A new concept in high energy data acquisition systems called Fastbus has been developed and implemented at Brookhaven. The system which is capable of sub-gigabit/sec speeds has been operating for some time now. A number of modules including an on-bus processor, a PDP11 interface, 32 channel coincidence latches, a 16 channel scaler, a 32 channel μ -clock device, a 60 nsec memory and a predetermined time module have been developed and built. Features of the system include extensive use of ECL logic and a water cooled crate with conduction heat transfer within a module. The system is used in an on-line experiment at the AGS.