[This message was posted by Mahesh Kumaraguru of <[email protected]> to the "Transport Independence Framework" discussion forum at http://fixprotocol.org/discuss/49. You can reply to it on-line at http://fixprotocol.org/discuss/read/7baacbde - PLEASE DO NOT REPLY BY MAIL.]
Hi Jagadeesan, The Buy Side consists of institutional investors, money managers, pension funds, mutual funds etc. who buy services from broker dealers. The sell side consists of broker dealers who sell their services to the Buy Side. Take a look at the picture below to get an end to end Flow between BuySide <-> SellSide <-> StockExchange http://www.ksvali.com/wp-content/uploads/2009/09/fix_players_1.gif but keep in mind that there would be many different brokerage firms between the Institutional investors and Liquidation sources and each of the institutional investors could be connected to multiple brokers and each broker could be connected to multiple sources of liquidity. In FIX terms, you should see the sides as Session Initiator versus Session Acceptor since FIX is a Session based client server protocol. Session Acceptor will open a TCP socket and wait for inbound socket connections, Session Initator has to make a socket connection to the machine:port on which the acceptor is listening. Both sides can send all types of Session / Administrative messages, but Business / Application messages have certain FIX workflows, refer Specs at http://fixprotocol.org/specifications/. You should consider this when designing your test framework. Regards, K. Mahesh [You can unsubscribe from this discussion group by sending a message to mailto:[email protected]] -- You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/fix-protocol?hl=en.
