Imported from previous forum
Hello All
We want to send drop copies using FIX4.4 to clients who does not have copy of the trades. Not only that we want to even receive Ack’s for the drop copies sent over and also update messages from clients side who want to change any fields in the drop copy trades they reccieved.
Please let me know what messages are appropriate considering this as post trade processing and Orders/trades are not routed to us VIA FIX.
Quick question first: who is the receiver of the “original” and are there further drop copy receivers you want to model apart from the client?
Hello All
We want to send drop copies using FIX4.4 to clients who does not have
copy of the trades. Not only that we want to even receive Ack’s for the
drop copies sent over and also update messages from clients side who
want to change any fields in the drop copy trades they reccieved.Please let me know what messages are appropriate considering this as
post trade processing and Orders/trades are not routed to us VIA FIX.
We at CBOE reccieve these trades from Brokers via FIX or NON FIX sources.Now the copy of the trade needs to be sent to clients.
Since clients does not have the copy of these executed trades.
Quick question first: who is the receiver of the “original” and
are there further drop copy receivers you want to model apart from
the client?Hello All
We want to send drop copies using FIX4.4 to clients who does not have
copy of the trades. Not only that we want to even receive Ack’s for
the drop copies sent over and also update messages from clients side
who want to change any fields in the drop copy trades they reccieved.Please let me know what messages are appropriate considering this as
post trade processing and Orders/trades are not routed to us VIA FIX.
You might find use for some custom tags registered with fixprotocol.org at
http://fixprotocol.org/specifications/fields/search?search=drop+copy
We at CBOE reccieve these trades from Brokers via FIX or NON FIX
sources.Now the copy of the trade needs to be sent to clients. Since
clients does not have the copy of these executed trades.Quick question first: who is the receiver of the “original” and
are there further drop copy receivers you want to model apart from
the client?Hello All
We want to send drop copies using FIX4.4 to clients who does not
have copy of the trades. Not only that we want to even receive Ack’s
for the drop copies sent over and also update messages from clients
side who want to change any fields in the drop copy trades they
reccieved.Please let me know what messages are appropriate considering this
as post trade processing and Orders/trades are not routed to us
VIA FIX.
Venkat,
maybe it is more a philosophical question but what actually constitutes a drop copy? In my view it is a copy of a trade sent out from the same source (e.g. CBOE). In your case I would argue it is not a drop copy but simply a trade matched outside of the exchange that you send out. Tags TrdType (828) and TrdSubType (829) can be used in a TCR to describe the kind of trade you are sending, e.g. 54=OTC. In my view this would be the better workflow than using drop copy semantics.
Regards,
Hanno.
We at CBOE reccieve these trades from Brokers via FIX or NON FIX
sources.Now the copy of the trade needs to be sent to clients. Since
clients does not have the copy of these executed trades.Quick question first: who is the receiver of the “original” and
are there further drop copy receivers you want to model apart from
the client?Hello All
We want to send drop copies using FIX4.4 to clients who does not
have copy of the trades. Not only that we want to even receive Ack’s
for the drop copies sent over and also update messages from clients
side who want to change any fields in the drop copy trades they
reccieved.Please let me know what messages are appropriate considering this
as post trade processing and Orders/trades are not routed to us
VIA FIX.
Thanks Hanno for your immediate response.
The Drop Copy consists of the trade data that was executed on CBOE trading floor of which requestor does not have the original trade copy.
Not the trades matched outside Exchange.
The trade data consists of fields like:
Executing Firm
Put/Call Indicator
Open/Close Indicator
Exercise price
premium price
CMTA firm number
Origin indicator
Contra Firm
Contract Quantity
Operator Name (who changed the trade)
etc.
Currently we are sending these drop copy of trades using socket based connection application now we want to convert this to FIX.
Venkat,
maybe it is more a philosophical question but what actually constitutes
a drop copy? In my view it is a copy of a trade sent out from the same
source (e.g. CBOE). In your case I would argue it is not a drop copy but
simply a trade matched outside of the exchange that you send out. Tags
TrdType (828) and TrdSubType (829) can be used in a TCR to describe the
kind of trade you are sending, e.g. 54=OTC. In my view this would be the
better workflow than using drop copy semantics.Regards, Hanno.
We at CBOE reccieve these trades from Brokers via FIX or NON FIX
sources.Now the copy of the trade needs to be sent to clients. Since
clients does not have the copy of these executed trades.Quick question first: who is the receiver of the “original” and are
there further drop copy receivers you want to model apart from the
client?Hello All
We want to send drop copies using FIX4.4 to clients who does not
have copy of the trades. Not only that we want to even receive
Ack’s for the drop copies sent over and also update messages from
clients side who want to change any fields in the drop copy trades
they reccieved.Please let me know what messages are appropriate considering this
as post trade processing and Orders/trades are not routed to us
VIA FIX.
I would see this as a simple trade confirmation, not as a drop copy of an original sent elsewhere. The trade occurs on the trading floor and you choose FIX to report it to the client once and not multiple times to multiple destinations. I understand your situation but would stikc kto the FIX definition of “Indicates whether or not this message is a drop copy of another message.”. I am guessing there is only one message and that the trade is confirmed in a non-FIX fashion on the floor.
Thanks Hanno for your immediate response.
The Drop Copy consists of the trade data that was executed on CBOE
trading floor of which requestor does not have the original trade copy.
Not the trades matched outside Exchange. The trade data consists of
fields like: Executing Firm Put/Call Indicator Open/Close Indicator
Exercise price premium price CMTA firm number Origin indicator Contra
Firm Contract Quantity Operator Name (who changed the trade) etc.
Thanks Hanno
How about sending the Trade data using Trade Capture Reports.And also
receiving cancellation or amendment of a Trade using the TCR.
Here we also one more situation where the Firm wants to send all together new trade information of other side using FIX .i am thinking to implement this also by receiving Trade Capture Report.
Any pro’s and corn by doing this.You suggested to implement by simple trade confirmation can you let me know detailed insight what is exact FIX message you are talking about.
Many Thanks in Advance…
regards
Venkat
I would see this as a simple trade confirmation, not as a drop copy of
an original sent elsewhere. The trade occurs on the trading floor and
you choose FIX to report it to the client once and not multiple times to
multiple destinations. I understand your situation but would stikc kto
the FIX definition of “Indicates whether or not this message is a drop
copy of another message.”. I am guessing there is only one message and
that the trade is confirmed in a non-FIX fashion on the floor.Thanks Hanno for your immediate response.
The Drop Copy consists of the trade data that was executed on CBOE
trading floor of which requestor does not have the original trade
copy. Not the trades matched outside Exchange. The trade data consists
of fields like: Executing Firm Put/Call Indicator Open/Close Indicator
Exercise price premium price CMTA firm number Origin indicator Contra
Firm Contract Quantity Operator Name (who changed the trade) etc.
Yes I had the Trade Capture Report in mind. It is a comprehensive message and works to and from the exchange. Take a look at http://www.fixprotocol.org/documents/2791/OMX%20Proposals.zip (GTC document page) to see some example usages for TCRs.
Thanks Hanno How about sending the Trade data using Trade Capture
Reports.And also receiving cancellation or amendment of a Trade
using the TCR.Here we also one more situation where the Firm wants to send all
together new trade information of other side using FIX .i am thinking to
implement this also by receiving Trade Capture Report.Any pro’s and corn by doing this.You suggested to implement by simple
trade confirmation can you let me know detailed insight what is exact
FIX message you are talking about.Many Thanks in Advance…
regards Venkat
I would see this as a simple trade confirmation, not as a drop copy
of an original sent elsewhere. The trade occurs on the trading floor
and you choose FIX to report it to the client once and not multiple
times to multiple destinations. I understand your situation but would
stikc kto the FIX definition of “Indicates whether or not this
message is a drop copy of another message.”. I am guessing there is
only one message and that the trade is confirmed in a non-FIX fashion
on the floor.Thanks Hanno for your immediate response.
The Drop Copy consists of the trade data that was executed on CBOE
trading floor of which requestor does not have the original trade
copy. Not the trades matched outside Exchange. The trade data
consists of fields like: Executing Firm Put/Call Indicator
Open/Close Indicator Exercise price premium price CMTA firm number
Origin indicator Contra Firm Contract Quantity Operator Name (who
changed the trade) etc.