SOLUTIONS

FIX

The IRESS FIX solutions provide connectivity between the IRESS order management systems and global order routing systems or clients’ internal order systems. All IRESS FIX interfaces operate to the industry standard FIX protocol.

What is FIX?

The FIX (Financial Information eXchange) protocol is a purpose-built language for communicating financial information electronically between two unrelated applications in a secure environment. At IRESS, we use FIX to communicate real-time securities transactions between brokers, buy-side and sell-side institutions, and the market.

FIX is not a software application and does not have a graphical user interface. It simply defines the format of messages sent and received. IRESS FIX servers send and receive order information in IOS using the FIX protocol, and support all core FIX messages.

IRESS FIX Solutions

A variety of IRESS FIX solutions interface with different IOS configurations to support the advantages built into IOS, such as:

  • seamless electronic order flow
  • access to IOS compliance and record keeping technologies
  • limit checking on direct market access (DMA) type orders.

Receiving orders into IOS

Clients can fully manage all their orders in IOS via an IRESS FIX Interface, regardless of how the orders are placed on the market. This includes:

  • receiving orders into IOS from another FIX system, and reporting trades in real-time to the FIX client
  • controlling order modification and deletion
  • monitoring orders that have been placed on the market using another method.

Indications of interest (IOIs), allocations, and market data messages are supported in some IOS-FIX configurations.

 

Sending orders for external execution

When routing new orders created in IOS to an external system for execution, you can configure the IRESS FIX Interface to send:

  • IOS strategy orders
  • all market orders for a specified exchange
  • blotter/desk orders. This is only available in some IRESS FIX solutions.
 

IOS-FIX connectivity

IOS to FIX connectivity is achieved via an IRESS FIX Engine, which is configured as:

  • a point-to-point connection at the broker’s site
  • a FIX hub at an IRESS site.

The FIX hub provides connectivity to the full IOS network, allowing clients to route IOS orders to multiple brokers or institutions in one FIX session, and alleviating the need for direct connectivity with individual participants.

 


IRESS FIX Interfaces

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Solution What does it offer?

FIX Classic

FIX Classic interfaces with the traditional IOS Institutional and IOS Retail solutions.

Components

  • IRESS FIX Engine - receives orders into IOS from a FIX client.
  • IRESS FIX Servlet - sends orders from IOS to external systems for execution.

FIX Plus

FIX Plus interfaces with the new generation IOS Plus system, with a focus on performance (both latency and throughput), scalability, and redundancy.

FIX Plus executes orders in IOS Plus on the Australian Securities Exchange (ASX), and supports:

  • blotter orders - manual execution / CARE orders
  • ASX 'at risk' orders - automatic execution / DMA-style orders.

Support for allocations and indication of interest (IOI) messages will be available in FIX Plus soon.

Performance

Testing on the ASX Performance Test Gateway using a single CLICK XT login, for batches of orders ranging from 400-1000, processes an average 30-50 transactions per second (TPS), depending on whether the order trades or not. The current ASX market interface scales at approx 40-50 TPS per connection when the best possible bulking scenario is used. Our testing shows that the IOS Plus server, using four CLICK XT logins on the same ITS gateway, for batches of orders ranging from 400-1000, processes on average 160 transactions per second.

Features

  • Options for operator management of Blotter orders using the IOS Plus Operator Pad or the OTS Pending Book.
  • Ability to send strategy orders to the IOS Plus interface.

Components

  • IRESS FIX Plus Engine - receives orders into IOS Plus from a FIX client.
  • IRESS FIX TI (Trader Interface):
    - sends orders from IOS Plus to external systems for execution
    - sends blotter/desk orders to an external system.

FIX Admin

FIX Admin is a FIX user interface module, which runs on the IRESS platform and allows clients to monitor:

  • IRESS FIX Engine connections.
  • messages sent to and received from clients.

FIX Admin also allows clients to view and modify FIX to IOS account mapping.

 

Need more information?

For more information about the IRESS FIX Interface, please contact  us.