Market Data

Market Data in FIX 5.0

Market data messages in FIX 5.0 are functionally identical to FIX 4.4. The only difference is the transport layer — all messages use BeginString=FIXT.1.1 instead of FIX.4.4.

Market data is received on the Price Session (default port 5011).

MarketDataRequest (MsgType = V)

Subscribe or unsubscribe to market data for one or more symbols.

Tag	Field	Required	Description
8	BeginString	Yes	`FIXT.1.1`
35	MsgType	Yes	`V`
262	MDReqID	Yes	Unique request identifier
263	SubscriptionRequestType	Yes	`0` = Snapshot, `1` = Subscribe, `2` = Unsubscribe
264	MarketDepth	Yes	`0` = Full book, `1` = Top of book
265	MDUpdateType	Conditional	`0` = Full refresh, `1` = Incremental (required for Subscribe)
267	NoMDEntryTypes	Yes	Number of entry types requested
269	MDEntryType	Yes	Repeating: `0` = Bid, `1` = Offer, `2` = Trade
146	NoRelatedSym	Yes	Number of symbols
55	Symbol	Yes	Repeating: Instrument symbol (e.g. `EURUSD`)

8=FIXT.1.1|9=154|35=V|49=CLIENT1|56=BROKERET|34=2|52=20260312-14:31:00.000|262=MD001|263=1|264=1|265=1|267=2|269=0|269=1|146=2|55=EURUSD|55=GBPUSD|10=112|

Unsubscribe

8=FIXT.1.1|9=100|35=V|49=CLIENT1|56=BROKERET|34=10|52=20260312-14:45:00.000|262=MD001|263=2|267=2|269=0|269=1|146=2|55=EURUSD|55=GBPUSD|10=126|

MarketDataSnapshotFullRefresh (MsgType = W)

Initial snapshot upon subscription.

Tag	Field	Description
8	BeginString	`FIXT.1.1`
35	MsgType	`W`
262	MDReqID	Request ID this snapshot responds to
55	Symbol	Instrument symbol
268	NoMDEntries	Number of entries
269	MDEntryType	`0` = Bid, `1` = Offer
270	MDEntryPx	Price
271	MDEntrySize	Volume / size
272	MDEntryDate	Date of the entry
273	MDEntryTime	Time of the entry

Example — EURUSD Snapshot

8=FIXT.1.1|9=200|35=W|49=BROKERET|56=CLIENT1|34=3|52=20260312-14:31:00.100|262=MD001|55=EURUSD|268=2|269=0|270=1.08452|271=1000000|272=20260312|273=14:31:00.100|269=1|270=1.08455|271=1000000|272=20260312|273=14:31:00.100|10=159|

MarketDataIncrementalRefresh (MsgType = X)

Incremental updates as prices change.

Tag	Field	Description
8	BeginString	`FIXT.1.1`
35	MsgType	`X`
262	MDReqID	Original request ID
268	NoMDEntries	Number of updated entries
279	MDUpdateAction	`0` = New, `1` = Change, `2` = Delete
269	MDEntryType	`0` = Bid, `1` = Offer
55	Symbol	Instrument symbol
270	MDEntryPx	Updated price
271	MDEntrySize	Updated volume

Example — Bid Price Update

8=FIXT.1.1|9=158|35=X|49=BROKERET|56=CLIENT1|34=45|52=20260312-14:31:05.250|262=MD001|268=1|279=1|269=0|55=EURUSD|270=1.08460|271=1000000|10=215|

MarketDataRequestReject (MsgType = Y)

Sent when a subscription request cannot be processed.

Tag	Field	Description
8	BeginString	`FIXT.1.1`
35	MsgType	`Y`
262	MDReqID	Request ID being rejected
281	MDReqRejReason	Rejection reason code
58	Text	Human-readable reason

Rejection Reason Codes

Code	Meaning
0	Unknown symbol
1	Duplicate MDReqID
4	Unsupported SubscriptionRequestType
5	Unsupported MarketDepth
8	Unsupported MDEntryType

Available Symbols

Same as FIX 4.4 — all symbols configured on your trading server are available:

Category	Examples
Forex Majors	EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD, NZDUSD
Forex Crosses	EURGBP, EURJPY, GBPJPY, AUDNZD, EURCHF, GBPCAD
Metals	XAUUSD, XAGUSD, XPTUSD
Indices	US30, US500, NAS100, GER40, UK100
Energies	USOIL, UKOIL, NGAS
Crypto	BTCUSD, ETHUSD (if enabled)

📧

NoteThe exact symbol list depends on your account configuration. Contact Brokeret for the full list of available instruments.

Differences from FIX 4.4 Market Data

The only differences are at the transport level:

Aspect	FIX 4.4	FIX 5.0
BeginString (Tag 8)	`FIX.4.4`	`FIXT.1.1`
Default port (Price)	`5001`	`5011`
Application version	Implicit	Set via Tag 1137 during Logon
Per-message version	Not supported	Override with Tag 1128

All market data tags, semantics, subscription types, and update mechanisms are identical.

Next Steps

Order Execution — Submit and manage orders
Session Management — FIXT 1.1 logon and session handling