Gissing announces FAST Protocol product family
The FAST Protocol (FIX Adapted for Streaming) has been developed by FIX Protocol Limited (FPL) Market Optimization Working Group in response to increasing electronic trading volumes and market data messaging rates. The objective is to enable much higher message volumes over existing bandwidth connections while reducing message latency. This can all be achieved without incurring any additional latency due to processing of the messages at either transmission or reception.
In trials with test data the FAST Protocol has been shown to increase throughput by as much as ten times!
Recently there have been a number of announcements by organisations and exchanges in support of the FAST Protocol, and it has also become clear that the FAST Protocol is likely to be one of the primary protocols to be used by organisations that will be publishing pre-trade and post-trade data to comply with the EU Markets in Financial Instruments Directive (MiFID) due to come into force next year.
As a result, Gissing Software has decided to support the FAST Protocol and to release a family of products supporting the FAST Protocol which will enable both FIX applications running over the FAST Protocol and the use of the FAST Protocol for other applications. These products will become available during 2006.
The product family will include:
- Gissing FASTtunnel
The Gissing FASTtunnel is a high-speed protocol converter from FIX to FAST and from FAST to FIX. This product enables organisations that are already using FIX Protocol for data communication to quickly, transparently and cost-effectively enhance their configuration with FAST Protocol capability.
- FAST Output Handler for Gissing ConteX MCS
An addition to the extensive family of protocol handlers for Gissing ConteX MCS, this product enables clients already using Gissing ConteX MCS to meet their contributions requirements to contribute data using the FAST Protocol.
- Gissing FAST Feed Handler
This product is an addition to Gissing’s market rates feed handler family, enabling organisations to subscribe to market rates feeds using the FAST Protocol and deliver that data directly to their Reuters RMDS market data platform.
- Gissing FAST Feed Gateway
Suitable for organisations wishing to subscribe to multiple market rates feeds all of which use the FAST Protocol, the Gissing FAST Feed Gateway accepts market rates feeds and aggregates them before publishing the aggregated data to the client’s market data platform. For those clients that need to limit the amount of data being published onto the market data platform, the Gissing FAST Feed Gateway allows client-configurable filters to limit the data flow both by time and by the number of messages for any particular instrument – for example it would enable publication of the best five prices for an equity, updated once a second.
Richard Gissing, CTO of Gissing Software said, “It’s clear that the FAST Protocol is beginning to be adopted and endorsed widely. With the relevance to MiFID in Europe, and the recent publication by FPL of the FAST Protocol Reference Code we believe it’s in the long term interests of our clients, and Gissing Software, to add FAST Protocol handling to our product set.”
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