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PhiFIX Simulator

Real-Time FIX Simulator Suite for Emulating Exchange Behaviour

PhiFIX FIX Simulator Suite is a powerful server-side simulation tool that emulates real-time exchange behavior, validating and accepting FIX connections from client systems according to any defined connectivity specifications, API-specific business logic, session behavior and firm-specific ROEs (Rules of Engagement).

How It Works

The PhiFIX Simulator enables users to simulate market behavior by executing business messages from two modes of operation: Matching Engine Mode and External Price Feed Mode.

With Execution Mode, users can produce execution reports using predefined rules and logic. It provides advanced configuration capability at the field, group and component level. The simulator keeps reference of instrument master data, order books, market participants, trade rules, etc.

PhiFIX simulates multiple protocol standards, such as FIX, FAST, ITCH/OUCH, allowing it to interoperate with many trading systems. It is a modular, scalable, and cross-platform application.

Key Features:

  • Log Analyzer – FIX log analysis plus
  • Real-Time Simulation – Emulates live trading environment
  • Exchange Behavior Simulation – Emulates how a true market would behave
  • Request Validator – Validate a message at the tag-level and session level
  • Order Matching – Simulates order executions from an exchange-side scenario
  • Rule-Based Matching – Executes orders based on customized rules
  • External Price Feed Simulator – Allows simulated market price to be fed to the order engine
  • Multi-listener capability – Ability to run multiple servers with different configurations
  • Execution Mode – Configuration for rule-based logic and reports
  • Message Validation – Validates messages to FIX standards / acceptance
  • Matching Engine Logic – Flexible matching trade logic
  • Multi-Protocol capability – Integration that supports FIX, FAST, ITCH/OUCH
  • Multi-Platform Compatibility – Allows deployment into various testing environments.
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Some of the advanced features of the PhiFIX Simulator Suite include:

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  • Multi-session connectivity: Connect multiple client sessions; emulate multiple concurrent exchange connections.
  • FIX log ingestion: Ingest and analyze FIX Logs from real trading environments at the message level and session level.
  • Rule-based Execution logic: Create execution reports       dynamically based on a set of customized rules and configuration creative across different dialects (field, component, group-level).

FAQs

What’s the point of a FIX simulator?

It lets you test your systems safely, without risking failed trades in a live market.

Can it stress-test my setup?

Yes. You can push it with heavy message bursts and see how your system holds up.

Does it work with all FIX versions?

From FIX 4.x to FIX 5.0 and FIXT, it’s all covered. 

Who usually uses it?

OMS/EMS vendors, fintechs, and brokers who want to validate before production.

How does it reduce risk?

By catching problems early, so when you go live, everything just works.