FAST protocol
TheFAST protocol(FIXAdapted 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]
History
[edit]Timeline
[edit]- 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.[2]
Current version of FAST
[edit]The approved standard is currently at version 5.0, and is used in commercially available products. There areOpen Sourceimplementations of the Protocol available.
Exchanges that have adopted FAST
[edit]- NYSEArchipelago
- CME Group(CME)
- International Securities Exchange(ISE)
- NasdaqOMX
- Eurex
- Xetra
- Bombay Stock Exchange(BSE Ltd, India)
- BATS
- ICAP
- OPRA
- B3
- Nordic Growth Market(NGM)
- Moscow Exchange(MOEX)
- Shanghai Stock Exchange(SSE, China)
Open source implementations
[edit]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++) | https://www.fixtrading.org/standards/fast/ | W3C Software License. | Not a complete implementation. Reference only. |
| FPL Reference Implementation | C# | https://www.fixtrading.org/standards/fast/ | W3C Software License. | Not a complete implementation. Reference only. |
| OpenFAST | Java | http://openfast.sourceforge.net/ | Mozilla Public License | Includes SCP 1.1 |
| OpenFAST.NET | C# | www.sourceforge.net/projects/openfastdotnet/ | Mozilla Public License | Includes SCP 1.1 |
| QuickFAST | C++ | https://github.com/objectcomputing/quickfast | New BSD License | Includes C# (.NET) wrapper |
| goFAST | Golang | www.github.com/co11ter/goFAST | Apache License 2.0 | Not a complete implementation. |
See also
[edit]- Simple Binary Encodingis considered to be the successor to the FAST protocol
- List of electronic trading protocols
References
[edit]- ^"Exchange Plans for FAST".Inside Market Data.2006-02-13.[permanent dead link]
- ^"FIX Protocol releases market data streaming test results".Finextra Research. 2005-09-07.
External links
[edit]- FAST protocol's official homepageand list of proof of concept sponsors.
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