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What is FIX?
At the application level, FIX defines application messages and their use when submitting/executing orders, presenting quotes and distributing market data. At the session level, FIX defines standard headers and footers, application message format, logon/logoff procedures, and incorporates such features as message sequencing and heartbeats to ensure reliability. FIX is extensible by the exchange, or the trading house, to enable tailoring for additional uses within an organization.
Why FIX?
The number of exchanges is proliferating. Traders want to access many markets using electronic mechanisms. Multiple trading protocols (i.e. unique to each bourse) complicate and add costs to trading systems. Brokerages want to lower their trading transaction costs and streamline their systems. FIX as a common trading protocol offers a more rational, multi-exchange approach. FIX can be the key component in any financial organization's strategy. It can help move essential information amongst internal systems, both in the exchanges and individual firms.
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What is QuickFIX?
QuickFIX is a community-based open source project which implements the FIX standard. It provides a FIX engine in both C++ and Java. QuickFIX has no license fees and so can be easily deployed as and when needed. QuickFIX provides a multi-language, multi-platform, low cost way into the world of FIX. Its open source model, combined with the extensibility of the FIX standard, provides an attractive baseline for trading companies to use and establish a multi-exchange trading architecture. At present the trading protocols are unique to each bourse and as a result complicate and add costs to trading systems. Brokerages want to lower their trading transaction costs and streamline their systems. FIX as a common trading protocol offers a more rational, multi-exchange approach to use to develop next generation financial systems. The community development model ensures a robust implementation with a large number of users validating the product every day.
OCI has done performance testing of QuickFIX with C++ and Java. Both show the ability to scale commensurately with the assignment of more threads or increased CPU power. Trading via FIX is not normally a bottleneck. (Many exchanges impose speedbumps.) But if you need performance improvements contact OCI. We have reviewed the code base and understand where there exists opportunity for subtantial improvements.
What is FAST?
The FIX Adapted for Steaming protocol, or FAST is a compression scheme for latency-sensitive network applications. FAST incorporates a highly tunable streaming compression algorithm into an applications's messaging layer. Originally designed as a messaging layer for the FIX protocol, FAST has also demonstrated it has applicability for non-FIX financial applications. For more about FAST click here. FAST is employed on the market data side of the trading equation.OCI has low latency, open source solutions that will help you decode, filter, and distribute market data in increasing volumes and at pace to still trade competitively.
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