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]

History

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]

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.

Exchanges that have adopted FAST

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

References

  1. ↑ "CME Expands Views of Order Book Data". Advanced Trading. 2009-03-26. Archived from the original on 2010-02-03. Retrieved 2009-07-25.
  2. ↑ "Exchange Plans for FAST". Inside Market Data. 2006-02-13.
  3. ↑ "FPL conference presentation". FIX Protocol Ltd. 2009-03-17. Archived from the original on 2006-03-04.


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