>Second, by offering the faster binary access method, NYSE effectively imposed a "Speed Bump" on all of its participants who did not upgrade. They essentially slow down everyone else by offering a faster means of access that only a few have bothered to adopt given the amount of development work necessary to do so. We found very little documentation about this offering, and no public filings with the SEC.
FIX is a text based protocol from the early 90s. The other interface is a modern, binary protocol. It sounds to me like NYSE upgraded their technology which resulted in lower latency.
Is NYSE charging more for the binary protocol? Should NYSE just cut off everyone on the old text protocol to in order to advertise one-true-interface for everyone? Is IEX trying to earn cheap publicity points by counting on people's ignorance of financial infrastructure minutia?
FIX is a text based protocol from the early 90s. The other interface is a modern, binary protocol. It sounds to me like NYSE upgraded their technology which resulted in lower latency.
Is NYSE charging more for the binary protocol? Should NYSE just cut off everyone on the old text protocol to in order to advertise one-true-interface for everyone? Is IEX trying to earn cheap publicity points by counting on people's ignorance of financial infrastructure minutia?