How does FIX connection work?

Can you please elaborate on how the FIX connection operates? I'm curious about the technical aspects behind this financial messaging protocol. Specifically, how does it facilitate communication between various financial institutions, ensuring the swift and secure transfer of orders, executions, and other market-related data? Additionally, what role does the FIX protocol play in enhancing trading efficiency and reducing operational risks in the cryptocurrency and finance sector? I'm eager to understand the intricacies of this crucial component in modern financial markets.