How to parse fix message to JSON format by Linux command [closed]

I have fix message file that would needed to be converted to JSON format, like below. How can I use a shell script to convert these?

From:

05/03 11:23:19.123456 << 8=FIX.4.2^9=451^35=D^49=abc^56=bcd
05/03 11:23:19.123457 << 8=FIX.4.2^9=451^35=D^49=abc1^56=bcd1
05/03 11:23:19.123458 << 8=FIX.4.2^9=451^35=D^49=abc2^56=bcd2

To:

{"time":"05/03 11:23:19.123456", "8":"FIX.4.2", "35":"D", "49":"abc", "56":"bcd"}
{"time":"05/03 11:23:19.123457", "8":"FIX.4.2", "35":"D", "49":"abc1", "56":"bcd1"}
{"time":"05/03 11:23:19.123458", "8":"FIX.4.2", "35":"D", "49":"abc2", "56":"bcd2"}

Answer

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
}