Electronic Trading communications are based on a list of well-defined protocols.

Although FIX protocol has grown significant market share, the exchange specific (also called "Native" interface) have found a strong backing with low latency traders.

Protocols used by electronic exchangesEdit

List of Electronic Exchanges along with the protocols they currently expose as their E-Trading interface.

Americas Edit

Exchange Native Order Flow FIX Order Flow Market Data
Boston Options Exchange SAIL 4.2 HSVF
Chicago Mercantile Exchange n/a iLink FIX/FAST
Chi-X - - ITCH
Montreal Exchange SAIL 4.2 HSVF
NYSE UTP Direct 4.2

Europe Edit

Exchange Native Order Flow FIX Order Flow Market Data
Chi-X - - -
EDX London SAIL (Native) 4.2 HSVF
Eurex ETI 4.4 FIX FAST
Euronext UTP Direct - -
Borsa Italiana IDEM Derivatives SAIL 4.2 HSVF
Liffe - - -
London Stock Exchange Millennium 5.0sp2 Level-2 ITCH Market Data
Moscow Exchange (MICEX) MTESRL-TSMR 4.4 FIX FAST
Moscow Exchange (RTS) Plaza2 4.4 FIX FAST
Oslo Børs (Derivatives) SAIL 4.2 HSVF
Oslo Børs (Equities) Millennium (5.0) ITCH and Fix/FAST
Turquoise (trading platform) Pan European Derivatives SAIL (Native) 4.2 HSVF
Xetra ETS 4.4 FIX FAST

References Edit

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