name: BGC Group Rate Limits
description: |
  Rate-limit and throughput posture for BGC Group's institutional electronic surfaces. BGC's execution
  venues are session-oriented and bandwidth-bounded rather than HTTP-API-rate-limited; quoted policies are
  inferred from the publicly described protocol stacks (FIX, ITCH/OUCH/SoupBinTCP, BOP/BIMP) and confirmed
  via documentation links. Specific message-rate ceilings are distributed under NDA to onboarded members.
url: https://github.com/api-evangelist/bgc-partners/blob/main/rate-limits/bgc-partners-rate-limits.yml
specificationVersion: API Commons Rate Limits 0.1
created: '2026-05-23'
modified: '2026-05-23'
provider:
  name: BGC Group, Inc.
  url: https://www.bgcg.com

policies:
  - id: fmx-ust-fix-session
    surface: FMX UST FIX 4.4 order entry
    policyType: Session throughput
    description: |
      Point-to-point TCP/IP FIX session per participant. Order entry, throttling, message-rate ceilings,
      and queue-depth limits are governed by exchange rules and the participant agreement, not by a public
      HTTP rate limit. Cancellation and mass-cancel behaviors follow FIX 4.4 with selected FIX 5.0 tags.
    publishedLimit: false
    documentation: https://www.fenicsust.com/technology/
  - id: fmx-ust-bop-binary
    surface: FMX UST BOP (Binary Order Protocol)
    policyType: Session throughput
    description: |
      Proprietary binary order entry over TCP. Per-session and per-firm throttles are configured at
      onboarding. Disorderly behavior triggers exchange-side circuit breakers and connection drops.
    publishedLimit: false
    documentation: https://www.fenicsust.com/technology/
  - id: fmx-ust-bimp-multicast
    surface: FMX UST BIMP market data
    policyType: Bandwidth provisioning
    description: |
      Real-time market data over multicast. Capacity is provisioned by network rather than rate-limited;
      packet loss / sequence gaps are recovered through retransmission services per exchange spec.
    publishedLimit: false
    documentation: https://www.fenicsust.com/technology/
  - id: fenics-fx-itch
    surface: Fenics FX ITCH market data
    policyType: Single-TCP session throughput
    description: |
      ITCH-over-SoupBinTCP feed delivered over a single TCP/IP connection per client; quote update volumes
      depend on subscribed instruments. Heartbeat and session recovery are governed by SoupBinTCP.
    publishedLimit: false
    documentation: https://www.fenicsfx.com/wp-content/uploads/2019/09/FenicsFX_ITCH_MarketData_v7.pdf
  - id: fenics-md-direct-feed
    surface: Fenics Market Data Direct Feed / API
    policyType: Subscription entitlement
    description: |
      Throughput governed by entitlement tier and delivery channel (FIX/API, FTP/SFTP, Cloud, On-prem
      server). Snapshot vs streaming behavior and history retrieval pacing are set per licensed package.
    publishedLimit: false
    documentation: https://www.fenicsmd.com/delivery/direct-feed-and-api/
  - id: lucera-single-api
    surface: LumeMarkets single-API aggregator
    policyType: Platform-level throughput
    description: |
      Cross-asset aggregation API across FX, Rates, Futures, Crypto and Credit. Throughput is provisioned
      per tenant with the underlying venues' message-rate limits passed through.
    publishedLimit: false
    documentation: https://www.lucera.com

notes:
  - No publicly documented HTTP-style requests-per-second limits exist for any BGC surface; rate posture is governed by FIX/binary session contracts and bandwidth provisioning.
  - Members and data subscribers receive concrete throttles, fair-access rules and burst allowances in their participant or license agreements.