Alpaca is excited to announce the support of FIX messaging as an option for order placement and lifecycle management. We’ve found success in integrating innovative FinTech companies with our award-winning APIs – offering high throughput, low latency API options with enhanced stability, reliability, and scalability. Now, we are proud to expand upon those benefits even further by enabling companies using FIX to integrate with Alpaca.
The Financial Information eXchange (FIX®) protocol is a globally accepted standard messaging protocol used to connect to the financial markets. You can find more information on FIX through the FIX Trading Community™, an industry driven non-profit organization that focuses on the continuous development and promotion of the FIX family of standards, including the core FIX protocol messaging language.
Key Features of FIX Protocol
We decided to integrate FIX protocol with Alpaca for a few reasons. The first was that FIX utilizes sequence numbers for messages that are sent and received. This allows you to recover lost messages, ensuring you are always in sync with your counterparty. WebSocket APIs currently do not have sequence numbers which could cause missed or out-of-order trade events.
Secondly, FIX simplifies the client-side state management with its bi-directional communication model. A new order message is sent in the same sequence of the order status updates or execution reports and you know the exact life cycle transitions of the order in a synchronous manner. This makes it easier to manage order states, and often you don’t need to worry about things like the replaying scenario as it’s standardized as protocol.
Thirdly, as FIX is a standard protocol in the industry, you can reuse your existing technology that you have built for other connectivities. We find our clients such as brokerage and hedge fund customers often already have connections with different brokers and liquidity venues with FIX, and the support of FIX by Alpaca makes it easy to add or transition from your existing partners.
In doing so, your company can expect:
- Seamless Integration: Since FIX offers a globally standardized messaging protocol, conversions to Alpaca will offer a seamless integration with minimal setup and maximum compatibility with your current infrastructure.
- Low Latency, High Throughput: Just like our APIs, you can achieve high-speed order execution with our low-latency FIX solution, built for reliability so you can trade with confidence, even at peak market hours.
- Reliable and Secure: Compliant and secure with our fully regulated FIX connectivity, designed to meet the strictest industry standards.
What can you do with Alpaca’s FIX API?
With Alpaca's FIX API, you are able to trade both notional (fractional share trading) and whole share Equities trading.
Just like our Rest API, FIX supports various order types and durations to support your trading needs. You can send Market, Limit, Stop, Stop Limit, Market on Close, or Limit on Close orders. Durations supported include Day, Good Till Cancel, At the Open, Immediate or Cancel, Fill or Kill, or At the Close.
The FIX Messages supported are New Order - Single, Execution Report, Order Cancel Request, Order Cancel / Replace Request, and Order Cancel Reject.
Options trading as well as Crypto via FIX are coming soon. Please reach out if you are interested in these asset classes to learn more.
Please review our FIX Specification for more information.
Connectivity Options: Choose Your Ideal Connectivity Method
We’re offering two connectivity methods to support your FIX integration, based on your technical requirements and connectivity preferences:
TNS (Transaction Network Services) Direct Connection
- If you already have a connection with TNS, we can arrange a dedicated virtual connection for secure and high-speed order transmission. This interconnection operates through our cloud-based infrastructure and leverages TNS’s global network to ensure stability and security. Partners interested in this setup will need an existing TNS contract and connection, as this is a direct, private link. We can assist with this process, leveraging our established relationship with TNS to streamline the setup for you.
FIX Over TLS with IP Whitelisting
- For partners preferring a straightforward internet-based connection, we also support FIX over TLS, securing your orders with industry-standard encryption. By whitelisting your IP address, we can establish a verified, secure link to our systems without the need for private network arrangements. This option is cost-effective and typically quicker to implement, ideal for partners looking for flexibility and efficiency in their setup.
Get Started With FIX!
If you are interested in learning more about FIX, speak with our sales team to further discuss connectivity options and next steps. We’re excited to enhance your access to the U.S. markets and continue delivering a trading experience tailored for performance and security!
Looking for more information or want to take a deep dive into FIX protocol? Review Alpaca’s FIX specification and documentation.
The content of this piece article is for general information only and is believed to be accurate as of the posting date but may be subject to change. Alpaca does not provide investment, tax, or legal advice. Please consult your own independent advisor as to any investment, tax, or legal statements made herein.
All investments involve risk, and the past performance of a security, or financial product does not guarantee future results or returns. There is no guarantee that any investment strategy will achieve its objectives. Please note that diversification does not assure a profit, or protect against loss. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.
Securities brokerage services are provided by Alpaca Securities LLC ("Alpaca Securities"), member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc. Technology and services are offered by AlpacaDB, Inc.
Cryptocurrency services are made available by Alpaca Crypto LLC ("Alpaca Crypto"), a FinCEN registered money services business (NMLS # 2160858), and a wholly-owned subsidiary of AlpacaDB, Inc. Alpaca Crypto is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC. Please see the Disclosure Library for more information.
This is not an offer, solicitation of an offer, or advice to buy or sell securities or cryptocurrencies or open a brokerage account or cryptocurrency account in any jurisdiction where Alpaca Securities or Alpaca Crypto, respectively, are not registered or licensed, as applicable.
