FPL Releases HFT-Specific FIX Working Document

The new version uses a streamlined programming method known as Simple Binary Encoding (SBE). Given the latency requirements of HFT operations, using a truncated, or less verbose, programming language will introduce an alternative to expensive proprietary protocols for connecting to exchanges. FIX is widely seen as an industry standard for messaging within the financial industry, and has seen an increased take up from venues of late.

As well as developing SBE, FPL is also including guides for mapping FIX to Google's Protocol Buffer and ASN standards.

"For the benefit of all financial institutions, the FIX standard has long become the preferred language for the application level of market infrastructure," says Hanno Klein, co-chair of the FPL Global Technical Committee, and a senior vice president at Deutsche Börse. "With the development of an open binary encoding standard, we can finally also address market requirements for high-performance trading interfaces. I am very pleased that we as Deutsche Börse could contribute our expertise and innovations skills in terms of low-latency interfaces. I am looking forward to seeing the draft of the new standard being tested as a joint effort by exchanges, software vendors and exchange users on its way to a final version ready for wide industry adoption."