20266 min490

David Kovač

Your FIX Logs Are Your Alibi: Building Best‑Execution Proof Regulators Can Audit

Best execution isn’t a slogan—it’s evidence. Learn what regulators expect you to prove using FIX timestamps, quotes, requotes, rejects, and written policies.

April 19, 20267 min490

Aisha Rahman

Stop Losing Fills: The FIX Session Lifecycle Checklist Every Broker Needs

A practical walkthrough of FIX session lifecycle mechanics—logon/logout, heartbeats, and sequence numbers—plus the failure patterns that cause brokers to miss fills and desync positions.

April 19, 20267 min490

David Kovač

Your Execution Stack Explained: Where FIX, Bridges, and PoPs Actually Sit (and What They Add to Latency & Cost)

Confused about FIX gateways, liquidity bridges, and Prime of Prime providers? Here’s how each component fits in the execution chain—and how fees and latency compound.

April 19, 20267 min519

Priya Desai

Choosing the Right Trading API: When FIX Beats WebSockets (and When REST Wins)

A practical decision matrix for brokers and prop firms choosing between FIX, REST, and WebSocket—focused on latency, reliability, governance, and operational control.

April 19, 20267 min497

David Kovač

FIX Reject Storms: 12 Production 35=3 Errors and the 60‑Second Triage Playbook

A practical list of the most common FIX Session Reject (35=3) reasons brokers see in production—plus the fastest triage steps to isolate config, sequence, or counterparty issues.

April 19, 20267 min494

Priya Desai

Stop Losing Fills in Translation: 10 FIX Tags Every Broker Should Audit Weekly

A practical guide to the FIX tags that drive execution, risk, and audit trails—what to log, how to validate, and the mistakes that break fills and compliance workflows.

April 19, 20267 min491

David Kovač

Last Look Without the Guesswork: How to Audit FX Hold Times, Reject Codes, and LP Behavior

Last look can protect LPs—but it can also quietly drain broker execution quality. Learn how hold times and reject codes work, what to measure, and how to monitor LP behavior in production.

April 19, 20267 min498

Priya Desai

FIX Onboarding Without Surprises: The Broker’s Playbook for Adding a New Liquidity Provider

A practical, end-to-end guide for brokers onboarding a new LP via FIX—covering credentials, sessions, certification, and a go-live checklist.

March 12, 202617 min1,812

Thomas Mueller

Liquidity Provider Tiers Explained (Bank, Non‑Bank, PoP, ECN): What Brokers Actually Get

Learn how bank, non-bank, Prime of Prime, and ECN liquidity differ in pricing, depth, last look, credit, and integration—plus what brokers truly receive.

March 12, 202619 min1,943

Sofía Mendes