The long journey to frictionless electronic trading

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Thinking about how integral FIX protocol has become to electronic trading, it’s interesting to reflect on the long journey that has brought us to where we are today. FIX started out as an experiment between Salomon Brothers and Fidelity in the fledgling days of electronic trading with the aim of automating the sending of execution reports and IOI transmissions. 

Initially dubbed SBX (Salomon Brothers Exchange), the protocol was first used in anger during 1993. Recognising its potential value to the industry, Salomon and Fidelity looked to extend the community, inviting Goldman Sachs and Putnam to join the initiative. 

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