Data feed providers are an important part of the trading journey. Their technology is what allows traders to connect their trading platform to the futures exchanges. Data feed providers use an API protocol to route and execute orders to the exchanges. These providers also deliver streaming real-time quotes and historical data direct from the exchanges.
Market by Order (MBO) is an order-based data feed that provides the ability to view individual queue position, full depth of book and the size of individual orders at each price level.
Market by Price (MBP) is a price-based data format that restricts updates to a maximum of ten price levels for the bid/ask and consolidates all the quantity into a single update for each price level, which includes total quantity and number of orders.
