Proprietary binary protocol developed by TMX Group and licensed to several exchanges for high-performance equities market data dissemination.
XMT (eXtreme Message Transfer Protocol) is a binary market data protocol designed for low-latency delivery of equities trading information. It serves as the primary market data feed for TSX and TSXV (TSX Venture Exchange), providing real-time Level 2 order book and trade data to market participants.
The protocol provides full depth of book with order-by-order visibility, trade reports, instrument reference data, and market state updates. XMT supports multicast delivery for efficient distribution to a large number of subscribers simultaneously.
XMT operates over both TCP and UDP, supporting multicast delivery for efficient distribution of market data to a large number of subscribers. Messages carry sequence numbers for gap detection and recovery.
- Equities focused - Purpose-built for equity market data on TSX and TSXV
- Binary encoding - Compact binary message format optimized for parsing speed
- Depth of book - Provides Level 2 order book data with full price depth
- Low latency - Designed for minimal wire-to-parse latency
- Sequenced delivery - Messages carry sequence numbers for gap detection and recovery