FIX is a structured language protocol that translates details of a trade, including Indications of Interest (IOI’s), allocations, orders and confirmations, into common language. FIX is an industry-wide initiative developed specifically for the real-time, seamless electronic exchange of securities transactions. FIX is integral to electronic trading and has become an indispensable tool for achieving Straight Through Processing (STP), an industry-led initiative dictating that all aspects of the trading process (from start to finish) are to be electronic, requiring no manual intervention.