ITCH and CMS Protocol

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Imported from previous forum

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What’s the different between CMS and ITCH protocol? How can I find out the specification?

Thanks

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[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> What’s the different between CMS and ITCH protocol? How can I find out the specification?

CMS is the protocol used by NYSE for electronic trading (placing orders, receiving fills, etc.)

ITCH is the Island ECN’s proprietary protocol for publishing market data, such as Island’s order book.

These are not analogous protocols. I think you want to compare CMS to OUCH, which is Island’s protocol for placing orders and receiving fills.

If you want information on CMS, ITCH, or OUCH, you’ll need to contact NYSE or Island. This web site is devoted to the FIX Protocol, which is distinct from CMS, ITCH and OUCH. FIX is an open, non-proprietary, industry standard that supports electronic trading (similar to CMS and OUCH) and market data (similar to ITCH) as well as numerous other business functions relating to the life cycle of an electron trade.