NYSE Arca's Multi-Product FIX Gateway

By: dweiss

File Under: NYSE Arca

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A couple of weeks ago, my first post on this blog explained the advantages of using NYSE Arca's ArcaDirect order-entry platform. Its speed and relatively small messages provide the fastest, most efficient access for high-frequency traders. At the risk of boring the majority of readers, in this post, I would like to explain the advantages of using the NYSE Arca FIX gateway.

NYSE Arca's FIX API was developed back in the late '90s, when Arca was still an electronic communications network (ECN). Though we switched technology platforms when we became an exchange, we maintained the same standard FIX API. This allowed us to switch technologies without our clients having to make changes to their apps. The only difference clients saw when the platform changed was improved performance.

When Arca acquired the Pacific Stock Exchange in 2005, we ran on the PCX systems for a short period of time, then moved the platform to the Arca matching engine and FIX gateway platform. We simply had to expand the internal Arca API to support Options order flow and provide clients the additional FIX tags to route orders through their Arca FIX sessions to the new Arca Options platform. Clients that already had access to the Arca equities platform could become members of the Options exchange and easily modify their FIX applications to route to it. This migration was the first of many and served as a model for future projects. Over the years, we have added support for several exchanges. The NYSE Arca gateway can now deliver orders to the following market centers:

NYSE Arca Equities
NYSE Arca Options
NYSE Amex Options
NYSE Equities (via the PO+ order)
NYSE Bonds
NYBX (New York Block Exchange)
MatchPoint
Liffe

Note - Many of these market centers are accessible over a single FIX session.

The NYSE Arca FIX gateway provides access to all the above exchanges while providing great performance. average response time is 2 milliseconds. Customers who want access to multiple exchanges through one standard FIX interface should consider using the NYSE Arca FIX gateway.