API documentation

Market Data Request (V)

The client may send a Market Data Request (35=V) in order to subscribe to market data updates.

Server sends market data in snapshots (35=W). To achieve optimal network performance, the server sends a single snapshot on receipt of a subscription request followed by incremental refreshes only. Servers may allow client-specific configurations to deviate from this behavior. Incremental refreshes (35=X) are not supported.

Market data requests are reset when the client is disconnected. When the client is reconnected, the client must request the market data again.

Fields

TagNameReqDescription

Tag
Name
Header
ReqY
Description
Standard header, with 35=V.
Tag262
Name
MDReqID
ReqY
Description
The ID of the Market Data Request. It must be new and unique unless 263=2 and refers to the previous market data request.
Tag263
Name
SubscriptionRequestType
ReqY
Description
Supported values: 1 = Snapshot + Updates (e.g. “subscribe”) 2 = Stop updates (e.g. “unsubscribe”)
Tag264
Name
MarketDepth
ReqY
Description
The book depth to report. Supported values: 0 = Full book, unlimited depth ¹ 1 = Top of Book only N = Number of layers to deliver ² Note: If the server does not support the requested depth, it may send a Market Data Request Reject with one of the supported values. It may also accept the request and silently reduce the depth of the delivered market data. Contact project manager to see level of bandwidth supported for client.
Tag265
Name
MDUpdateType
ReqY
Description
The format of market data updates. Supported values: 0 = Full refresh (e.g. snapshot) 1 = Incremental refresh
Tag547
Name
MDImplicitDelete
ReqN
Description
Specifies whether the client needs to implicitly delete layers in the truncated book. The tag is required when MarketDepth (264) >= 2 and MDUpdateType = Incremental Refresh(1). Supported values: Y = The client needs to implicitly delete bids or offers falling outside the MarketDepth of the request.
Tag267
Name
NoMDEntryTypes
ReqY
Description
The tag must always be set to at least 2. When requesting for the last trade, set it to 3. Both 269=0 (bid) and 269=1 (ask) must be specified. 269=2 (trade) is optional.
Begin Repeating Group
Tag269
Name
MDEntryType
ReqY
Description
Supported values: 0 = Bid 1 = Ask 2 = Trade
End Repeating Group
Tag146
Name
NoRelatedSym
ReqY
Description
The number of symbols in the request. The tag must be always set to 1.
Begin Repeating Group
Tag55
Name
Symbol
ReqY
Description
The instrument symbol.
End Repeating Group
Tag
Name
Trailer
ReqY
Description

YRequired — include this field in every message.

NOptional — may be omitted.

N*Conditionally required — optional unless noted in Description (look for (*)).

This specification requires NoRelatedSym (146) to be set to 1. This means that the client can subscribe only to a single symbol in a FIX message.

The MDReqID defines a domain for snapshots and market data updates. Market Data Snapshots (35=W) sent for an MDReqID will effectively cancel all outstanding quotes sent for that MDReqID.

Example message

Session

Request

8=FIX.4.4|9=148|35=V|49=YOUR_SENDER_COMP_ID|56=OBERMIND|34=1|52=20260610-12:00:00.000|262=md-req-001|263=1|264=0|265=0|267=2|269=0|146=your_norelatedsym|55=EUR/USD|10=103|

Response

8=FIX.4.4|9=177|35=W|49=OBERMIND|56=YOUR_SENDER_COMP_ID|34=2|52=20260610-12:00:00.000|262=md-req-001|55=EUR/USD|268=your_nomdentries|269=0|270=1.0850|271=1000000|64=20260612|278=your_mdentryid|10=023|

Pipe format uses | between fields for readability. On the wire, replace each | with ASCII SOH (0x01), or switch to SOH (wire) and copy directly into your FIX API session.

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