Market Data Request (35=V)

Sent by the client to subscribe or unsubscribe to market data for a given symbol.

In the FIX (Financial Information eXchange) protocol, the Market Data Request message (MsgType = V) is used to request market data for one or more financial instruments from a counterparty or market data provider. This message allows a party to subscribe to real-time or delayed market data updates for specific instruments, such as stocks, futures, options, or bonds.


The Market Data Request message is used by market participants to request market data updates for specific financial instruments. It allows subscribers to specify the type of market data, depth of market, update frequency, and other parameters according to their requirements.

Market data providers receive the Market Data Request message and respond with the requested market data updates, either in real-time or as delayed snapshots, depending on the subscription type and market data availability.

Market Data Request messages are essential for real-time trading systems, algorithmic trading strategies, risk management tools, and other applications that rely on up-to-date market data to make informed trading decisions.

Message Fields

TagField NameRequiredNote
StandardHeaderYMsgType = V
55Symbol-Symbol of the instrument being traded.
48SecurityId-Symbol of the instrument being traded.
22SecurityIDSourceY8 = Exchange Symbol
146NoRelatedSymYThe number of symbols in the repeating group defined below. If unspecified or set to 0, the request applies to all symbols
262MDReqIDYThe MDReqID of the MarketDataRequest message.
263SubscriptionRequestTypeY0 = Snapshot
1 = Subscribe (Snapshot + Updates)
2 = Unsubscribe
264MarketDepthYHow many price levels from BBO inclusive to include for the market data snapshot and updates.
0 = Full Book depth
1 = Top of Book (Default)
2 and above = book depth (number of levels)
267NoMDEntryTypesYNumber of MDEntryType fields requested.
269MDEntryType-Type of market data entry.
0 = Bid
1 = Offer
2 = Trade

Example Message

 Market Data Request (V)
8   =   FIXT.1.1
9   =   133
35  =   V
34  =   306
52  =   20220915-09:58:59.011
56  =   ZERO
146 =   1
55  =   BTC/USD
48  =   BTC/USD
22  =   8
262 =   ZERO
263 =   1
264 =   2
267 =   3
269 =   0
269 =   1
269 =   2
10  =   093

# Example FIX Message
8=FIXT.1.1|9=138|35=V|34=627|49=C-SENDER-4|52=20230418-10:31:53.613|56=ZERO 262=KF-TEST-1|263=1|264=0|146=1|55=BTC/USD|48=BTC/USD|22=8|267=3|269=0|269=1|269=2|10=053