Why is there so much variation in the FIX protocol?

In today’s #90secondFIX, Chris Lees answers the question of why the FIX protocol has so much variability to it.

The FIX protocol itself is flexible by design. Trading venues, investment banks, they all compete based on functionality, and therefore the protocol needs enough consistency to allow people to understand what is being articulated, but enough flexibility within it to allow people to articulate what makes their venue or their service unique. The special fields or parameters or enumerations are actually required to drive that level of functionality, so part of it is by design. It’s a framework rather than being somewhat prescriptive about the way that people need to interact. Watch the episode to find out more.

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