Imported from previous forum
[ original email was from Vic Cimarusti - cimarust@itginc.com ]
STAMP is a protocol, very much like FIX, used
by the various Canadian stock exchanges.
Does anyone know a little of its history?
I’ve just started studying it, and so far I’m
surprised it was developed at all – it looks
like it’s a complete duplication of the efforts
put into FIX. It was released well after the
first version of FIX, and in some respects it’s
identical. I’m wondering of anyone has any
insight into why it was developed …
[ original email was from Why Isntthisfreelyavailable - pf8tzazta1st9ac@jetable.org ]
>
STAMP is a protocol, very much like FIX, used
by the various Canadian stock exchanges.Does anyone know a little of its history?
I’ve just started studying it, and so far I’m
surprised it was developed at all – it looks
like it’s a complete duplication of the efforts
put into FIX. It was released well after the
first version of FIX, and in some respects it’s
identical. I’m wondering of anyone has any
insight into why it was developed …
It appears to have developed so that Canadian exchanges could implement a standardized, efficient protocol for order entry that was free of the intellectual property baggage legacy protocols. By standardizing on a single protocol, each Canadian exchange saves on overheads. As of the most recent v6.0.1 the protocol appears to be very well designed and documented.
FPL has been working together with IIROC to provide FIX 5.0 SP2 protocol extensions (EP101, EP104) to support the migration from STAMP to FIX. I believe that currently both protocols are in place with the intention to eventually move all reporting to FIX.
STAMP is a protocol, very much like FIX, used
by the various Canadian stock exchanges.Does anyone know a little of its history?
I’ve just started studying it, and so far I’m
surprised it was developed at all – it looks
like it’s a complete duplication of the efforts
put into FIX. It was released well after the
first version of FIX, and in some respects it’s
identical. I’m wondering of anyone has any
insight into why it was developed …It appears to have developed so that Canadian exchanges could implement a standardized, efficient protocol for order entry that was free of the intellectual property baggage legacy protocols. By standardizing on a single protocol, each Canadian exchange saves on overheads. As of the most recent v6.0.1 the protocol appears to be very well designed and documented.
FPL has been working together with IIROC to provide FIX 5.0 SP2 protocol extensions (EP101, EP104) to support the migration from STAMP to FIX. I believe that currently both protocols are in place with the intention to eventually move all reporting to FIX.
STAMP is a protocol, very much like FIX, used
by the various Canadian stock exchanges.Does anyone know a little of its history?
I’ve just started studying it, and so far I’m
surprised it was developed at all – it looks
like it’s a complete duplication of the efforts
put into FIX. It was released well after the
first version of FIX, and in some respects it’s
identical. I’m wondering of anyone has any
insight into why it was developed …It appears to have developed so that Canadian exchanges could implement a standardized, efficient protocol for order entry that was free of the intellectual property baggage legacy protocols. By standardizing on a single protocol, each Canadian exchange saves on overheads. As of the most recent v6.0.1 the protocol appears to be very well designed and documented.
As regards “why STAMP was developed” - TTBOMK STAMP was developed in Canada before FIX was in existance, much the way there were proprietary protocols developed in the US before FIX (SIAC’s ITS, CTS, CQS come to mind). I think STAMP was originally implemented in the early to mid 1980s and was used across modem phone lines at the Toronto, Montreal, Alberta and Vancouver stock exchanges (all are merged into TMX now).
STAMP is actually a pretty rich protocol and has some very interesting features, particularly in the way market data is disseminated (snapshot then update deltas is rather well designed with very interesting features to maintain anonymity while providing private info to the correct participants).
The session itself is a little cumbersome but again has some interesting features (there are multiple streams for a single session with market data and recovery going across separate streams).
I think STAMP is disappearing not so much because it was poorly designed (some argue it is a better design) but rather simply because FIX is the international standard and FIX is an open protocol.
It’s too bad the Canadian exchanges treated the protocol as proprietary (which helped them guard their turf) because it could have been the basis for the international standard if the community would have had access to it all those years ago.
BTW - Just to be clear, I prefer FIX. I just think that this is a reasonable assessment of the history of STAMP.