FIX engines, the workhorses of financial messaging, are quietly undergoing a continuous transformation. First developed in the early 1990s by Fidelity Investments and Salomon Brothers to standardise electronic equity trading, the FIX (Financial Information eXchange) Protocol quickly became the global standard for order and trade messaging across asset classes.
Rather than commoditised infrastructure, today’s FIX engines are being reimagined as high-performance, cloud-native components built for ultra-low latency, resilience, and flexibility. Modern implementations combine deterministic performance with modular architectures, intelligent session management, and seamless integration into microservices-based trading environments. Support for Kubernetes, dynamic FIX dialects, and built-in compliance and monitoring tools is now standard, while some firms are applying AI to enhance observability and predictive tuning.
As cloud adoption grows and trading workflows fragment across venues and asset classes, FIX engines are evolving from passive message routers into programmable gateways at the intersection of execution, risk, and infrastructure. Whether in-house, open-source, or commercial, they can serve as strategic enablers for next-generation trading.
Based on A-Team Group research and informed by entries and votes from our TradingTech Insight Awards USA and Europe, TradingTech Insight has compiled a list of fourteen FIX engine technologies to consider in 2025.
Chronicle Software
Winner – Best FIX Engine Provider, TradingTech Insight Awards Europe 2025
Chronicle Software offers a high-performance FIX engine built on its ultra-low-latency Java technology stack, known for its deterministic behaviour and GC-free operation. Chronicle FIX, one of the fastest Java FIX engines on the market, is designed for firms that require high performance and customisation. Chronicle FIX is especially well-suited to latency-sensitive trading in asset classes like FX and equities. The company’s engineering-first approach appeals to proprietary trading firms and hedge funds looking for full control over their infrastructure, with the ability to tailor FIX workflows.
The Microsecond FIX Engine powering institutional trading includes:
- Wire-to-wire latencies of 20 microseconds.
- Thousands of production sessions.
- High availability and zero-copy messaging.
- Customisable for unique trading needs.
Chronicle’s mission is to revolutionise financial technology. Trusted by 8 out of 11 of the world’s largest investment banks, Chronicle provides the infrastructure driving unique business logics.
https://chronicle.software/fix-engine/
Broadridge
Winner – Best FIX Engine Provider, TradingTech Insight Awards USA 2024
Broadridge’s FIX capabilities are rooted in the technology it acquired through Itiviti and Ullink; platforms long recognised for their role in institutional trading connectivity. The company offers a mature, multi-asset FIX infrastructure that supports high-throughput, low-latency messaging across equities, fixed income, derivatives, and FX. Designed to serve both buy-side and sell-side participants, Broadridge’s FIX engine underpins a range of execution workflows, from order routing and trade confirmation to smart order routing (SOR) and compliance monitoring.
A key component of its offering is the NYFIX order routing network, one of the industry’s largest broker-neutral FIX networks. It connects thousands of counterparties globally and provides access to a broad array of brokers, venues, and execution destinations. NYFIX is widely used for its reach and operational stability, particularly by asset managers and hedge funds that want to streamline broker connectivity without managing multiple direct lines.
In addition to connectivity, Broadridge focuses on automation and operational efficiency. Its FIX infrastructure supports client onboarding, testing, and certification workflows, including automated validation and monitoring tools. While not pitched as an ultra-low latency engine for high-frequency strategies, its strengths lie in scale, reliability, and integration with broader trading, post-trade, and compliance ecosystems, making it well suited to firms seeking a comprehensive, enterprise-grade FIX solution.
https://www.broadridge.com/capability/front-office-solutions/connectivity/
B2BITS
B2BITS EPAM Systems’ FIXEDGE product line provides comprehensive automation solutions for pre-trade, trade, and post-trade workflows.
FIXEDGE supports a broad range of functionalities, including Order Entry, Drop Copy, Trade Capture, Smart Order Routing, Market Data Distribution, and Trade Reporting across all asset classes, seamlessly integrating in-house Order Management Systems (OMS) and Execution Management Systems (EMS) with trading venues.
FIXEDGE’s business layer features a domain-specific language, allowing users to define routing and message transformation rules with ease.
Its open architecture enables integration with various modern middleware interfaces, and its message transformation layer supports multiple formats, including FIX, JSON, XML, SBE and Protobuf, out of the box.
It natively supports multiple message routing patterns, including point-to-point bidirectional, store and forward, multiplexing, rules-based dynamic routing.
Built on highly optimised, mature, and low-latency FIX Antenna libraries, FIXEDGE supports all FIX protocol versions.
The product is designed for easy adoption, featuring a browser-based UI configuration that enables one-click session setup and real-time control and monitoring functions.
FIXEDGE can be deployed on-premises or in cloud environments, providing a scalable and fault-tolerant FIX connectivity layer for distributed trading systems.
https://www.b2bits.com/trading_solutions/fixedge
BME
BME, a part of SIX Group, offers technological solutions along the entire financial market value chain. One such offering is BME Connectivity, its FIX engine. The service enables participating entities and financial market intermediaries to become part of BME’s global network of regulated markets, MTFs, top-tier global brokers, and leading software vendors. With a single FIX session, it provides transparency and real-time, end-to-end messaging information, acting as a highly efficient bridge between trading partners.
For BME’s international client base, BME Connectivity is an essential part of their electronic trading systems, translating FIX messages into formats understood by trading systems and exchanges and facilitating direct market access.
The service supports multiple asset classes, including equities, derivatives and investment funds, and implements customised consulting solutions to meet market standards and tap into SIX’s global network. The focus on consistent innovation means BME Connectivity remains at the cutting edge of the FIX engine landscape.
https://www.bolsasymercados.es/en/other-services/connectivity-services.html
Exegy
Exegy has integrated FIX protocol support into its FPGA-based nxFramework, offering a significant performance advantage for financial firms. This hardware acceleration drastically reduces CPU core utilisation – potentially by 10-20 times – freeing up valuable server resources for other critical trading applications. By offloading the management of numerous FIX sessions to the FPGA, Exegy’s solution enables deterministic and ultra-low latency manipulation of FIX data streams. This includes on-the-fly modification and retransmission directly within the hardware across multiple sessions, minimising software intervention and accelerating message handling.
This approach not only boosts performance and lowers latency but also contributes to reduced power consumption and operational expenditure. Exegy provides comprehensive software libraries and APIs to simplify configuration, monitoring, and integration with existing trading infrastructure. For firms seeking to optimise their FIX infrastructure without deep FPGA expertise, the nxFramework offers pre-configured templates for FIX message validation and efficient filtering of unnecessary data at the hardware level. This tight hardware-software design delivers enhanced performance and a lower total cost of ownership for managing high-throughput FIX environments.
Flyer Financial Technologies
Flyer Financial Technologies provides a suite of trading infrastructure tools, with its FIX Engine positioned as a core component designed to support performance and scalability requirements across a range of trading environments. The engine is developer-friendly and supports flexible deployment—either as a standalone application or embedded within broader trading systems—making it adaptable to different client needs. Flyer’s modular architecture allows for a degree of customisation that suits asset managers, broker-dealers, and service providers looking for tailored FIX connectivity.
In addition to its FIX Engine, Flyer offers Co-Pilot, a cloud-based order management system, and the Flyer Trading Network, which provides multi-asset connectivity to a broad range of custodians and brokers. These components are designed to work together as an integrated trading stack, supporting real-time execution, monitoring, and operational workflows. The emphasis is on simplifying trading infrastructure while enabling firms to maintain control over how they interact with the market.
InfoReach
InfoReach offers an enterprise-grade FIX Engine built to support high-throughput electronic trading and Straight Through Processing (STP). The engine comprises a FIX Messaging Library and a standalone FIX Server, using a multi-threaded architecture to handle large message volumes across distributed network environments.
Designed for flexibility, it provides Java, C++, and GRPC APIs and allows the creation of custom FIX dialects via a Metadata Editor. Real-time monitoring and historical analysis tools support operational transparency, while built-in fault tolerance and state recovery features ensure reliability. Engine View, a centralised GUI, enables configuration and oversight across FIX deployments.
Iress
Iress FIX Hub (IFH) is gaining attention as clients demand more agile, interoperable trading infrastructure. As clients face rising connectivity complexity, tighter regulatory environments and increased pressure to reduce latency, the Iress Fix Hub offers a solution designed to streamline integration across global markets.
Rather than retrofitting outdated architecture, Iress has taken a modern, cloud-ready approach, supporting buy-side and sell-side firms with a managed service model that prioritises speed, reliability and adaptability. The platform delivers low-latency performance with robust session management, and includes built-in monitoring and alerting tools that help firms meet operational and regulatory demands.
IFH’s open architecture facilitates seamless connectivity to proprietary and third-party systems, with rapid onboarding and effortless scaling. Our product development focus is on enhancing the client experience, with features such as self service control and tools for proactive risk management, all available in a new “next-gen” client portal. As the need for more responsive, open infrastructure grows, driven by multi-asset strategies, evolving regulation and cross-market connectivity, IFH is carving out a space as a future-ready solution built for today’s trading demands.
https://www.iress.com/software/trading-and-market-data/fix/
OnixS
OnixS FIX Engine SDKs are ultra-low latency FIX Protocol implementations in C#/.NET, C++ and Java. They provide flexible high performance FIX messaging, FIX FAST and SBE Codec support with easy-to-use flexible APIs designed to be quickly integrated into mission critical trading application frameworks.
The OnixS FIX Engine SDK distributions include fast-start source code reference implementation samples to enable developers quickly experiment with latency and throughput benchmarks, buy side and sell side client flows, FIX FAST and SBE encodng/decoding, persistence options, FIX rules of engagement venue specific FIX dialect variants, and other common usage contexts.
Available on a flexible subscription license that includes integration and remedial support with updates and upgrades. The license includes the option to switch licenses between code bases and to OnixS directConnect venue specific non-FIX venue API’s.
https://www.onixs.biz/fix-engine.html
Options Technology
Options delivers enterprise-grade FIX connectivity as part of its fully managed, ultra-low latency trading infrastructure platform. Leveraging its global network of colocation sites and direct market access, Options provides clients with robust, high-performance FIX-based solutions designed to support everything from algorithmic trading to smart order routing and multi-asset class execution.
Clients benefit from a scalable, secure FIX environment with comprehensive onboarding, 24×7 support, and integration with Options’ broader trading ecosystem, including market data, hosting, and monitoring. With a strong focus on resilience, compliance, and performance, Options’ FIX services are trusted by leading buy and sell-side firms to power their mission-critical trading strategies globally.
Rapid Addition
Rapid Addition was an early pioneer in advanced electronic trading technology and is a market leader for high-performance FIX workflow and message transformation. Supporting any asset class, protocol, or trading type, RA Platform provides a foundational building block to implement trading solutions tailored to your business needs.
Architected to accelerate the deployment of your unique business logic through our easy-to-use Web UI and Open Development Framework, RA gives you the freedom to design and implement a broad spectrum of optimised electronic trading workflows. Trading activity can be monitored in real-time through the same UI, with order-level transparency and customisable alerts enhancing operational control.
Proven scalability to support thousands of counterparty FIX sessions and high-volume message flow delivers an unrivalled blend of performance and flexibility. Whether deployed on-prem, in the cloud, or via hybrid infrastructure, RA Platform is fully interoperable with your technology ecosystem, supporting your current and future business strategy.
TP ICAP Fusion
TP ICAP Fusion is the electronic trading platform arm of TP ICAP, bringing FIX connectivity into the heart of its hybrid agency and principal trading model. Fusion provides clients with FIX-based access to TP ICAP’s liquidity pools across multiple asset classes, including rates, credit, and FX. The FIX engine is engineered for resiliency and transparency, supporting clients’ needs for execution certainty and regulatory compliance while enabling TP ICAP to scale electronic trading alongside its traditional voice-broking operations.
https://tpicap.com/icap/financial-markets#electronicplatforms
Trading Technologies
Trading Technologies’ (TT’s) platform is a SaaS-delivered open ecosystem, with a FIX offering that has grown significantly in recent years. TT FIX now supports risk management and compliance integrations, in addition to order-routing and market data services. Clients can also utilise FIX to inject data into the platform and receive a normalised feed from it. The flexible rules engine allows clients to customise TT FIX to simplify integrations with external FIX applications.
Third parties, such as exchanges and brokers, can use TT FIX to distribute their market data through the TT platform to the firm’s 10,000+ futures and options users. TT’s FIX services allow users to subscribe to market data and route orders to an exchange, third-party broker or other venues outside the TT platform. Clients can route orders over FIX using exchange-native order types, TT synthetic or third-party algos.
TT also offers inbound and outbound drop-copy FIX services. Inbound drop copy allows clients to import activity from outside the TT platform, providing a holistic view of a firm’s risk. Outbound drop copy allows clients to export data from the platform, including a live streaming feed of all activity on the platform or from the inbound drop-copy service.
https://tradingtechnologies.com/trading/fix-services/
TS Imagine
TS Imagine’s TradeSmart OEMS is underpinned by a pre-certified, proprietary FIX network connected to more than 250 equities and listed derivatives brokers and venues, around 20 fixed income venues and direct dealers, over 40 FX liquidity providers, and 25 crypto platforms and dealers. From an end-user perspective, it normalises multiple in-region FIX sessions per counterparty and includes an intelligent validation layer that references a product database of over 18 million instruments.
The solution is also highly flexible – supporting client-specific workflows (e.g., algos via DSL) – and is routinely updated for all clients to reflect the latest broker algo specifications and the full range of low-touch and high-touch electronic order routing capabilities. A recent and growing area of focus is the rapid expansion of direct dealer connectivity in fixed income, offering clients the most efficient access to best execution and potential transaction cost savings.
https://tsimagine.com/tradesmart/
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