FIX protocol has evolved over time , its now more than a decade its started by Fidility and Solomon Brothers.
Still most widely used version is FIX 4.2 , many firms , clients , hedge funds , pension funds still use it for online trading but even after launch of more advance version it still remains the popular one. on advance side FIX 4.4 is getting popularity.
There are many differences between these two version of fix protocol , some of them I am highlighting here.
1) Thre was tag called ExecTransType (tag 20) which was there in FIX 4.2 and now merged to ExecType tag 150 into FIX4.4 , this tag used to define the nature of exeuction received from the exchange or broker.
2) Replaced the use of the QuantityType (tag 465) field with new QtyType (tag 854) which contains a re-organized/consolidated set of values.
3) Removed various Settlement Instructions-related fields.
4) Added "Quote Response" to list of messages for which Quote Status Report message is the appropriate response.
There are many other changes which are available in the release notes of fix 4.4 http://www.fixprotocol.org, I will add some more as I come to know which is used in day trading more often .
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