London and New York - Recent improvements in the speed of hardware, software and network connections have prompted the High Performance Working Group to examine the current version of the FIX Protocol to address how the requirements for new financial applications such as high-frequency trading and market data can be met. The challenge was to produce a standard, non-proprietary binary message encoding which is intended to work independently or in conjunction with other high performance FIX standards.
Simple Binary Encoding is optimised for low latency and implementations have been demonstrated to encode or decode messages in the realm of tens of nanoseconds. These requirements are tailored to high performance trading whilst other FIX encodings, such as tag=value and FIXML are still fit-for-purpose for other use cases.
SBE has already been implemented and successfully used by CME Group, Moscow Exchange, Thomson Reuters and others.
More details on this the reference implementation for this project can be found here.
The FIX Trading Community would like to invite companies to volunteer to help demonstrate the interoperability of SBE. For more information please contact the FIX Trading Community Program Office at email@example.com.