The Financial Information exchange, commonly known as the FIX protocol, is a key component in the trading market infrastructure. Hence, this paper delivers a clear background on the FIX protocol: its structure, role, and its importance in the financial markets space. In this paper, we look at the background and development of the FIX protocol as well as the functions and usefulness of this protocol in the conducting of trading electronically. Sect. 2 from the literature survey of various studies and application of the FIX protocol in conjunction with distinct financial markets. The 'Methodology' subchapter explains how this FIX protocol functions practically at the level of messages' formatting, sessions' employing, and an application of data protection measures. Last of all, the conclusion and recommendation, as well as findings on the effects of FIX protocol on trading efficiency, market transparency, and such costs, are also provided. The conclusion provides a brief resume of the papers and notes the outlook of the implication of the FIX protocol considering the ever-expanding digital frontiers in the financial sector.