FIX Drop Copy is a specialized messaging service, typically implemented using the Financial Information eXchange (FIX) protocol, that provides a real-time stream of all executed trade reports for a client’s orders. In institutional crypto trading, its purpose is to enable clients to maintain a precise, independent record of their transactions, crucial for post-trade reconciliation, risk management, and regulatory reporting.
Mechanism
The mechanism involves a trading venue or broker sending a copy of every execution report related to a specific client’s orders to a designated “drop copy” session. This session receives messages formatted according to FIX standards, including details like trade price, quantity, time, and order identifiers. This real-time feed operates separately from the primary order entry and execution channels, ensuring non-interference.
Methodology
The operational methodology centers on establishing a dedicated, high-availability FIX session exclusively for receiving trade confirmations. This allows institutional participants to independently verify their trade activity, reconcile their internal systems with the broker’s records, and monitor trading desk performance without impacting live order flow. It supports audit trails and enhances operational transparency and control over trading operations in digital asset markets.
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