Disclosed Protocols represent the explicit declaration or publication of the communication standards, data structures, and operational procedures employed by a trading venue or system for external interaction. This refers to the transparency of technical specifications governing message exchange and transaction flow.
Mechanism
Disclosed protocols are formally documented through API specifications, FIX message dictionaries, or other technical guides, making them accessible to authorized integration partners. These documents detail the syntax, semantics, and sequencing of messages for order submission, execution reporting, market data distribution, and other trading functionalities. This enables external systems to construct compliant interfaces for interoperability.
Methodology
Adherence to disclosed protocols facilitates seamless integration between disparate trading systems, promoting efficient market access and reducing technical friction. The methodology underpins a standardized communication paradigm, allowing institutions to configure their trading applications to interact predictably with the venue. This practice is central to fostering an open, yet controlled, operational environment in crypto trading.
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