The Key to STP? It’s the Infrastructure, Stupid!


When FIX first hit the scene in 1993, it was a proprietary form of communication between Fidelity Management Research and Salomon Smith Barney. It is now the communication infrastructure for electronic trading used by the broadest spectrum of players--from the world’s largest buy- and sell-side institutions to small hedge funds and traditional exchanges that once eschewed technological change.

While this infrastructure has penetrated even the seemingly toughest of trading venues, its most

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