FIX FAST (Examples)
FIX FAST (FIX Adapted for STreaming) is a binary protocol designed to optimize market data delivery through efficient encoding and compression techniques. It significantly reduces bandwidth usage and latency compared to traditional FIX Protocol implementations.
How FAST works
FAST achieves its efficiency through several key mechanisms:
- Field Operators: FAST uses operators to encode how fields change between messages, enabling delta compression
- Presence Map (PMAP): A bit vector indicating which fields are present in each message
- Stop Bit Encoding: Variable-length integer encoding that optimizes space usage
- Template-Based Design: Pre-defined message templates that both sender and receiver share
Market data optimization
FAST is particularly effective for real-time market data feeds where:
- Message rates are extremely high
- Many field values repeat or change incrementally
- Bandwidth efficiency is critical
- Low latency is essential
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Template system
FAST templates define:
Each field operator determines how values are encoded and decoded:
- Copy: Value remains unchanged from previous message
- Increment: Value increases by 1
- Delta: Value changes by specified amount
- Constant: Value remains fixed
Performance considerations
FAST provides significant benefits for market data systems:
- Bandwidth Reduction: Typically 70-80% smaller than traditional FIX messages
- Processing Efficiency: Binary format reduces parsing overhead
- Deterministic Behavior: Template-based design enables predictable processing
Common applications
FAST is widely used in:
- Exchange market data feeds
- Alternative Trading Systems
- Direct Market Access platforms
- Market data aggregation systems
Implementation challenges
When implementing FAST, consider:
- Template design complexity
- Need for efficient binary processing
- Synchronization between sender and receiver
- Error recovery mechanisms
- Resource requirements for template management
Market impact
FAST has become a standard for high-performance market data delivery, particularly in environments where:
- Message volumes exceed millions per second
- Network bandwidth is constrained
- Processing latency is critical
- Cost of data distribution is significant
The protocol's efficiency makes it particularly valuable for high-frequency trading systems and market data vendors managing large-scale distribution networks.