ACK for an IOI message.

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Imported from previous forum

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Hi All,

Just want to know is there ant way we can get a Acknowledgement for an IOI message.

IF there is please let me know how can we do that.

Thanks,

Sumit

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Sumit,

There isn’t any sort of acknowledgement message in response to an IOI. There are many reasons for this, a few of which are:

  1. FIX messages per say don’t need to be acknowledged because the FIX protocol guarentees message delivery. Some messages such as Orders are acknowledged but this signifies more than just receipt of the order message by the counterparty; it is a confirmation that the order has been picked up by a trader or will be acted upon in some means.

  2. Even though a buy-side receives an IOI you can’t guarentee that anyone will actually look at it; and even if they did look at it the buy-side will not want you to know that they have any sort of interested in that stock until they are ready to send an order to you on the back of it. Buy-sides will often filter IOIs such that they only view them for securities that are currently on their order blotter.

  3. IOIs can be sent in very high volumes so the additional overhead of an acknowledgement for each IOI would be hard to justify. Often an IOI is sent via an IOI hub, whereby a single IOI sent by a sell-side organisation is distributed to a large number of buy-side organisations. In such a scenario, if each buy-side was to acknowledge the receipt of the IOI you would get many more messages back than you sent, further compounding any message overhead issues.

Generally, if you send an IOI you should consider it as having been delivered unless you receive a reject message telling you otherwise.

Regards,
Karl

Hi All,

Just want to know is there ant way we can get a Acknowledgement for an
IOI message.

IF there is please let me know how can we do that.

Thanks,

Sumit