I'm trying to compare trading venues using a quantitative product selection matrix (and eventually software vendors using a different matrix specifically for vendors), and I was wondering if anyone could give me some input on what features are most important when it comes to Foreign Exchange trading venues. I really need to learn how to obtain the concrete numbers on the important features such as latency numbers, fixed / variable costs, or liquidity as the company websites do not provide this information. This information is crucial to my analysis and I'm currently at a loss on how to obtain it.
"Your aggregator should be coding not just to the FIX feeds but the specialized protocols. FIX just gives the bare minimum. For example, Hotspot's FIX certainly works but is throttled and doesn't have the full market data detail. You need their Itch. For Currenex, you need their Itch and Ouch."
How would I go about finding out that Hotspot's FIX doesn't provide market data detail? Only by using the platform for trading? Certain platforms requiring additional features while others really do not is exactly the kind of information I'm after.
Here is the list of companies I'm trying to obtain information on. I realize I've listed some software vendors, but I'm currently focused on the trading venues.
Thank you very much for any advice anyone has to offer. Also, I have only been doing research on FX trading venues / software vendors for a month or two so I apologize in advance if I am focusing on the wrong ideas.