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The Whisperer system or MarketFactory Aggregator provides connectivity to a number of Market Making Venues. As previously mentioned, a "Feed" is a connection to a Trading Venue via the MFAPI.

Depending on the configuration, there may be multiple Feeds to a single Trading Venue. For example, a customer may have multiple Currenex connections, each pointing to a different Currenex liquidity pool; this would appear to the Customer Application as separate Currenex Feeds, each with their unique numeric identifier and name.

A Feed is the fundamental unit to which the Customer Application subscribes. A market making Feed can support both pricing and trading. The pricing feed may sometimes be refered to as the "stream" or "quote" feeds.

• In the Pricing interface, messages, in the form of mass quotes, flow from the Whisperer application to the Customer Application.

• In the Trading interface, messages are bi-directional. Trading actions flow from the Whisperer Application to the Customer application, while Trading events flow from the Customer application to the Whisperer Application.Each feed is identified by a unique integer in the Whisperer application, as in the Taker model. Subscriptions are made to specific feeds. Market data and trading messages contain the feedID identifying the Trading Venue with which they are associated.