Major changes in FIX 5.0 include:
Transport Independence Framework
With the release of FIX 5.0, the FPL Global Technical
Committee (GTC) introduced a new Transport Independence (TI) framework which separates the FIX Session Protocol from the FIX Application
Protocol. Under the TI framework, the application protocol messages can be sent
over any suitable transport technology (e.g. MQ,
WS-RX, message bus), where the FIX Session Protocol is one of the available transport options for FIX application messages. Starting with this release, FIX 5.0, the FIX Application layer and the FIX Session layer will
have their own versioning moniker. The FIX Application layer will retain the
traditional version moniker of "FIX.x.y" while the FIX Session layer
will utilize a new version moniker of "FIXTx.y" (note that the
version numbers will be independent of each other). With the advent of
Application Versioning and Transport Independence, the FIX Session and
Application layers have been decoupled and are now independent.
Refer to the FIXT 1.1 specification for additional information.
FIA Extensions and Enhancements to support Derivatives post-trade
This release includes 11 extension packs that provide
enhancements to post-trade processing in the listed derivatives space. Amoung
the enhancements are cross order extensions, collateral management for margin
requirements, large trader reporting, allocations for options, special exchange
instructions and user defined spreads.
Foreign Exchange Enhancements
This extension pack included extensive enhancements to FIX
to support trading foreign exchange as a security. Major areas of enhancements
are support for RFQ, streaming executable prices, swaps, complete support for
spots and forwards, explicit support for expressing FX tenors, vanilla FX Spot
options (post-trade trade reporting only).
Support was added to accommodate regulatory requirements
for OATS Phase 2, Regulation NMS, and MiFID directive.
Enhancements were made to the market data messages to
better support book management and to provide the needed changes to support
A set of extension packs were included to better support
order routing, trade capture, and external routing in an exchange environment.
Trade capture reporting has been enhanced to better support the various trade
reporting models supported by exchanges.
Other enhancements include:
A new Execution Acknowledgement message that allows the order
initiating firm (e.g. buy-side) to explicitly acknowledge the receipt of an
Chinese STEP 1.0 support are enhancements required by the Chinese
exchange markets who are utilizing FIX.
Algorithmic Trading extensions provide an enhanced framework in
which to flexibly express algorithmic parameters.
Access to the Specification Documents
FIX Protocol Limited ("FPL") publishes the FIX
Protocol specifications in Microsoft Word (".doc" or "DOC")
and Portable Document Format (".pdf" or "PDF") formats.
Any registered user of the FPL website may access the PDF version. The Word
version is accessible by FPL members only. Registration is free. Site
users must be logged in to
access specifications in either format.