Difference between the FIX and FAST protocols?

protocols finance fix-protocol trading
Alisa picture Alisa · Sep 12, 2012 · Viewed 7.9k times · Source

Could anyone explain what the difference between FIX and FAST? When should one use FIX, and when should one use FAST?

Answer

Andy Lynch picture Andy Lynch · Oct 25, 2012

From an equities trading perspective, FAST is more widely used for market data dissemination, where message rates are much higher. FIX is the protocol of choice for interoperability between firms, and often internal systems as well, although different implementations can vary widely in the specific messages & attributes used.

Brokers and trading venues will generally offer order entry via some flavour of FIX, and offer a complementary native binary protocol for the most performance-sensitive clients or specialised features. The FIX interface is often just a wrapper around the native one, with an more limited set of message types and parameters.

A good example of this is the London Stock Exchange, with offers FIX 5.0 for order entry, along with their own low-latency native protocol. For market data they offer a combination of FAST and ITCH, although even using FAST, the full-depth market data feed isn't available to subscribers, and requires ITCH, as described here

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