Communications on electronic trading platforms are based on a list of well-defined protocols.
Although FIX protocol has grown significant market share, the exchange specific protocols (also called "Native" interfaces) have found a strong backing with people using low latency trading.
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 |
|---|---|---|---|
| B3 (stock exchange) (aka BM&FBovespa) | FIX | FIX4.4 | UMDF (FIX/FAST) |
| Bolsa Mexicana de Valores | FIX | 4.4 - version 2.4 | INTRA (UDP) / SIVA (TCP) |
| BIVA | OUCH | FIX 5.0 | ITCH |
| Boston Options Exchange | SAIL | 4.2 | HSVF |
| Cboe | BOE | 4.2 | PITCH |
| Chicago Mercantile Exchange | iLink | FIX | Simple Binary Encoding |
| Montreal Exchange | SAIL | 4.2 | HSVF |
| Nasdaq | OUCH 4.2 Client | - | ITCH5.0 |
| NYSE | Pillar | 4.2 | |
| TSX | FIX Client | TSX-FIX | QUANTUMFEED |
| Aequitas Neo | FIX | FIX | NITCH |
| ICE | FIX | FIX | iMpact |
Europe
| Exchange | Native Order Flow | FIX Order Flow | Market Data |
|---|---|---|---|
| Cboe Europe | BOE | 4.2 | PITCH |
| Eurex | T7 ETI (Derivatives Markets Reference) | 4.4 | EOBI / FIX/FAST |
| Euronext | SBE | 5.0 | SBE |
| Borsa Italiana IDEM Derivatives | SAIL | 4.2 | HSVF |
| Liffe (ICE EU) | FIX | FIX | iMpact |
| London Stock Exchange | Millennium | 5.0sp2 | GTP |
| Moscow Exchange (MICEX) | MTESRL-TSMR | 4.4 | FIX/FAST |
| Moscow Exchange (RTS) | Plaza2 | 4.4 | FIX/FAST |
| Oslo Børs (Derivatives) | SBE | 5.0 | SBE |
| Oslo Børs (Equities) | SBE | 5.0 | SBE |
| London Stock Exchange UK Derivatives | SAIL (Native) | 4.2 | HSVF |
| Turquoise | Millennium | GTP | |
| Warsaw Stock Exchange | UTP | 4.4 | XDP |
| Xetra | T7 ETI (Cash Markets Reference) | 4.4 | EOBI / FIX/FAST |
Asia
| Exchange | Native Order Flow | FIX Order Flow | Market Data |
|---|---|---|---|
| Taiwan Stock Exchange | TMP (TWSE Message Protocol) | 4.4 | |
| Taipei Exchange | TMP (TWSE Message Protocol) | 4.4 | |
| Tokyo Stock Exchange | Arrowhead | 4.2 | FLEX |
| Indonesia Stock Exchange | OUCH | FIX 5.0 | ITCH |
| Singapore Exchange Securities Trading (SGXST) | OMEX | - | |
| Singapore Exchange Derivatives Trading (SGXDT) | OMEX | - | |
| Hong Kong Stock Exchange (HKSE) | OCG | - | OMD |
| Hong Kong Futures Exchange (HKFE) | OMEX | - | OMD |
References
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