protocol
FIX-TP2-5 is an open source protocol developed by the FIX Trading Community, designed to improve the speed, reliability, and cost efficiency of data exchanges between traders, brokers, and exchanges. It is an extension to the FIX Engine protocol, providing a direct data path between the participants. It provides end-to-end processing of market data and order execution cycles, while allowing all participants to define their own configurations and requirements, effectively eliminating the need for complex bespoke rules and systems.
In addition to exchanging market data and order information, FIX-TP2-5 also supports real-time order routing and market surveillance, which enables brokers and exchanges to enforce their own risk controls and efficient order matching. As an open protocol, FIX-TP2-5 also enables third-party providers, such as liquidity and risk management solutions, to access the same set of data and access points as the rest of the party in the data exchange.