FAST protocol
The FAST protocol (FIX Adapted for STreaming) is a technology standard developed by FIX Protocol Ltd., specifically aimed at optimizing data representation on the network. It is used to support high-throughput, low latency data communications between financial institutions.
In particular, it is a technology standard that offers significant compression capabilities for the transport of high-volume market data feeds and ultra low latency applications.[1][2]
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[edit] History
[edit] Timeline
- 2004 Market Data optimization Working Group (“mdowg”) was formed
- 2005 Proof of Concept (“POC”) project
- 2006 FAST 1.0 released
- 2007 FAST 1.1 released
- 2009 FAST 1.2 proposed
In November 2004 Mike Cormack (then CEO Archipelago Holding) spoke at the FPL (FIX Protocol Ltd) conference in New York regarding a call for action to meet the challenges of the increased market data volumes. The increasing volumes of market data were causing delays, preventing market data from reaching traders in a timely fashion, thus disrupting their ability to trade. The classic FIX tag value format was considered to be too verbose and had a high processing overhead. A working group was formed within FPL shortly after the conference.[3]
[edit] Current version of FAST
The approved standard is currently at version 1.2, and is used in commercially available products. There are Open Source implementations of the Protocol available.
[edit] Exchanges that have adopted FAST
- NYSE Archipelago
- CME Group (CME)
- International Securities Exchange (ISE)
- NasdaqOMX
- SWX
- Eurex
- Xetra (trading system)
- BATS
- ICAP
- OPRA
- BVMF
- Nordic Growth Market (NGM)
[edit] Open Source Implementations
Source code for implementations of the FAST Specification are available from the following sources:
| Description | Language | URL | License | Notes |
|---|---|---|---|---|
| FPL Reference Implementation | C (not C++) | www.fixprotocol.org/fastdownload | W3C Software License. | Not a complete implementation. Reference only. |
| FPL Reference Implementation | C# | www.fixprotocol.org/fastdownload | W3C Software License. | Not a complete implementation. Reference only. |
| OpenFAST | Java | www.openfast.org | Mozilla Public License | Includes SCP 1.1 |
| OpenFAST.NET | C# | www.sourceforge.net/projects/openfastdotnet/ | Mozilla Public License | Includes SCP 1.1 |
| QuickFAST | C++ | www.quickfast.org | New BSD License | Includes C# (.NET) wrapper |
[edit] References
- ^ "CME Expands Views of Order Book Data". Advanced Trading. 2009-03-26. http://www.advancedtrading.com/exchanges/showArticle.jhtml?articleID=216400379#undefined.
- ^ "Exchange Plans for FAST". Inside Market Data. 2006-02-13. http://www.insidemarketdata.com/public/showPage.html?page=427885.
- ^ "FPL conference presentation". FIX Protocol Ltd. 2009-03-17. http://www.fixprotocol.org/fast.
[edit] External links
- FAST protocol's official homepage and list of proof of concept sponsors.
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