Finance · Market Infrastructure
FIX Protocol in Plain English: Order Flow, Drop Copy, and Stable Sessions
by Thomas V. Trex
Nearly every electronic stock, futures, and currency trade in the world is carried by a single shared messaging language called FIX -- a quiet standard that lets a hedge fund's software, a broker's system, and an exchange's matching engine all agree, in milliseconds, on exactly what was ordered, filled, or canceled. This book translates that dense protocol into plain business flows: how an order travels the wire, how 'drop copy' gives risk and operations a live carbon copy of every fill, and why a stable, correctly-sequenced session is what stands between an orderly market and a costly outage. A clear, practitioner-grounded look at the invisible plumbing beneath modern finance.
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