Electronic Trading

Electronic trading

Electronic trading, sometimes called etrading, is a method of trading securities , foreign exchange or financial derivatives electronically...

 communications are based on a list of well-defined protocols.

Although FIX protocol

FIX protocol

The Financial Information eXchange protocol is an electronic communications protocol initiated in 1992 for international real-time exchange of information related to the securities transactions and markets...

 has grown significant market share

Market share

Market share is the percentage of a market accounted for by a specific entity. In a survey of nearly 200 senior marketing managers, 67 percent responded that they found the "dollar market share" metric very useful, while 61% found "unit market share" very useful.Marketers need to be able to...

, the exchange specific (also called "Native" interface) have found a strong backing with low latency traders.

Protocols used by electronic exchanges

List of Electronic Exchanges along with the protocols they currently expose as their E-Trading interface.

Americas

Exchange	Native Order Flow	FIX Order Flow	Market Data
Boston Options Exchange Boston Options Exchange Boston Options Exchange Group, LLC is an automated stock exchange owned and operated by the TMX Group. As an equity options market, it provides electronic order matching services to stock brokers and traders.- Overview :...	Sola Access Information Language Sola Access Information Language "Sola Access Information Language" native protocol is primary form of front end access communication protocol of the Electronic Sola Trading platform Sola Trading - External links :* SOLA Homepage * List of active electronic trading protocols...  (Native)	Fix 4.2	HSVF
Chicago Mercantile Exchange Chicago Mercantile Exchange The Chicago Mercantile Exchange is an American financial and commodity derivative exchange based in Chicago. The CME was founded in 1898 as the Chicago Butter and Egg Board. Originally, the exchange was a non-profit organization...	n/a	iLink	FIX/FAST
Montreal Exchange Montreal Exchange The Montreal Exchange or MX is a derivatives exchange, located in Montreal, that trades futures contracts and options on equities, indices, currencies, ETFs, energy and interest rates. Since 1965, it has been located in the Tour de la Bourse , Montreal's third-tallest building...	Sola Access Information Language Sola Access Information Language "Sola Access Information Language" native protocol is primary form of front end access communication protocol of the Electronic Sola Trading platform Sola Trading - External links :* SOLA Homepage * List of active electronic trading protocols...  (Native)	Fix 4.2	HSVF
Chi-X Chi-X Chi-X Europe is a London-based, order-driven pan-European equity exchange, or Multilateral Trading Facility . It is an alternative exchange and trades equities that are listed on primary exchanges such as the London Stock Exchange, Frankfurt Stock Exchange, Euronext and OMX...	-	-	ITCH
TSX	STAMP	TSX-FIX	QUANTUMFEED

Europe

Exchange	Native Order Flow	FIX Order Flow	Market Data
Chi-X Chi-X Chi-X Europe is a London-based, order-driven pan-European equity exchange, or Multilateral Trading Facility . It is an alternative exchange and trades equities that are listed on primary exchanges such as the London Stock Exchange, Frankfurt Stock Exchange, Euronext and OMX...	-	-	-
EDX London EDX London EDX London Ltd is a derivatives exchange managed by the London Stock Exchange. The market was set up in 2003 to combine the liquidity and expertise of the LSE with advanced derivatives technology offered by OMX AB. Members of EDX can trade either standardised or flexible futures and options on...	Sola Access Information Language Sola Access Information Language "Sola Access Information Language" native protocol is primary form of front end access communication protocol of the Electronic Sola Trading platform Sola Trading - External links :* SOLA Homepage * List of active electronic trading protocols...  (Native)	Fix 4.2	HSVF
Eurex Eurex Eurex is one of the world's leading derivatives exchanges, providing European benchmark derivatives featuring open and low-cost electronic access globally...	-	n/a	-
Euronext Euronext Euronext N.V. is a pan-European stock exchange based in Amsterdam and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. In addition to equities and derivatives markets, the Euronext group provides clearing and information services...	UTP Direct	-	-
Borsa Italiana Borsa Italiana The Borsa Italiana S.p.A., based in Milan, is Italy's main stock exchange. It was privatised in 1997 and is a part of the London Stock Exchange Group plc since 2007. In 2005, the companies listed on the Borsa were worth US$890 billion...  IDEM Derivatives	Sola Access Information Language Sola Access Information Language "Sola Access Information Language" native protocol is primary form of front end access communication protocol of the Electronic Sola Trading platform Sola Trading - External links :* SOLA Homepage * List of active electronic trading protocols...  (Native)	Fix 4.2	HSVF
Liffe	-	-	-
London Stock Exchange London Stock Exchange The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...	Millennium	(FIX 5.0)	Level-2 ITCH Market Data
Oslo Børs (Derivatives)	Sola Access Information Language Sola Access Information Language "Sola Access Information Language" native protocol is primary form of front end access communication protocol of the Electronic Sola Trading platform Sola Trading - External links :* SOLA Homepage * List of active electronic trading protocols...  (Native)	Fix 4.2	HSVF
Turquoise (trading platform) Pan European Derivatives	Sola Access Information Language Sola Access Information Language "Sola Access Information Language" native protocol is primary form of front end access communication protocol of the Electronic Sola Trading platform Sola Trading - External links :* SOLA Homepage * List of active electronic trading protocols...  (Native)	Fix 4.2	HSVF
Xetra XETRA XETRA may refer to:*A "border blaster" radio station in Tijuana, Mexico:**XEWW-AM , which once had the call sign XETRA-AM**XETRA-FM , branded as "91X"* Xetra , an electronic trading system developed by Deutsche Börse...	-	-	-