BATS Binary Order Entry is a high-performance trading protocol modeled on FIX but adapted for simplicity and ultra-low latency. Developed originally by BATS, BOE has been used for both BATS markets and the DirectEdge markets after the merger, and continues to be used for those markets under CBOE. Asset classes: Equities, options Markets: BATS-Y, BATS-Z, EDGE-A, EDGE-X
Binary order entry protocols such as BOE are built for speed, which makes independent measurement more important, not less: the faster the path, the smaller the margin in which problems hide. Decoding BOE off the network gives trading analytics an accurate view of order and acknowledgement timing without adding load to the trading path.
