About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Bats Adds Binary

Subscribe to our newsletter

Bats Europe that is, which just added a binary protocol for order execution to the FIX protocol that it already supports. The new facility reduces latency that’s inherent in the more verbose FIX connectivity.

A full suite of order types will be available using Binary Order Entry, so trading firms can opt for one or the other protocol without coding changes to their strategies. BOE was implemented for the exchange group’s U.S. markets earlier this year, and is aimed primarily at algorithmic and high frequency traders requiring the lowest latency.

It’s unclear how much latency will be reduced by adopting BOE, compared to FIX, which is already capable of fulfilling order acknowledgements (on Bats Europe) in an average 120 microseconds (via a 10 gigabit/second connection).

Because it is less verbose – i.e. more compact – compared to FIX, BOE messages should be able to be transmitted faster, and require less compute power to decode them.

Bats isn’t the only exchange offering a binary alternative to FIX. NYSE Euronext has such a protocol, as does Nasdaq OMX, which offers a binary variant known as Ouch. Unlike the NYSE and Bats, however, Nasdaq’s wire specification for Ouch is not openly published, and access to it is via an application programming interface (API).

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating the Build vs Buy Dilemma: Cloud Strategies for Accelerating Quantitative Research

For many quantitative trading firms and asset managers, building a self-provisioned historical market data environment remains one of the most time-consuming and resource-intensive steps in establishing a new research capability. Sourcing data, normalising symbologies, handling corporate actions and maintaining infrastructure can take months and absorb significant budget before a single model is tested. At the...

BLOG

STS Digital and Haruko Integrate to Give Institutional Options Traders Unified Risk View

STS Digital, the regulated principal trading firm specialising in digital asset derivatives, has integrated with institutional portfolio management provider Haruko to deliver consolidated risk and position reporting for options traders. The integration allows institutional clients who trade vanilla and exotic options on STS Digital’s platform to view those positions on an aggregated basis alongside activity...

EVENT

RepRisk Sustainability Breakfast Roundtable London

The London sustainability breakfast is part of the global roundtable thought leadership event series hosted by RepRisk in key markets, including, New York, Toronto, London, Frankfurt, Oslo, Copenhagen, Stockholm, Hong Kong and Singapore in 2026.

GUIDE

AI in Capital Markets Handbook 2026

AI adoption in capital markets has moved into a more disciplined phase. The priority is now controlled deployment: where AI can be used safely, where it can deliver measurable value, and how outputs can be governed, monitored and evidenced. The 2026 edition of the AI in Capital Markets Handbook examines how AI is being applied...