Imported from previous forum
[ original email was from Jeremy Sutton - jezza.sutton@patsystems.com ]
While I would steer clear of using custom tags if I possibly could, it becomes apparent that for one application I am backed into the corner where the only answer is custom tags.
Would you:
Use tags in the 5000-9999 range and register them?
Use tags in the 10,000 range and not register them?
How “unfriendly” is it to use tags in the 5000-9999 range and not register them? It seems like a bad thing to do but I am not clear on what the appropriate protocol is.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Would you:
Use tags in the 5000-9999 range and register them? Use tags in the
10,000 range and not register them?How “unfriendly” is it to use tags in the 5000-9999 range and not
register them? It seems like a bad thing to do but I am not clear on
what the appropriate protocol is.
It’s fine to use tags in the 10,000+ range ONLY if they’re kept internal to your firm. However, those fields can’t leave your firm. If you start sending them to a counterparty, or start requiring counterparties to send them to you, that’s not OK.
I don’t think there’s a requirement to register tags in the 5000-9999 range. However, it’s generally a really good idea. If you don’t register the custom tags that you use, someone else might register the same tag numbers for entirely different purposes.
While I would steer clear of using custom tags if I possibly could, it
becomes apparent that for one application I am backed into the corner
where the only answer is custom tags.Would you:
Use tags in the 5000-9999 range and register them? Use tags in the
10,000 range and not register them?How “unfriendly” is it to use tags in the 5000-9999 range and not
register them? It seems like a bad thing to do but I am not clear on
what the appropriate protocol is.
I will always answer an e-mail that begs an ethical solution. It’s refreshing to see someone look at implications for the community.
In light of the standardization and certification programs, I would urge you to seek counsel about introducing new user defined fields. I know that unpublished udfs have been proliferating in certain areas of stat arb, program trading as well as execution metrics however, there is plenty of talent on this site who probably find some time to tease out the correct solution to your problem. If you feel that you did this, then good business practice is to submit the tags to the appropriate technical committee with the approval of your business and or legal folks. In the past, publishing udf’s have assisted in creating better messages and entirely new message units. If your business folks think it would be a risk to publish, then go to the 10,000 bucket.
How “unfriendly” is it to use tags in the 5000-9999 range and not
register them?
It is not good to overload a 5k-9k slot. You are faced with issues with counterparties later on as you may expand the service.
Overloaded “custom tags” were not friendly to business process as far as I could recall. It caused sleepless nights.
Good Ethics → Sleeping well.
Hope this helps.
JPS