Imported from previous forum
The Simple Binary Encoding (SBE) Release Candidate 4 was posted for public review March 10, 2016 and no feedback or comments were received. The GTC believes the SBE Technical Specification to now be of suitable quality and having achieved fit for purposefulness to be adopted. The GTC has expressed a high level of confidence. Therefore, the SBE Draft Standard will be in the draft period for six months (August, 2016 - January, 2017). Two implementations that demonstrate interoperability are needed to move it to Technical Standard - Version 1.0. Potential adopters are strongly encouraged to begin working with the Draft Standard.
Please use the below link to view the draft standard for SBE. (Please note you be logged onto the FIX Trading Community website to view the document.)
Is GitHub (https://github.com/FIXTradingCommunity/fix-simple-binary-encoding/issues) the best place to register issues with the Draft Specification?
Hi All,
please i’m having a little issue while expressing quantities for commodities.
In commodities markets, base metals for example, quantities are expressed in “lots”, each lot refers to a different amount of metric tons depending on the underlying, examples :
- For Aluminium, 1 lot is 25 tons
- for Nickel, 1 lot is 6 tons …
Could you please help me express this in fix messages, as I would like the quantity to be expressed in “lots”, but to be clear it refers to a certain amount of metric tons depending on the underlying.
Thank you.
Regards,
Wissam.
(sorry I didn’t find the right place to post this)
David Arnold, issues with the SBE draft specification may be entered either here or in GitHub.
Wissam, it seems your question should have been a new thread rather than specific to SBE, but I will try to answer it. I believe that you are referring to futures contracts rather than spot market commodities since I see that NYMEX aluminum futures contract is for 25 metric tons. In that case, one contract would be entered in an order message as OrderQty (tag 38) = 1. Two contracts would be OrderQty=2, resulting in delivery of 50 tons, etc.
Thank you very much Donald, no need to mention that actually a lot of aluminium is 25 tons … and so on for other underlyings ?
thank you.
(sorry again for the inconvenience of this post’s subject)
Wissam, again assuming that you are referring to a listed contract, it only necessary to specify quantity as multiples of the contract. The physical delivery characteristics would be provided in contract reference data. On the other hand, if you are referring to trading of a physical commodities, the answer provided by Javier Ibarra elsewhere may apply.
Ben, I reposted your question to the “FIX Semantics” forum where it should go. Please see http://www.fixtradingcommunity.org/pg/discussions/topicpost/3640116/
Regards,
Hanno.
Hi, any plans of moving SBE V.2 RC2 to draft stage in the near future? I can see V2 RC2 in public comment stage since August 2019.
The public review of SBE v2.0 RC2 automatically ended after 90 days. SBE v2.0 RC3 is currently still work in progress with only minor changes to RC2 so far. There are several open issues in GitHub but there has not been much engagement from the community. Focus has been to prepare SBE v1.0 for submission to ISO.