Accessing Forex Market Data Through FIX Connections
Summary
The discussion explains possible routes to real-time forex data over FIX and why access may be difficult to obtain cheaply. It describes FX as an interbank market where a firm typically connects through chosen banks, while noting that banks may offer FIX for straight-through processing or drop-copy workflows rather than trading. Electronic communication networks can also connect banks and other clients; some provide market data or trading over FIX alongside their own protocols.
Pricing and access arrangements vary: banks may expect a minimum trading volume without a formal FIX charge, while ECNs may charge connection fees. The answer cautions that market access fees or turnover requirements can make a data-only setup impractical. It distinguishes real-time quote access from any guarantee that a trade can execute at the last observed quote, an important issue for interpreting data accuracy. The exchange is practical but anecdotal; it gives no provider comparison, service-level evidence, or guarantee of current terms. A second reply briefly names API options without evaluating them.
Key ideas
- Banks may provide FIX connectivity for processing or drop-copy functions, but not necessarily for trading.
- ECNs can offer market data or trading through FIX as well as proprietary protocols.
- Access terms may involve bank turnover expectations or ECN connection charges.
- A live quote does not guarantee execution at that price.
- Data-only users may find market access costs impractical, depending on provider terms.
Tags
Full text
# How do I get Forex data via FIX # How do I get Forex data via FIX We need to create an internal Forex API for internal usage. We're interested in the accuracy and real-time availability provided by a Fix connection. How would we go about getting access to a FIX endpoint without spending thousands of dollars? Is it possible to find a broker to give us access to their endpoint? ## Answer by hroptatyr (score 1, accepted) https://quant.stackexchange.com/a/35900 Too long for comment: It's unclear what your idea of the Forex market is but, generally speaking, FX is an interbank market. So you connect with the bank(s) of your choice and be done with it. In my experience not a lot of banks offer FIX trading though, only FIX STP and Drop Copy to your back and middle office. Then again there's ECNs like Fastmatch where banks and ordinary clients can connect and provide or take liquidity. Most of these ECNs primarily support their own binary format and many of them offer market data and/or trading via FIX as well (Fastmatch, Dukascopy, etc.) As for pricing, in any case it's all bespoke: Banks expect you to trade a certain amount per month but formally don't charge for using FIX (if they support it in the first place), ECNs typically charge you (or pass on) connection fees, there's no formal charge for FIX either. So in short: If you don't plan on actually trading FX the minimum turnover or market access fees will probably counter your plans. I'm not sure I understand your question about accuracy and real-time availability. Of course it's real-time and of course it's accurate. Or do you mean if there's some sort of guarantee to trade on the last seen quote, e.g. like a FIX Order 'D' or 'E' (prev quoted, prev indicated)? ## Answer by rupweb (score 1) https://quant.stackexchange.com/a/35904 The MarketFactory API looks interesting. Also try Integral's TrueFX
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