Imported from previous forum
[ original email was from N. D. - ndalal@tradeblade.com ]
Hi,
The Forex market generally has the step where both counter parties have to ‘Accept or Reject’ their trades. What message type is this best handled with? Any cues would be of great help.
Cheers!
In FIX 5.0 a new FIX message was introduced for this purpose. It is called Execution Acknowledgment and can be used to either accept or reject a fill. It can only be used as a response to the Execution Report message.
Hi,
The Forex market generally has the step where both counter parties have
to ‘Accept or Reject’ their trades. What message type is this best
handled with? Any cues would be of great help.Cheers!
[ original email was from N. D. - ndalal@tradeblade.com ]
> In FIX 5.0 a new FIX message was introduced for this purpose. It is
called Execution Acknowledgment and can be used to either accept or
reject a fill. It can only be used as a response to the Execution
Report message.Hi,
The Forex market generally has the step where both counter parties
have to ‘Accept or Reject’ their trades. What message type is this
best handled with? Any cues would be of great help.Cheers!
Thanks - that was really helpful!
However, since we’re integrating with FIX 4.x it might be a good idea to use the same message type. Or is there another way to handle this in FIX 4.4.
Cheers!
The only way to do this in 4.x is if your clients are supportive of using a custom message type (many don’t want to deal with coding to this). If so, you can create a custom message type that exactly duplicates the Execution Acknowledgment found in 5.0.
Otherwise there is no other way to explicitly ack a fill in 4.x. The only thing you’ll be able to do in 4.x is to use the DK Trade message to reject and go on the premise that if there is no “nack” then the fill is accepted - this is an implied model.
In FIX 5.0 a new FIX message was introduced for this purpose. It is
called Execution Acknowledgment and can be used to either accept or
reject a fill. It can only be used as a response to the Execution
Report message.Hi,
The Forex market generally has the step where both counter parties
have to ‘Accept or Reject’ their trades. What message type is this
best handled with? Any cues would be of great help.Cheers!
Thanks - that was really helpful!
However, since we’re integrating with FIX 4.x it might be a good idea
to use the same message type. Or is there another way to handle this
in FIX 4.4.Cheers!
[ original email was from N. D. - ndalal@tradeblade.com ]
Thanks Lisa.
I’m planning to have ‘BN’ as a custom message in 4.x. I’ll have to try and convince customers to code to it.
There’s another related issue - what message type is best suited to send the ‘status’ to counter parties of ‘Accept’ / ‘Reject’ / ‘Pending Accept’ / and so on?
Is there a message type that can be used to notify counter-party users of the other’s actions?
Thanks again!
The only way to do this in 4.x is if your clients are supportive of
using a custom message type (many don’t want to deal with coding to
this). If so, you can create a custom message type that exactly
duplicates the Execution Acknowledgment found in 5.0.Otherwise there is no other way to explicitly ack a fill in 4.x. The
only thing you’ll be able to do in 4.x is to use the DK Trade message to
reject and go on the premise that if there is no “nack” then the fill is
accepted - this is an implied model.In FIX 5.0 a new FIX message was introduced for this purpose. It is
called Execution Acknowledgment and can be used to either accept or
reject a fill. It can only be used as a response to the Execution
Report message.Hi,
The Forex market generally has the step where both counter parties
have to ‘Accept or Reject’ their trades. What message type is this
best handled with? Any cues would be of great help.Cheers!
Thanks - that was really helpful!
However, since we’re integrating with FIX 4.x it might be a good idea
to use the same message type. Or is there another way to handle this
in FIX 4.4.Cheers!