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Add baseline for Draft Standard errata
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‎v1-0-DRAFT_STANDARD/doc/00Contents.md‎

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Contents
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========
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[Title](00Title.md)
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[1. Introduction](01Introduction.md)
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[2. Field Encoding](02FieldEncoding.md)
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[3. Message Structure](03MessageStructure.md)
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[4. Message Schema](04MessageSchema.md)
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[5. Schema Extension Mechanism](05SchemaExtensionMechanism.md)
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[6. Usage Guidelines](06UsageGuidelines.md)
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[7. Examples](07Examples.md)
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[8. Release Notes](08ReleaseNotes.md)

‎v1-0-DRAFT_STANDARD/doc/00Title.md‎

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<img src="media/image1.jpg" width="248" height="54" />
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<span id="fix-simple-binary-encoding" class="anchor"><span id="DocTitle" class="anchor"></span></span>
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# Simple Binary Encoding
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## Technical Specification
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<span id="_Toc105491793" class="anchor"><span id="RevNum" class="anchor"></span></span>Version 1.0 <span id="RevDate" class="anchor"></span>– Draft Standard – June 16, 2016
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THIS DOCUMENT IS A DRAFT STANDARD FOR A PROPOSED FIX TECHNICAL STANDARD. A DRAFT STANDARD HAS BEEN APPROVED BY THE GLOBAL TECHNICAL COMMITTEE AS THE FINAL STEP IN CREATING A NEW FIX TECHNICAL STANDARD. POTENTIAL ADOPTERS ARE STRONGLY ENCOURAGED TO BEGIN WORKING WITH THE DRAFT STANDARD AND TO PROVIDE FEEDBACK TO THE GLOBAL TECHNICAL COMMITTEE AND THE WORKING GROUP THAT SUBMITTED THE PROPOSAL. THE FEEDBACK TO THE DRAFT STANDARD WILL DETERMINE WHEN TWO INTEROPERABLE IMPLEMENTATIONS HAVE BEEN ESTABLISHED AND THE DRAFT STANDARD CAN BE PROMOTED TO BECOME A NEW FIX TECHNICAL STANDARD.
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**
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**
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<span id="_Toc105491794" class="anchor"></span>DISCLAIMER
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THE INFORMATION CONTAINED HEREIN AND THE FINANCIAL INFORMATION EXCHANGE PROTOCOL (COLLECTIVELY, THE "FIX PROTOCOL") ARE PROVIDED "AS IS" AND NO PERSON OR ENTITY ASSOCIATED WITH THE FIX PROTOCOL MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE FIX PROTOCOL (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF) OR ANY OTHER MATTER AND EACH SUCH PERSON AND ENTITY SPECIFICALLY DISCLAIMS ANY WARRANTY OF ORIGINALITY, ACCURACY, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. SUCH PERSONS AND ENTITIES DO NOT WARRANT THAT THE FIX PROTOCOL WILL CONFORM TO ANY DESCRIPTION THEREOF OR BE FREE OF ERRORS. THE ENTIRE RISK OF ANY USE OF THE FIX PROTOCOL IS ASSUMED BY THE USER.
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NO PERSON OR ENTITY ASSOCIATED WITH THE FIX PROTOCOL SHALL HAVE ANY LIABILITY FOR DAMAGES OF ANY KIND ARISING IN ANY MANNER OUT OF OR IN CONNECTION WITH ANY USER'S USE OF (OR ANY INABILITY TO USE) THE FIX PROTOCOL, WHETHER DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL (INCLUDING, WITHOUT LIMITATION, LOSS OF DATA, LOSS OF USE, CLAIMS OF THIRD PARTIES OR LOST PROFITS OR REVENUES OR OTHER ECONOMIC LOSS), WHETHER IN TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY), CONTRACT OR OTHERWISE, WHETHER OR NOT ANY SUCH PERSON OR ENTITY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, SUCH DAMAGES.
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**DRAFT OR NOT RATIFIED PROPOSALS** (REFER TO PROPOSAL STATUS AND/OR SUBMISSION STATUS ON COVER PAGE) ARE PROVIDED "AS IS" TO INTERESTED PARTIES FOR DISCUSSION ONLY. PARTIES THAT CHOOSE TO IMPLEMENT THIS DRAFT PROPOSAL DO SO AT THEIR OWN RISK. IT IS A DRAFT DOCUMENT AND MAY BE UPDATED, REPLACED, OR MADE OBSOLETE BY OTHER DOCUMENTS AT ANY TIME. THE FIX GLOBAL TECHNICAL COMMITTEE WILL NOT ALLOW EARLY IMPLEMENTATION TO CONSTRAIN ITS ABILITY TO MAKE CHANGES TO THIS SPECIFICATION PRIOR TO FINAL RELEASE. IT IS INAPPROPRIATE TO USE FIX WORKING DRAFTS AS REFERENCE MATERIAL OR TO CITE THEM AS OTHER THAN “WORKS IN PROGRESS”. THE FIX GLOBAL TECHNICAL COMMITTEE WILL ISSUE, UPON COMPLETION OF REVIEW AND RATIFICATION, AN OFFICIAL STATUS ("APPROVED") OF/FOR THE PROPOSAL AND A RELEASE NUMBER.
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No proprietary or ownership interest of any kind is granted with respect to the FIX Protocol (or any rights therein).
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Copyright 2013-2016 FIX Protocol Ltd., all rights reserved.
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<img src="media/image2.png" width="87" height="31" />
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FIX Simple Binary Encoding by [FIX Protocol Ltd.](http://www.fixtradingcommunity.org/) is licensed under a [Creative Commons Attribution-NoDerivatives 4.0 International License](http://creativecommons.org/licenses/by-nd/4.0/).
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Based on a work at <https://github.com/FIXTradingCommunity/fix-simple-binary-encoding>

‎v1-0-DRAFT_STANDARD/doc/01Introduction.md‎

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Introduction
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=========================================================================================================================================================
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FIX Simple Binary Encoding (SBE) targets high performance trading
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systems. It is optimized for low latency of encoding and decoding while
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keeping bandwidth utilization reasonably small. For compatibility, it is
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intended to represent all FIX semantics.
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This encoding specification describes the wire protocol for messages.
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Thus, it provides a standard for interoperability between communicating
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parties. Users are free to implement the standard in a way that best
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suits their needs.
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The encoding standard is complimentary to other FIX standards for
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session protocol and application level behavior.
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Binary type system
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----------------------------------------------------------------------------------------------------------------
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In order to support traditional FIX semantics, all the documented field
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types are supported. However, instead of printable character
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representations of tag-value encoding, the type system binds to native
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binary data types, and defines derived types as needed.
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The binary type system has been enhanced in these ways:
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- Provides a means to specify precision of decimal numbers and
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timestamps, as well as valid ranges of numbers.
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- Differentiates fixed-length character arrays from variable-length
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strings. Allows a way to specify the minimum and maximum length of
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strings that an application can accept.
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- Provides a consistent system of enumerations, Boolean switches and
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multiple-choice fields.
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Design principles
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---------------------------------------------------------------------------------------------------------------
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The message design strives for direct data access without complex
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transformations or conditional logic. This is achieved by:
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- Usage of native binary data types and simple types derived from
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native binaries, such as prices and timestamps.
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- Preference for fixed positions and fixed length fields, supporting
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direct access to data and avoiding the need for management of heaps
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of variable-length elements which must be sequentially processed.
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Message schema
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------------------------------------------------------------------------------------------------------------
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This standard describes how fields are encoded and the general structure
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of messages. The content of a message type is specified by a message
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schema. A message schema tells which fields belong to a message and
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their location within a message. Additionally, the metadata describes
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valid value ranges and information that need not be sent on the wire,
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such as constant values.
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Message schemas may be based on standard FIX message specifications, or
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may be customized as needed by agreement between counterparties.
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Glossary
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------------------------------------------------------------------------------------------------------
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**Data type** - A field type with its associated encoding attributes,
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including backing primitive types and valid values or range. Some types
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have additional attributes, e.g. epoch of a date.
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**Encoding** - a message format for interchange. The term is commonly used
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to mean the conversion of one data format to another, such as text to
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binary. However, Simple Binary Encoding strives to use native binary
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data types in order to make conversion unnecessary, or at least trivial.
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Encoding also refers to the act of formatting a message, as opposed to
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decoding.
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**Message schema** - metadata that specifies messages and their data
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types and identifiers. Message schemas may be disseminated out of band.
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For Simple Binary Encoding, message schemas are expressed as an XML
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document that conforms to an XML schema that is published as part of
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this standard.
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**Message template** - metadata that specifies the fields that belong to
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one particular message type. A message template is contained by a
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message schema.
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**Session protocol** - a protocol concerned with the reliable delivery of
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messages over a transport. FIX protocol makes a distinction between
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session protocol and the encoding of a message payload, as described by
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this document. See the specifications section of FIX protocol web site
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for supported protocols. The original FIX session protocol is known as
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FIXT.
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**XML schema** - defines the elements and attributes that may appear in an
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XML document. The SBE message schema is defined in W3C (XSD) schema
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language since it is the most widely adopted format for XML schemas.
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Documentation
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-----------------------------------------------------------------------------------------------------------
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This document explains:
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- The binary type system for field encoding
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- Message structure, including field arrangement, repeating groups,
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and relationship to a message header that may be provided by a
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session protocol.
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- The Simple Binary Encoding message schema.
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### Specification terms
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These key words in this document are to be interpreted as described in
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[Internet Engineering Task Force RFC2119](http://www.apps.ietf.org/rfc/rfc2119.html). These terms indicate
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an absolute requirement for implementations of the standard: "**must**",
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or "**required**".
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This term indicates an absolute prohibition: "**must not**".
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These terms indicate that a feature is allowed by the standard but not
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required: "**may**", "**optional**". An implementation that does not
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provide an optional feature must be prepared to interoperate with one
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that does.
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These terms give guidance, recommendation or best practices:
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"**should**" or "**recommended**". A recommended choice among
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alternatives is described as "**preferred**".
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These terms give guidance that a practice is not recommended: "**should not**"
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or "**not recommended**".
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### Document format
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In this document, these formats are used for technical specifications
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and data examples.
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This is a sample encoding specification
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```xml
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<type name="short" primitiveType="int16" semanticType="int" />
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```
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This is sample data as it would be transmitted on the wire
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`10270000`
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References
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-------------------------------------------------------------------------------------------------------------------------------------------------------
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### Related FIX Standards
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*Simple Open Framing Header*, FIX Protocol, Limited. Release Candidate 1
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specification has been published at
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<http://www.fixtradingcommunity.org/>
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For FIX semantics, see the current FIX message specification, which is
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currently [FIX 5.0 Service Pack 2](http://www.fixtradingcommunity.org/pg/structure/tech-specs/fix-version/50-service-pack-2)
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with Extension Packs.
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### Dependencies on other standards
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SBE is dependent on several industry standards. Implementations must
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conform to these standards to interoperate. Therefore, they are
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normative for SBE.
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[IEEE 754-2008](http://ieeexplore.ieee.org/servlet/opac?punumber=4610933) A
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Standard for Binary Floating-Point Arithmetic
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[ISO 639-1:2002](http://www.iso.org/iso/home/store/catalogue_tc/catalogue_detail.htm?csnumber=22109)
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Codes for the representation of names of languages - Part 1: Alpha-2
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code
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[ISO 3166-1:2013](http://www.iso.org/iso/home/store/catalogue_tc/catalogue_detail.htm?csnumber=63545)
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Codes for the representation of names of countries and their
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subdivisions - Part 1: Country codes
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[ISO 4217:2008](http://www.iso.org/iso/home/store/catalogue_tc/catalogue_detail.htm?csnumber=46121)
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Codes for the representation of currencies and funds
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[ISO 8601:2004](http://www.iso.org/iso/home/store/catalogue_tc/catalogue_detail.htm?csnumber=40874)
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Data elements and interchange formats - Information interchange -
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Representation of dates and times
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[ISO 10383:2012](http://www.iso.org/iso/home/store/catalogue_tc/catalogue_detail.htm?csnumber=61067)
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Securities and related financial instruments - Codes for exchanges and
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market identification (MIC)
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XML 1.1 schema standards are located here [W3C XML Schema](http://www.w3.org/XML/Schema.html#dev)

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