> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cdp.coinbase.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Derivatives FIX Market Data Messages

The Coinbase Derivatives Exchange (CDE) FIX Market Data API allows market participants to receive market information including orders, trades, market state changes and instrument definitions.

<Accordion title="Market Data Message Types">
  <div>
    Client and server use the following administrative messages:

    * [MarketDataRequest (35=V)](#marketdatarequest-35v):
    * [MarketDataRequestReject (35=Y)](#marketdatarequestreject-35y):
    * [MarketDataSnapshotFullRefresh (35=W)](#marketdatasnapshotfullrefresh-35w):
    * [MarketDataIncrementalRefresh (35=X)](#marketdataincrementalrefresh-35x):
  </div>
</Accordion>

## MarketDataRequest (35=V)

|  Tag | Name                    | FIX Type   | Req | Description                                                                                          |
| :--: | :---------------------- | :--------- | :-- | :--------------------------------------------------------------------------------------------------- |
|  262 | MDReqID                 | String     | Y   | Unique client ID representing the MarketDataRequest.                                                 |
|  263 | SubscriptionRequestType | Int        | Y   | `1` = Subscribe for snapshots and updates. `2` = Unsubscribe (send with MDReqID)                     |
|  146 | NoRelatedSym            | NumInGroup | N   | Number of securities to subscribe to. If not specified, subscribes to all securities                 |
|  →55 | Symbol                  | String     | N   | Ticker symbol.                                                                                       |
| →167 | SecurityType            | String     | N   | See [SecurityType (167) code set](/derivatives/fix/code-sets#securitytype-167--legsecuritytype-609). |

## MarketDataRequestReject (35=Y)

| Tag | Name           | FIX Type | Req | Description                                                       |
| :-: | :------------- | :------- | :-- | :---------------------------------------------------------------- |
| 262 | MDReqID        | String   | Y   | Unique client ID representing the MarketDataRequest.              |
| 281 | MDReqRejReason | String   | N   | Reason for rejection of MarketDataRequest (as a numerical value). |
|  58 | Text           | String   | N   | Reason for rejection of MarketDataRequest (as text).              |

## MarketDataSnapshotFullRefresh (35=W)

|   Tag  | Name                 | FIX Type         | Req | Description                                                                                                                                                                                                                                                                                |
| :----: | :------------------- | :--------------- | :-- | :----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|   262  | MDReqID              | String           | Y   | Unique client ID representing the MarketDataRequest.                                                                                                                                                                                                                                       |
|   55   | Symbol               | String           | Y   | Ticker symbol.                                                                                                                                                                                                                                                                             |
|   167  | SecurityType         | String           | Y   | See [SecurityType (167) code set](/derivatives/fix/code-sets#securitytype-167--legsecuritytype-609).                                                                                                                                                                                       |
|   762  | SecuritySubType      | String           | C   | Represents spread strategy if applicable. See [SecuritySubType (762) code set](/derivatives/fix/code-sets#securitysubtype-762).                                                                                                                                                            |
|   268  | NoMDEntries          | NumInGroup       | Y   | Number of MDEntry groups included in a Market Data message.                                                                                                                                                                                                                                |
|  → 269 | MDEntryType          | Int              | Y   | See [MDEntryType (269) code set](/derivatives/fix/code-sets#mdentrytype-269).                                                                                                                                                                                                              |
|  → 278 | MDEntryID            | String           | N   | Unique exchange ID representing the instrument, session, and entry type. <br /><br />Active entries with duplicate values should be <b>replaced</b> (delete is not allowed): <ul><li>MDUpdateAction=New/Change (`279= 0/1`): Replace active entry with the same MDEntryID (278)</li> </ul> |
|  → 270 | MDEntryPx            | Price            | N   | All-in rate                                                                                                                                                                                                                                                                                |
|  → 271 | MDEntrySize          | Qty              | N   | Entry size/quantity                                                                                                                                                                                                                                                                        |
|  → 110 | MinQty               | Qty              | N   | Minimum fill size associated with the amount.                                                                                                                                                                                                                                              |
|  → 60  | TransactTime         | UTCTimestamp(24) | Y   | GMT time of event, in [microseconds](https://en.wikipedia.org/wiki/Microsecond#:~:text=A%20microsecond%20is%20equal%20to,tens%20or%20hundreds%20of%20microseconds)                                                                                                                         |
|  → 272 | MDEntryDate          | UTCDateOnly      | C   | Date of MDEntryType (269) = Funding Time (t) message                                                                                                                                                                                                                                       |
|  → 273 | MDEntryTime          | UTCTimeOnly      | C   | Time of MDEntryType (269) = Funding Time (t) message                                                                                                                                                                                                                                       |
|  → 286 | OpenCloseSettllFlag  | Int              | C   | Represents Open Price entry: <ul> <li>0=Daily Open Price</li> <li>5=Indicative Opening Price (IOP)</li></ul>                                                                                                                                                                               |
| → 5796 | TradingReferenceDate | LocalMktDate     | C   | Usually the current trading date, except for open interest and closing price (which is usually previous trading date). Value corresponds to [MDEntryType (269)](/derivatives/fix/code-sets#mdentrytype-269).                                                                               |

## MarketDataIncrementalRefresh (35=X)

|   Tag  | Name                 | FIX Type         | Req | Description                                                                                                                                                                                                                                                                                                                                                                        |
| :----: | :------------------- | :--------------- | :-- | :--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|   262  | MDReqID              | String           | Y   | Unique client ID representing the MarketDataRequest.                                                                                                                                                                                                                                                                                                                               |
|   266  | AggregatedBook       | Char             | C   | Represents whether or not book entries are aggregated.                                                                                                                                                                                                                                                                                                                             |
|   268  | NoMDEntries          | NumInGroup       | Y   | Repeating group. Number of entries in the Market Data message.                                                                                                                                                                                                                                                                                                                     |
|  →279  | MDUpdateAction       | Int              | Y   | Represents type of Market Data update action. `279=0` (New), `279=1` (Change), `279=2` (Delete).                                                                                                                                                                                                                                                                                   |
|  → 269 | MDEntryType          | Int              | Y   | See [MDEntryType (269) code set](/derivatives/fix/code-sets#mdentrytype-269).                                                                                                                                                                                                                                                                                                      |
|  → 278 | MDEntryID            | String           | N   | Order ID assigned by the exchange that is unique per instrument, session, and entry type. <br /><br />Active entries with duplicate values should be <b>replaced or deleted</b>: <ul><li>MDUpdateAction = New/Change (`279=0/1`): Replace active entry with the same MDEntryID (278)</li> <li>MDUpdateAction = Delete (`279=2`): Delete active entry with same MDEntryID</li></ul> |
|  → 55  | Symbol               | String           | Y   | Ticker symbol.                                                                                                                                                                                                                                                                                                                                                                     |
|  → 167 | SecurityType         | String           | Y   | See [SecurityType (167) code set](/derivatives/fix/code-sets#securitytype-167--legsecuritytype-609).                                                                                                                                                                                                                                                                               |
|  → 762 | SecuritySubType      | String           | C   | See [SecuritySubType (762) code set](/derivatives/fix/code-sets#securitysubtype-762) values. Represents spread strategy if applicable                                                                                                                                                                                                                                              |
|  → 270 | MDEntryPx            | Price            | N   | All-in rate. Required when MDUpdateAction = New (`279=0`) or Change (`279=1`)                                                                                                                                                                                                                                                                                                      |
|  → 271 | MDEntrySize          | Qty              | N   | Entry size/quantity. Required when MDUpdateAction = New (`279=0`) or Change (`279=1`)                                                                                                                                                                                                                                                                                              |
|  → 110 | MinQty               | Qty              | N   | Minimum fill size associated with the amount.                                                                                                                                                                                                                                                                                                                                      |
|  → 60  | TransactTime         | UTCTimestamp(24) | Y   | GMT time of event, in [microseconds](https://en.wikipedia.org/wiki/Microsecond#:~:text=A%20microsecond%20is%20equal%20to,tens%20or%20hundreds%20of%20microseconds)                                                                                                                                                                                                                 |
|  → 272 | MDEntryDate          | UTCDateOnly      | C   | Date of MDEntryType (269) = Funding Time (t) message                                                                                                                                                                                                                                                                                                                               |
|  → 273 | MDEntryTime          | UTCTimeOnly      | C   | Time of MDEntryType (269) = Funding Time (t) message                                                                                                                                                                                                                                                                                                                               |
|  → 286 | OpenCloseSettllFlag  | Int              | C   | Flag describing Open Price entry . `0`=Daily Open Price. `5`=Indicative Opening Price (IOP)                                                                                                                                                                                                                                                                                        |
| → 5796 | TradingReferenceDate | LocalMktDate     | C   | Current trading date. Value corresponds to [MDEntryType (269) code set](/derivatives/fix/code-sets#mdentrytype-269).                                                                                                                                                                                                                                                               |
| → 5797 | AggressorSide        | Int              | C   | Represents the aggressor side in a transaction: <ul><li> `0`=No Aggressor </li> <li>`1`=Buy</li> <li>`2`=Sell</li></ul>`AggressorSide` is sent for [MDEntryType](/derivatives/fix/code-sets#mdentrytype-269) = "Trade" (`269=2`)                                                                                                                                                   |