FIXML (Financial Information eXchange Markup Language) is an XML-based derivative of the FIX protocol. It is used for electronic trading and provides a standard messaging format for exchanging financial information between trading partners. FIXML enables more complex data structures and is often used for post-trade processing, allocation instructions, and other areas where the simpler tag=value encoding of the standard FIX protocol is less suitable. It's essentially FIX expressed in XML.
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