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.

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.

Current version of FAST

The approved standard is currently at version 5.0, and is used in commercially available products. There are

Open Source Open source is source code that is made freely available for possible modification and redistribution. Products include permission to use and view the source code, design documents, or content of the product. The open source model is a decentrali ...

implementations of the Protocol available.

Exchanges that have adopted FAST

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

Archipelago *

CME Group CME Group Inc. is an American financial services company based in Chicago that operates financial derivatives exchanges including the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and the Commodity Exchange. ...

(CME) *

International Securities Exchange International Securities Exchange Holdings, Inc. (ISE) is a wholly owned subsidiary of American multinational financial services corporation Nasdaq, Inc. It is a member of the Options Clearing Corporation (OCC) and the Options Industry Council ...

(ISE) * NasdaqOMX *

Eurex Eurex Exchange is a German derivatives exchange which primarily offers trading in European based derivatives. The products traded on this exchange vary from German and Swiss debt instruments to European stocks and various stock indexes. All tran ...

* Xetra *

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange based in Mumbai. It is the 6th largest stock exchange in the world by total market capitalization, exceeding $5 trillion in May 2024. Established with t ...

(BSE Ltd, India) *

BATS Bats are flying mammals of the order Chiroptera (). With their forelimbs adapted as wings, they are the only mammals capable of true and sustained flight. Bats are more agile in flight than most birds, flying with their very long spread-out ...

* ICAP * OPRA * B3 *

Nordic Growth Market Nordic Growth Market (NGM Exchange) is a regulated exchange that delivers trading, exchange technology and public company services. Established in 1984, the exchange operates in Sweden, Finland, Denmark, and Norway. Since 2008, Nordic Growth Mar ...

(NGM) *

Moscow Exchange The Moscow Exchange (MOEX; , ) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central secur ...

(MOEX) *

Shanghai Stock Exchange The Shanghai Stock Exchange (, SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock ...

(SSE, China)

Open source implementations

Source code for implementations of the FAST Specification are available from the following sources:

References

External links

FAST protocol's official homepage
and list of proof of concept sponsors. Internet Protocol based network software {{Compu-network-stub