Historical Context and Emergence of FIX SBE
FIX Simple Binary Encoding (SBE), a key development in financial messaging, emerged from the evolving needs of real-time market data transmission. Originally, the FIX Protocol, established in 2001, supported market data messages in an ASCII-based format. However, with the demand for lower latency, FIX FAST was adopted around 2007, reducing message sizes and improving latency. The significant leap occurred in 2015 with the introduction of FIX SBE, focusing on data representation efficiency in a binary format. CME was a pioneering exchange in adopting FIX SBE, marking a new era in financial data transmission.
OnixS's Role in Advancing SBE
OnixS stepped into this evolving landscape with its SBE Decoders and Encoders, offering ultra-low latency solutions in C++, Java, and .NET. These implementations are specifically designed to cut down development time and costs in financial applications that require efficient binary message encoding and decoding. They are integral in mission-critical production systems, underscoring their reliability and efficiency.
Key Features of OnixS SBE Codec implementations
The OnixS SBE Codec distinguish themselves with several features:
- User-Friendly API: Simplifies the development process.
- Optimised Resource Usage: Minimises CPU and memory consumption.
- Zero Memory Allocation in Critical Path: Ensures efficiency in real-time operations.
- Comprehensive Documentation and QuickStart Codes: Offers extensive support for implementation.
- Direct Field Access: Enables effective interaction with data at different levels.
- Flexible SBE Schema Support: Facilitates adaptability to new SBE Schemas without recompiling applications.
- Template based code generation with venue specific reference implementation samples
- Used extensively within OnixS directConnect venue specific direct market access SDK solutions.
- Fully supported.
Global trends and future directions
Following CME's lead, several global exchanges, including Euronext, Cboe, Refinitiv and B3 in Brazil, have adopted FIX SBE, demonstrating its growing influence in the global financial market. This trend suggests a strategic shift towards standards that offer lower latency and higher efficiency, with FIX SBE being a preferred choice for many. The direction for exchanges and trading platforms now revolves around optimising the traditional FIX Protocol with advanced FIX SBE, based on their specific needs and member demands.
