“Correct interpretation of apparently similar fields that actually have very different meanings across ECNs and exchanges is critical. There is a high opportunity cost if valuable data is ignored or not understood. Even when an exchange uses FiX, throughput and latency considerations are necessary but not sufficient. Foreign exchange has distinctly different characteristics from equities, fixed income and other markets in terms of its global nature and microstructure,” says Ed Howorka, the company’s chief technology officer. The product is scheduled to be rolled out progressively over the third quarter.