Home / Directory / FIX connectivity
FIX connectivity: a buyer's guide
What we list in this category, where each entry came from, and the questions worth pressing on before you commit.
Every entry below was recorded from a page we opened, and each carries the source we read. Where we could not establish something it is left blank rather than guessed. Read how this site works if you want the detail.
What we list
Every product we hold in this category, in one list. A supplier that has run in production for twenty years and one that launched last year appear together and carry the same fields, because that is the comparison a buyer has to make. Each entry's founding year and owner are on its company page where the company states them, and both bear on continuity: long service is evidence a supplier will still be there, and a young supplier may offer capability and pricing the incumbents do not while carrying fewer references at your size.
- Atlas — Managed trading infrastructure and connectivity platform for financial firms; trade press lists Options among FIX connectivity providers, though the pages I read describe market data and trading connectivity without naming FIX. source
- BME Connectivity — The Spanish exchange operator's FIX engine and connectivity service for market intermediaries joining its network. source
- Broadridge FIX Engine — Broadridge's FIX engine, built on technology it acquired with Itiviti and Ullink; the NYFIX client portal is still described as the former Itiviti NYFIX portal. source
- Charles River Order and Execution Management System (OEMS) — Combined order and execution management across equities, fixed income, FX and OTC derivatives, with broker wheel and TCA. source
- Chronicle FIX — A Java FIX engine with microsecond latency, sold with a companion Chronicle FIX Router for spreading FIX traffic across gateways. source
- Exegy Ticker Plant — Hardware-accelerated market data ticker plant and feed handling, sold alongside nxFeed, the Exegy Nexus managed FPGA platform and a normalized feed marketed as Market Data as a Service; the present company is the 2021 merger of Exegy and Vela Trading Systems. source
- FIS Pre-Trade Compliance (formerly Droit) — API-first pre-trade eligibility decisioning bought by FIS from Droit; aggregates KYC, documentation, credit line and sanctions checks into a ready-to-trade decision. source
- FIX Antenna — Embeddable low-latency FIX engine libraries in C++, Java, .NET, Python and Rust for firms building their own order entry and execution connectivity. source
- FIXEdge — A standalone FIX server used as a central enterprise FIX hub, broker router or exchange gateway, adding message routing and transformation on top of the protocol. source
- FIXeed — FIX message engine providing FIX session connectivity across protocol versions for brokers, asset managers and technology providers. source
- FlexONE OEMS — Buy-side order and execution management system, part of a wider Flex trading suite covering fixed income, FX, futures and options. source
- FlexTRADER EMS — Broker-neutral multi-asset EMS with 300+ broker connections, an algo wheel (FlexAlgoWheel) and built-in TCA. source
- Flyer Trading Network — A hosted broker connectivity network sold with Flyer's own FIX engine, risk gateway and certification tools, aimed at asset managers, RIAs, hedge funds and broker-dealers. source
- Iress FIX Hub — A cloud-native connectivity hub that replaces point-to-point FIX links with one connection to counterparties, venues and service providers. source
- LBX Buy-Side — Cloud-native buy-side order and execution management with FIX connectivity, now owned by FactSet. source
- LBX PMS — Cloud OMS, EMS and portfolio management suite for hedge funds and asset managers, sold with a managed FIX network; LiquidityBook is now a FactSet company. source
- LSEG AutEx Trade Route — A global FIX-based order routing network the vendor says links over 1,000 buy-side firms and 600 brokers across equities, futures, options, FX and fixed income. source
- LatentZero OMS — High-volume buy-side order management, sold with a companion LatentZero EMS workstation onto the Fidessa broker network. source
- LiquidityBook OMS (FactSet Order Management Solution) — Cloud-delivered order management platform for hedge funds and other buy-side firms, now sold by FactSet. source
- NYFIX Matching — Real-time multi-asset trade matching from a single access point, with block and allocation level matching and automated exception management. source
- NYFIX Order Routing Network — A broker-independent, vendor-agnostic managed FIX order routing network the vendor says connects over 1,800 buy-side and sell-side firms and routes 33 million-plus messages a day. source
- OnixS FIX Engine SDKs — Ultra-low-latency FIX protocol SDKs for .NET, C++ and Java, sold alongside venue-specific directConnect market data and order entry kits. source
- Pico Market Services — Managed trading infrastructure, colocation, connectivity and market data across 55+ data centres, with Corvil Analytics for packet-level monitoring, used by hedge funds and asset managers. source
- Pinnakl POEMS — A front-to-back trading and portfolio management system for hedge funds covering global equities, fixed income and derivatives, with FIX connectivity to brokers, pre- and post-trade compliance, and feeds from custodians, primes and fund administrators. source
- RA Platform — Counterparty connectivity and order routing suite made up of RA Hub, RA FIX Engine, RA Monitor and RA FastLane, aimed at firms managing many broker and venue sessions. source
- REDI EMS — Broker-neutral EMS for equities, futures and options with access to 650+ brokers through Autex Trade Route. source
- Raptor FIX Hub — A routing hub that lets a firm reach internal desks and external destinations over a single FIX connection. source
- TNS Secure Trading Hub — A fully managed, vendor-agnostic FIX connectivity and order routing service for buy-side, sell-side, exchanges and other FIX networks, with new sessions turned up in about a day. source
- TRAFiX Multi-Asset OEMS and FIX Connectivity — Hosted multi-asset OEMS sold with FIX connectivity and normalization services to clearing firms and execution venues, built without legacy code. source
- TT FIX Services — A hosted FIX engine service giving an existing OMS or black box order routing, drop copy and market data through TT's colocated global network. source
- Talos platform — Institutional digital-asset trading platform offering FIX, REST and WebSocket connectivity to many crypto liquidity providers through one interface; raised a 40 million dollar Series A from a16z, PayPal and Fidelity. source
- etops FIXhub — A managed order routing network for investment managers and banks that also converts between FIX, SWIFT and proprietary formats; sold without large upfront installation. source
- nxFramework — FPGA development framework with FIX order entry support, sold alongside the nxAccess trading engine and an order execution library for latency-sensitive market access. source
What to ask
These come from the same question bank our request-for-proposal process uses, so a guide and an RFP never drift apart. The four sections below carry the most weight in that bank.
Functional fit
Whether the system does the job for YOUR instruments, markets and volumes — not for the demonstration portfolio. The questions separate what runs in production today from what is on the roadmap, because that distinction disappears in a sales meeting and reappears during implementation. It also asks what still has to be typed in by hand, which every system has and few volunteer.
- Which asset classes does the product support in production today?
- Is there a full audit trail of who changed what and when, and can it be exported?
- Does the system enforce segregation of duties between front and back office?
- Is maker-checker approval supported on material actions, and is it configurable by action type?
- Can a valuation be sourced and approved independently of the people who trade?
Security and resilience
Whether the vendor's security is independently attested or merely asserted. The questions ask for certifications you can read, penetration tests you can see the summary of, and recovery objectives that are written down. Incident history is asked directly, because a vendor that has handled a breach well is often a safer choice than one that has never been tested.
- Which independent attestations do you hold currently?
- Will you provide the most recent report under a non-disclosure agreement?
- Is data encrypted in transit and at rest?
- Is single sign-on supported, and is multi-factor authentication enforced?
- Can your own staff see our data, and is that access logged and reviewable by us?
Compliance and regulatory
Whether the system stands up to your regulator and your auditor. Covers the reporting regimes the product supports directly, whether it can evidence who saw or changed a record, how long records are retained, and where in the world your data physically sits — which is a hard constraint for many firms rather than a preference.
- Can the system evidence to an auditor who saw or changed a given record, and when?
- In which jurisdictions is our data stored and processed?
- Are there any pending criminal matters or debarment proceedings involving the firm, its officers or its managers?
- Which regulatory reporting regimes does the product support directly?
- When a regime changes, is the update included in the licence or charged separately?
Clients and references
Whether they have done this for a firm like yours, and whether those firms stayed. Vendors present client counts and logos readily; they present ATTRITION reluctantly, which is why this section asks for clients lost and migrations completed as separate questions from clients won. Size fit decides more failed implementations than feature lists do, so it is asked directly.
- How many client firms use this product in production today?
- How many of those are of a similar type to our firm?
- How many are within our assets-under-management band?
- How many clients did you LOSE in each of the last three years?
- How many implementations begun in the last three years were abandoned before go-live?
You can send all 167 of these questions to the vendors you choose, and get every answer back side by side. Run an RFP — it is free to you and free to them.