FIX Smart Order Router Sophisticated trading strategy engine

(33 ratings)

FIX Smart Order Router

Solution Overview

Smart Order Router enables the application of a sophisticated trading strategy engine to assure best execution, systematize the venue selection process and reduce execution costs. The order routing system analyzes real-time market conditions and combines them with historical data about the way securities were traded in the past. Algorithmic trading software Smart Order Router allows for the implementation of algorithmic trading strategies by easily integrating with reporting and billing systems providing high performance. It is built based on B2Bits’ FIX server FIXEdge, which is designed to be easy to install, configure,administrate and monitor trading information flows. Its extensive business layer allows for implementation of routing strategies based on different parameters and criteria. Accompanied by the Pre-Trade Risk module, Smart Order Router allows for the combination of message routing and transformation functionality with a check of pre-trade risk rules.

Benefits

High Performance

Meets trading requirements & addresses the market demand for high performance

Flexible Customization & Enrichment

Solution configuration is easy to administrate, update or extend

Professional Services Support

24/7 service & worldwide coverage

Features

Supports Standard FIX:

100% FIX standard compliance
Supports all FIX message types
Support of high-precision timestamps in accordance with MiFID II requirements
Customizable FIX protocol with user-defined tags & message types
Guaranteed delivery

Highly Customizable:

Different modes of handling sequence number during logon and reconnect
Intraday logout tolerance
Custom logon message
Force sequence number reset on logon

Security:

Use of LDAP as an authentication service for incoming sessions
SSL/TLS
Auto-accept incoming sessions (to simplify development and testing) & auto-decline non-pre-

configured sessions

Monitoring & Administration:

Built-in remote monitoring & administrative interface
Utilizes FIX protocol and the same FIX listen port for administrative session
Friendly XML-based DSL for administrative instructions: easy to read, easy to extend
Rich monitoring and administration GUI out of the box

High Throughput/Low Latency:

The latest benchmarks are available here

Additional Information

Customer Ratings & Reviews

Based on 33 votes

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Questions & Answers

How much does this cost?

Posted on January 22, 2020 by Michael Ferrell

We run annuity models for its software. The license fee is included in the annual support, upgrade, and maintenance costs. The cost per production machine is as low as US$2,000*. We also offer licensing models with extended support, OEM licensing models, and discounts based on the number of purchased licenses. We do not charge additional fees based on the number of messages or the number of conversations. Backup, development, and test licenses can be purchased at 50% of the cost of the production license. For more details on software licensing options fill the Request Solution form.

*Price is given for "Basic package" with basic functionality and limited support.

Posted on January 24, 2020 by SolutionsHub Support

What versions of the FIX protocol does this solution support?

Posted on October 4, 2019 by Heath Lynn

All our commercial engines (Java, C++ and .NET) support FIX versions 4.0, 4.1, 4.2, 4.3, 4.4, 5.0, 5.0 SP1, 5.0 SP2 and FAST 1.1. As part of the support and upgrade packages owned by all our customers, we provide free upgrades to the updated version of the agreement. This ensures that your implementation keeps up with the times as new developments occur, without any additional costs.

Posted on October 7, 2019 by SolutionsHub Support

What is FIX?

Posted on September 12, 2019 by Dana L

FIX stands for Financial Information Exchange. It is an open protocol owned and maintained by the FIX protocol organization. In essence, it is a common message "language" used by brokers, fund managers and exchanges to communicate securities transactions. However, it is not a software application in itself. It only specifies the format of the message and the way to maintain the dialogue.

Posted on September 21, 2019 by SolutionsHub Support

Integrates with

FIX

Relational Database

IBM MQ

TIBCO RV

JMS

industries

license type

type

Version

Updated on March 25, 2020

Links

Link to the Solution's site

Version History

v.6.9.0

Updated on March 25, 2020

Release Notes

Key Features:

Managed Queue as a part of store-and-forward functionality providing mechanism for storing and releasing messages on time-schedule basis.
REST Initiator Transport Adapter for sending messages via HTTP/HTTPS POST requests.
Security mode (HTTPS) support for REST Acceptor Transport Adapter
REST Admin API enhancements.

v.6.8.0

Updated on Jul 5, 2019

Release Notes

New version includes the following new features and improvements:

An initiator can now use a certificate signed by counterparty's CA certificate for authentication.
Added support for the following SSL certificates formats: pfx files, .pem encoded files, .der - binary encoded files in ASN1 standard.
Added support of SSL certificates with and without passwords.
Added logging of (host:port) for incoming connection event.

Fixed critical bugs:

Reconnect mechanism doesn't work in FIXEdge's JMS adapter

v.6.7.1

Updated on Mar 7, 2019

Release Notes

Changes in ICE Trade Capture Solution:

Support of ICE FIX Trade Capture specification version 4.4 was added
SQL Stored Procedures are used instead of JavaScripts for data processing and saving to DB
Support for Defined Strategy messages was added:
Data Model was adjusted to store all the data coming in Defined Strategy (35=UDS) messages
Defined Strategies Subscriptions are implemented for UDS
StrategyPreference(9006) and PublishMktCreationRealtime(9010) tag values are set to "1" in Logon(35=A) to receive new Defined Strategy (35=UDS) messages published over the session in real time. Receiving Defined Strategy (35=UDS) messages is possible when switching to New Security Definition interface (StrategyPreference(9006)=1) only

CurrentDate and SenderCompID columns are added to the Trade Capture Reports & database tables

Fields data types and indexes were changed in Trade Capture Reports and Security Definitions tables to increase the speed of message processing
The format of the additional dictionary was changed to resolve possible conflicts of the additional dictionaries in FIXEdge multiple connections configurations. See How to use dictionary from ICE Trade Capture Solution package based on FIXEdge 6.7.1 in previous versions
Username and Password settings moved from Сustom Logon to the FIXEdge.properties configuration file

See "How to upgrade" articles by the following links:

Upgrade of the existing ICE Trade Capture setup
Upgrade of the existing configuration files to FIXEdge 6.7.1

Changes in ICE Private Order Feed Drop Copy Solution:

Support of ICE FIX Private Orders specification version 3.4 was added
Support for Allocation (35=J) messages was added:
Data Model was adjusted to store all the data coming in Allocation (35=J) messages
Message processing by JavaScript is implemented
SessionQualifier was added to configuration by default in ICE POF Solution in order to work along with ICE Trade Capture solution on the same FIXEdge instance
The format of the additional dictionary was changed to resolve possible conflicts of the additional dictionaries in FIXEdge multiple connections configurations. See How to use dictionary from ICE Private Order Feed Solution package based on FIXEdge 6.7.1 in previous versions
Handling of duplicate Execution Report (35=8) messages is changed for correct processing of messages with the same ExecID(17) tag:
The uniqueness of messages is determined by the set of values of the following tags: ExecID(17), Symbol(55), Side(54), ExecType(150) (added), TransactTime(60) (usedinstead of SendingTime(52)) If TransactTime(60) tag isn't specified in the Execution Report, then the current time is inserted If the TransactTime field value wasn't specified in the Execution Report (it has been generated by JS), then TransactTimeWasNULL is set to 'Y'
TimeStampPreference(9007) tag set to "1" in Logon(35=A) message for increase time precision in SendingTime(52), TransactTime (60), and RFQTransactTime(9213) tag values
Table columns tag values were added
Configuration file FIXEdge.properties is extended with the following settings:
SSL settings were added
Username and Password setting are moved from Сustom Logon
Schedule for ICE Private Order Feed Drop Copy session was added

See "How to upgrade" articles by the following links:

Upgrade of the existing ICE Private Order Feed Drop Copy setup
Upgrade of the existing configuration files to FIXEdge 6.7.1

Extension Packs:

FIX 5.0 SP2 dictionary has been updated with 241-247 Extension Packs

v.6.7.0

Updated on Dec 19, 2018

Release Notes

New version includes the following new features and improvements:

Added option to log important (configurable) lifecycle events (i.e. application starting, application complete) to ArcSight
Adding option for logging to Splunk
Added support for .pfx and .der certificates for acceptor sessions (See How to configure built-in SSL support for FIX session in FIXEdge for details)
Property SSLCiphersList has been added to configure ciphers for SSL connections (See How to use SSL with FIX Antenna C++ and FIX Antenna .NET also) Changes in ICE Trade Capture Solution
SSL for ICE session has been enabled in default configuration
Tables columns names are explicitly specified in stored procedure
Added internal buffering for incoming messages from FIX session to mitigate of too high rate of Security Definition messages from ICE \
Added support ICE FIX Trade Capture specification version 4.3

Changes in REST Admin API:

The command to stop FIXEdge has been introduced in the REST Admin API

Fixed critical bugs:

Incorrect FIX Session state in FIXICC after restarting the session
Missing timestamps in session logs are after corrupted storage recovery
Sev.6.7.1 quence numbers are processed incorrectly in certain cases when DeliverAppMessagesOutOfOrder=true
Java Script function "createDateStr(DATETIMENanoUtc)" works incorrectly with undefined value for seconds on CentOS6
Incorrect decoding of Latin-1 in CME STP Transport Adapter * A flag Q (for queued FIX messages) is not replicated in FIX logs replicator

Documentation:

FIXEdge configuration with the principle of least privilege has been documented

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FIX Smart Order Router Sophisticated trading strategy engine

Solution Overview

Benefits

Features

Additional Information

Customer Ratings & Reviews