While it’s perfectly expectable for each venue to have their own API, the challenges of connectivity become more difficult when each venue itself has multiple API’s, with no clear delineation. Take Cboe for example who use the FIX protocol version 4.2 for spot but borrow additional tags from FIX 4.3 and FIX 4.4. But if you want to connect to their full amount feed then it’s FIX 4.4. This adds complexity for customers who now have to maintain multiple FIX dictionaries for the various product offerings.
MarketFactory’s Whisperer takes all of this into account and offers a single normalised API. One API, coded to once, with access to every FX venue.