What exactly is a FIX Connection?  

FIX is a "straight-through" method of trade execution that is available through select custodians. Orion teams up with the third party provider, FlyerFT, and the custodians to make this possible. Orders are processed electronically from Orion's trading platforms (TOM or Eclipse) and are sent directly to the custodian(s) where they are executed and allocated. The process takes a matter of seconds and trade files aren't necessary!

 

 

Can any type of security be sent via FIX?

All custodians that Orion has a FIX relationship with are able to execute ETF/Equities. The trades move from the "Orders" grid in either TOM or Eclipse and block together in the 'Blocks' tab. Then, just click "execute" and the blocks and allocations are sent directly to the custodian.

Mutual Fund orders can be submitted via FIX depending on the custodian. If the custodian allows mutual funds to be sent through FIX, they will either send to the custodian immediately or they will first "batch up" in the Orion Batch Processing tool and await to process by selecting "Process." These batched mutual fund orders are sent to FlyerFT and then are sent together through a flat file at the intervals required for each custodian. If mutual funds are sent through a batched flat file, they are indicated on the spreadsheet linked below with the times the files are sent. This is entirely depending on a firm's desired setting.

 

 

What custodians can Orion establish a FIX Connection with? 

Review FIX Connection - Custodian Information for more information on the currently available list of custodians and detailed FIX, trading, and allocation support information. 

More custodians are coming in the near future, so be sure to check this article periodically for updates if your custodian does not appear on the list today! 

*Fidelity updated the AUM requirement to $200M minimum in order to be approved for a FIX connection. If your firm does not meet this requirement, please contact Fidelity to discuss direct billing for the FIX connection.

 

 

Does it cost anything to establish a FIX Connection? 

Orion does not charge for a FlyerFT FIX Connection but each custodian may charge their own additional fee. Some custodians may have an AUM requirement to cover the cost of the connection for a firm. Please contact your custodian for pricing information.

 

 

What are the next steps for establishing a FIX Connection? 

Contact the Orion Trading team at trading@orion.com and inform us you'd like to establish a FIX connection with *insert custodian(s)*. We will contact FlyerFT to kick the process off. Once the custodian responds to us to confirm they are ready, we will test the connection and then reach out to you directly to start using it.

Please note, to establish an equity or mutual fund FIX connection with Fidelity or Pershing, your firm must request this from your Relationship Manager at the corresponding custodian. Your Relationship Manager will establish the connection and will notify Orion and FlyerFT when the connection is ready to be tested.

The timeframe varies for each custodian. Generally speaking, the process takes 4-6 weeks from start to finish (Starting the moment a firm tells Orion to establish the connection, until the time it's ready to send live trades). Please note, this is an estimated timeframe and some custodians take longer than others to set up the connection.

 

 

Can I do all types of orders if I'm using FIX?

Yes, users can edit the orders from the grid and send them as limit, stop, manual, etc.

Please Note: FIX Algos are also available for Equity/ETF Blocks. Review the FIX Connection - Custodian Information link above to determine which custodians can support ALGO's, and view FIX Trading Algorithms for instructions on how to access them.

 

 

Will I be notified if my orders are rejected? 

Users need to review the 'Closed' tab in TOM/Eclipse. The tab will include an "Order Status" column that will indicate whether the order has been rejected/filled/etc. Furthermore, if the connection is via FlyerFT, they will also send advisors a rejection email.

 

 

Can I still send trade files if I want to? 

Yes, just contact the Trading team and we will disable FIX, and then turn it back on upon request. By default, Orion generates trade files unless FIX is established and turned on.