Being a disruptor doesn’t always work

The FIX protocol has existed since 1992 and being a protocol has a system of rules that govern the exchange of messages. But what happens when only part of the protocol is implemented? Take for example when messages are re-transmitted, whether prompted by the sending system or as the result of a resend request, the FIX protocol dictates that resent messages should always have PossDup flag set. Surprising some venues like Cboe ignore this and resend messages without including the PossDup or OrigSendingTime fields resulting in potentially double booking of trades.

MarketFactory’s Whisperer API takes all of this into account and encapsulates the FIX protocol in full, offering a single normalised API. One API, coded to once, with access to every FX venue.