FIX connectivity to execute trades

You have to be a member of the NYSE to:
- get a hold of the document, and
- to be able to connect directly to the exchange

Brokerage firms that route customer orders directly to the NYSE have the required membership.

Your choice, as a private investor who does not have the membership is to open an account w/ a brokerage firm that does.

After that there are various ways for you to send in orders. In case of IB, they are:
- IB TWS - the front-end GUI application
- third party application connecting through proprietary API protocol to the TWS
- direct FIX connection, which bypasses the TWS and directly connects to the IB's back-end servers (this is in a pilot program)


Quote from felichka:

How can I get any info on the protocol that is used to send orders to SuperDot or NASDAQ ecn's ? As I understand the FIX protocol is used by institutions and retail to send orders to brokers. Please clarify this mystery. I am trying to find out what one should have and know to write order entry platform for direct access. There is very little material about this on internet.
Thank you.
More...
 
You seam like a very knowledgeable person. I am with the member company but I do not know the internals of sending my orders to Exchanges. What protocol if there is any or standard message is used when you send let's say market buy order to the SuperDot ?
If I am looking for the way to enhance the existing order entry system, how would I start in acquiring needed information ?

Thank you in advance.
 
The protocol is called CMS. When you are w/ a member firm that has the membership, what they do is something like this: they funnel all the orders issued to the NYSE through one of their existing connections/lines to the NYSE.

You need to speak to the prog/network department, which runs the connection. It is incoceivable to me that they would let you build another connection for your own purposes.

In case your firm does not yet have the direct connection to the NYSE and routes through a third party (this is not uncommon) and want to establish the direct connection, you need to call the NYSE and they will tell your firm how to go about it.

Quote from felichka:

You seam like a very knowledgeable person. I am with the member company but I do not know the internals of sending my orders to Exchanges. What protocol if there is any or standard message is used when you send let's say market buy order to the SuperDot ?
If I am looking for the way to enhance the existing order entry system, how would I start in acquiring needed information ?

Thank you in advance.
More...
 
No, I am not going to build any new connections. I am looking to know more about CMS protocol and how orders tested against NYSE.
 
Quote from IBsoft:

You have to be a member of the NYSE to:
- get a hold of the document, and
- to be able to connect directly to the exchange

Brokerage firms that route customer orders directly to the NYSE have the required membership.

Not True, Service Bureau's ( Direct Access Software Firm's) can and do establish their own NYSE CAP sessions for superdot. They must however send oders ( go down) as NYSE executing member.
More...
 
Thanks.

Quote from Nordic:

Quote from IBsoft:

You have to be a member of the NYSE to:
- get a hold of the document, and
- to be able to connect directly to the exchange

Brokerage firms that route customer orders directly to the NYSE have the required membership.

Not True, Service Bureau's ( Direct Access Software Firm's) can and do establish their own NYSE CAP sessions for superdot. They must however send oders ( go down) as NYSE executing member.
More...
More...
 
My understanding is that FIX is not used for sending orders to SuperDot or SOES and ECN's. Somebody mentioned CMS protocol, seams like there is no clarity on this subject. I can not get any information about it.
 
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