The FAST protocol 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.

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 1.2, and is used in commercially available products. There are Open Source implementations of the Protocol available.

Exchanges that have adopted FAST

• NYSE Archipelago
• CME Group
  CME Group
  The CME Group bases prices for US gasoline on Brent Crude rather than West Texas Intermediate Crude , which many believe is responsible for artificially high gas prices for US consumers...
  
   (CME)
• International Securities Exchange
  International Securities Exchange
  International Securities Exchange Holdings, Inc. is a wholly owned subsidiary of German derivatives exchange Eurex. It is a member of the Options Clearing Corporation and the Options Industry Council . Historically, responsibility for organizing the Options Industry Conference is rotated amongst...
  
   (ISE)
• NasdaqOMX
• SWX
• Eurex
  Eurex
  Eurex is one of the world's leading derivatives exchanges, providing European benchmark derivatives featuring open and low-cost electronic access globally...
  
  
• Xetra (trading system)
  Xetra (trading system)
  Xetra is a worldwide electronic securities trading system based in Frankfurt, Germany. It was created for the Frankfurt Stock Exchange and launched in November, 1997. It is operated by Deutsche Börse....
  
  
• BATS
  Bats Exchange, Inc
  BATS is a stock exchange based in Lenexa, Kansas, a satellite city of Kansas City, Missouri. BATS was founded in June 2005 as an ECN and its name stands for Better Alternative Trading System....
  
  
• ICAP
  ICAP (company)
  ICAP plc is a UK based voice and electronic dealer broker and provider of post trade risk services, the largest in the world carrying out transactions for financial institutions rather than private individuals...
  
  
• OPRA
  Options Price Reporting Authority
  The Options Price Reporting Authority provides, through market data vendors, last sale information and current options quotations from a committee of participant exchanges designated as the Options Price Reporting Authority....
  
  
• BVMF
  Bovespa
  The BM&FBOVESPA is a stock exchange located at São Paulo, Brazil. As of December 31, 2010 it had a market capitalization of US $1.54 Trillion, making it one of the largest in the world. On May 8, 2008, the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange merged,...
  
  
• Nordic Growth Market (NGM)

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

External links

• FAST protocol's official homepage and list of proof of concept sponsors.