I assume that the omission of 9=451
in the desired output was an accident.
$ awk 'BEGIN{FS="\\^|[ <]+"}{printf "{\"time\":\"%s %s\"",$1, $2; for(i=3;i<=NF;i++){split($i,a,/=/);printf ", \"%s\":\"%s\"",a[1],a[2]}; printf "\n"}' fix
{"time":"05/03 11:23:19.123456", "8":"FIX.4.2", "9":"451", "35":"D", "49":"abc", "56":"bcd"
{"time":"05/03 11:23:19.123457", "8":"FIX.4.2", "9":"451", "35":"D", "49":"abc1", "56":"bcd1"
{"time":"05/03 11:23:19.123458", "8":"FIX.4.2", "9":"451", "35":"D", "49":"abc2", "56":"bcd2"
And here annotations to explain how it works:
# BEGIN rule(s)
BEGIN {
FS = "\\^|[ <]+" # define two field separators, ^ and any number or consecutive spaces or left angle brackets
}
# Rule(s)
{
printf "{\"time\":\"%s %s\"", $1, $2 # printing the time (which we treat separately as it's internally "split" by a space.
for (i = 3; i <= NF; i++) { # the other fields we can iterate over, NF in awk is the 'number of fields'
split($i, a, /=/) # use the loop variable i to reference the fields, split them into an array on the '='
printf ", \"%s\":\"%s\"", a[1], a[2] # print the array elements formatted, all on one line
}
printf "\n" # add a new line when we're done
}