Equities vs. FX

By James Sinclair | Jan 1, 2010

Give an equities FIX specification to a decent programmer and if he codes to spec, you’ll have a pretty good connection to the ECN. Give an interdealer FX API specification to the same programmer and if he codes to spec, you’ll still be in the dark. Whereas the complexity in equities lies primarily in messaging volume and throughput speed, the difficulty in FX lies in microstructure opacity and legacy technology. Here’s a primer on the issues you’ll encounter:

Funnel_Eq_FX_01

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