Imported from previous forum
Currently in the quoting and negotiation FIX message models the usage of the QuoteStatusReport is overloaded and its limitations as an acknowledgment encourage mis-use, especially in the FI Quote Negotiation model. Examples:
•One venue’s ROE missed that QuoteStatusReport should acknowledge Quote and implements MassQuoteAck as the acknowledgment for all Quote and QuoteCancel messages.
•Using QuoteStatusReport as acknowledgment allows it to flow in both directions causing much confusion. This has prompted some venues to implement QuoteStatusReport Venue-to-Dealer to acknowledge QuoteStatusReport “Pass” from the Dealer or to terminate negotiation for any other reason. The appropriate message Venue-to-Dealer clearly should be QuoteResponse.
We are looking at a proposal to introduce a new QuoteAcknowledgement message that would eliminate the overloaded use of the QuoteStatusReport and clarify the Quote/Negotiation model.
It is proposed that the specification allows implementation under FIX5.02 i.e. QuoteStatusReport with suitabily documented compatability with the proposed new QuoteAcknowledgement.
Currently in the quoting and negotiation FIX message models the usage of the QuoteStatusReport is overloaded and its limitations as an acknowledgment encourage mis-use, especially in the FI Quote Negotiation model. Examples:
•One venue’s ROE missed that QuoteStatusReport should acknowledge Quote and implements MassQuoteAck as the acknowledgment for all Quote and QuoteCancel messages.
•Using QuoteStatusReport as acknowledgment allows it to flow in both directions causing much confusion. This has prompted some venues to implement QuoteStatusReport Venue-to-Dealer to acknowledge QuoteStatusReport “Pass” from the Dealer or to terminate negotiation for any other reason. The appropriate message Venue-to-Dealer clearly should be QuoteResponse.
We are looking at a proposal to introduce a new QuoteAcknowledgement message that would eliminate the overloaded use of the QuoteStatusReport and clarify the Quote/Negotiation model.It is proposed that the specification allows implementation under FIX5.02 i.e. QuoteStatusReport with suitabily documented compatability with the proposed new QuoteAcknowledgement.
By default, the best practices document will show the QuoteAcknowledgement message as the recommended message, and will specify the approach to take for backward compatibility with FIX 5.0SP2 in the appendix.
This means that full implementation of the best practices document will have a dependency on a version of FIX greater than FIX 5.0SP2 (or a later extension pack to 5.0 SP2)
Currently in the quoting and negotiation FIX message models the usage of the QuoteStatusReport is overloaded and its limitations as an acknowledgment encourage mis-use, especially in the FI Quote Negotiation model. Examples:
•One venue’s ROE missed that QuoteStatusReport should acknowledge Quote and implements MassQuoteAck as the acknowledgment for all Quote and QuoteCancel messages.
•Using QuoteStatusReport as acknowledgment allows it to flow in both directions causing much confusion. This has prompted some venues to implement QuoteStatusReport Venue-to-Dealer to acknowledge QuoteStatusReport “Pass” from the Dealer or to terminate negotiation for any other reason. The appropriate message Venue-to-Dealer clearly should be QuoteResponse.
We are looking at a proposal to introduce a new QuoteAcknowledgement message that would eliminate the overloaded use of the QuoteStatusReport and clarify the Quote/Negotiation model.It is proposed that the specification allows implementation under FIX5.02 i.e. QuoteStatusReport with suitabily documented compatability with the proposed new QuoteAcknowledgement.
It has been agreed to propose the introduction of QuoteAcknowledgement as an enhancement to the current version of the FIX standards. This addition is being proposed through as separate gap analysis to the best practise document.