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 exchanges
List of Electronic Exchanges along with the protocols they currently expose as their E-Trading interface.
Americas
| 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 | |
| TSX | STAMP | TSX-FIX | QUANTUMFEED |
Europe
| 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
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