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New Technology Consortium Aims to Accelerate Low-Latency FIX Protocol Messaging Architectures

Wall Street Technology – by Greg MacSweeney

A new consortium, headed by OnX, hopes to improve FIX Protocol messaging architectures for low-latency trading systems.

A new consortium has launched that is aiming to improve FIX Protocol messaging architectures for firms competing in the low-latency trading arena. A newer, more current architecture standard is important because as firms continue to seek high performance trading solutions, they are looking to upgrade their FIX infrastructure to maintain competitiveness.

The consortium's initial focus is on a representative reference architecture that supports and accelerates FIX Protocol messaging and covers recognized interparty legs in the trade cycle. This reference architecture will be compatible with the goals of the FIX Protocol interparty latency working group.

The consortium member companies will undertake on-going research amongst themselves and with new participants on request, according to a consortium press release. A briefing paper will be published in January 2012 detailing performance benchmark figures for Java FIX engines from Rapid Addition and QuickFIX/J and for C++ from B2BITS EPAM Systems Company and QuickFIX, implemented within the reference architecture, and tested against a simulation of a real-life trading environment, according to the release.

According to the consortium, "an approach of mutual support among vendors is essential to delivery of complete trading system solutions - where each vendor can contribute technology and expertise, and work with their adjacent peers in the architecture in order to deliver a consistent, high-performance solution."

David Blandford, OnX VP FSI Solutions, stated in a release: "At the leading edge of today's trading operations, the systems design and deployment is sophisticated, challenging firms' ability to embrace all its disciplines. Grounded in synergistic business and technology relationships, we see a crucial role here for OnX in connecting the moving parts to fast track clients to the ever evolving leading edge in trading technology capability."

Future projects for the consortium phased through 2012 will include further FIX engines by request and extend to order management systems, market data processing, risk management and other functions such as colocation in trading community intensive hosting facilities - all of which operate as the core elements of trading operations of today.

Original publication is here.