The process of converting data structures and message formats between the Financial Information eXchange (FIX) protocol and other trading or internal system protocols.
Mechanism
Translation engines or middleware components parse FIX messages, extract relevant trade parameters, and map them to corresponding fields in a target system’s data model, or vice-versa. This ensures seamless data exchange and interoperability between disparate trading platforms.
Methodology
This involves defining precise data transformation rules, often using standardized dictionaries and validation schemas, to maintain data integrity and consistency across various trading venues. This is particularly critical in high-frequency and institutional crypto trading environments for efficient order routing and execution.
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