The FIX-3-20 protocol is part of the broader FIX-Protocol Standard that is used to facilitate trade execution between financial institutions and trading partners. Created specifically by the firm Fix Protocol Ltd. (FPL) in 1999, the FIX-3-20 version was written to provide a standard way for all members to communicate orders, executions, market data, and other trade related messages. This particular version is still used by some many major exchanges and financial institutions today. The protocol defines messages, components, and fields for order entry, order cancellation, execution reports, and requests for quote.