Imported from previous forum
Hi,
In FIX 4.4, there is the tags “847=TargetStrategy” and
"848=TargetStrategyParameters" to specify the strategy to
apply to an order. This fields do not exist in FIX4.2.
How can we have this feature in FIX 4.2 without having custom
fields?
Thanks.
Antonio.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> In FIX 4.4, there is the tags “847=TargetStrategy” and
“848=TargetStrategyParameters” to specify the strategy to apply to an
order. This fields do not exist in FIX4.2. How can we have this feature
in FIX 4.2 without having custom fields?
Officially, it can’t be done. Custom fields are the only officially recognized option.
Unofficially, many firms find it preferable to take tags introduced in later FIX versions and use them in earlier versions. The benefits are:
-
Once this is implemented, it doesn’t need to change when upgrading to later FIX versions that support the desired functionality.
-
There’s no disagreement involving multiple firms defining different custom tags to support the new feature, eliminating a mess of custom per-client or per-broker coding.
However, some FIX engines that do validation may consider this invalid. Technically, they’re right; tags 847 and 848 don’t exist in FIX 4.2 and are not part of the 5000-9999 custom range.
The bottom line: This requires bilateral agreement of the parties involved.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
I stand corrected:
http://www.fixprotocol.org/documents/1886/
I was referring to the general case of using older FIX versions with functionality introduced in later versions.
However, in the specific case of algorithmic trading, a GTC approved document exists which defines changes to FIX 4.4’s handling of algorithmic trading as well as four options for implementing it in earlier FIX versions, including user-defined tags for FIX engines that cannot use tags from later protocol versions.
Thanks to Scott Atwell for bringing this to my attention.