Imported from previous forum
On the most recent call, the competition-related info on an inquiry was discussed. Just wanted to make the point that I think it’s best to try to understand as many scenarios as possible from a pure business perspective e.g. if you win the deal, you get told what the Cover Price was immediately, but if you don’t win it, then some venues tell you initially you were “Done Away” but then some minutes later tell you if your price was the “Cover”, “Tied” etc. In most cases if you don’t win, you don’t get told the winning price; however it’s ok that the winning Price is a field in the fix message as long as it’s optional (i.e. a venue can decide whether or not to supply the price based on its own business rules, and so FIX allows any approach). However, we need the business scenarios in order to ‘test’ that what we’ve come up with will actually work.
In terms of the protocol, I’d suggest that a venue could initially supply a QuoteResponse message with QuoteRespType=DoneAway, but then some number of minutes later would provide yet another QuoteResponse with QuoteRespType=Cover, or whatever, just to refresh the information for any dealer who deserved such an update.
Hi Steven,
Thanks for pointing this out.
Best Practice, Volume 3 revision 0.3 now has Multi-Dealer scenarios and specifically scenario QDM40 describes delayed transmission of the cover price.
Regards
On the most recent call, the competition-related info on an inquiry was discussed. Just wanted to make the point that I think it’s best to try to understand as many scenarios as possible from a pure business perspective e.g. if you win the deal, you get told what the Cover Price was immediately, but if you don’t win it, then some venues tell you initially you were “Done Away” but then some minutes later tell you if your price was the “Cover”, “Tied” etc. In most cases if you don’t win, you don’t get told the winning price; however it’s ok that the winning Price is a field in the fix message as long as it’s optional (i.e. a venue can decide whether or not to supply the price based on its own business rules, and so FIX allows any approach). However, we need the business scenarios in order to ‘test’ that what we’ve come up with will actually work.
In terms of the protocol, I’d suggest that a venue could initially supply a QuoteResponse message with QuoteRespType=DoneAway, but then some number of minutes later would provide yet another QuoteResponse with QuoteRespType=Cover, or whatever, just to refresh the information for any dealer who deserved such an update.