What is changing?
B3 S.A. – Brasil, Bolsa, Balcão (B3 Exchange) are offering two new direct market access (DMA) interfaces:
B3 Binary Unified Market Data Feed (UMDF) SBE Market Data feed
In addition to the B3 Unified Market Data Feed (UMDF) FIX/FAST Market Data feed, the B3 UMDF platform also supports the new B3 Binary UMDF Market Data feed using SBE (Simple Binary Encoding). B3 Binary UMDF is a UDP multicast based feed for the PUMA Trading System platform Equities, Derivatives and FX market segments. B3 Binary UMDF offers lower latency when compared to encoding in the FIX/FAST format due to reduced encoding and decoding latency.
B3 Binary Order Entry (B3 Binary EntryPoint) interface
The B3 Binary Order Entry (B3 BOE) is a new order management interface for the B3 PUMA Trading System. B3 BOE is based on FIX Performance Session Layer (FIXP) using SBE (Simple Binary Encoding). The B3 BOE interface is available in addition to the prior FIX Order Entry interface that is based on FIX 4.4 protocol standards.
Technical impact of these changes?
B3 are operating the prior FIX/FAST UMDF feed and FIX Order Entry based interfaces and the new B3 Binary UDMF SBE based feed and B3 Binary Order Entry interface in parallel. For now.
There are some functional differences between the FIX/FAST and new Binary SBE based interfaces that need to be considered. Current examples include that the Binary UMDF feed is Market By Order (MDO) with full order book depth, but does not support Market By Price (MDP) and Top Of Book (TOB). And there no current support for a Binary UMDF feed TCP recovery channel for gap filling.
Therefore careful review of the B3 specifications and roadmap is recommended if migrating from the FIX/FAST interfaces to the new SBE Binary interfaces. And the benefits of the improved latency profile of the new interfaces should be considered to make the investment in development cycles to support them worthwhile.
Build, or buy?
Firms always have a choice.
They can internally develop the necessary feed handlers by investing time and money in internal development projects. Or they can use professionally supported B3 Direct Market Access (DMA) SDK solutions.
OnixS naturally favour the second approach and offer the OnixS directConnect: B3 Direct Market Access SDK solutions that are fully maintained to current and future B3 interface specifications and provide quick to integrate B3 Direct Market Access SDK solutions.
The OnixS directConnect: B3 Binary Unified Market Data Feed (UMDF) SBE Market Data Handler SDK implementations include:
- Easy to use API with flexible logging
- Optimised for low latency and high performance
- SolarflareTM ultra-low latency ef_vi API support
- Programming Guide Documentation
- Fast-start client reference implementation source code samples for Getting Started, Benchmarks, Back-testing, and Advanced tuning
The OnixS directConnect: B3 Binary Order Entry SDK implementations include:
- Ultra-low latency access to the B3 Binary Order Entry Gateways
- B3 calibrated SBE encoder/decoder
- Flexible threading models (dedicated threads, thread pool).
- Session Security/Authentication.
- Supports SolarflareTM TCPDirect ultra-low latency network stack API
- Fast-start trading client reference implementation source code samples for Getting Started trading client reference implementation source code samples
You can read more about the OnixS directConnect: B3 Binary Unified Market Data Feed (UMDF) SBE Market Data Handler SDK along with access to the C++ Programming Guide for technical reference here.
You can read more about the OnixS directConnect: B3 Binary Order Entry SDK along with access to the C++ Programming Guide for technical reference here.
For OnixS directConnect: B3 SDK Release Note updates see https://www.onixs.biz/release-notes/tag/b3
