Imported from previous forum
[ original email was from Witold Sames - wsames@bloomberg.net ]
I had posted a message in the International Discussion earlier this month of similar content. Sorry for any duplication this one might cause.
We are thinking up ways to handle IOIs and Advertisements come the Euro. Currently, in order to handle symbology we do not own or are unable to map, we rely on the SecurityID / Currency combination. Given that SecurityID is not unique (same security trading on different exchanges and in - now - different currencies can have the same SEDOL or ISIN), we take into consideration which currency we receive, and determine this way what country / exchange this security is trading in.
Come January 1999, we will not be able to make this distinction anymore, since most European securities will trade in Euro, and in more than one place at a time.
Therefore, I am playing with the idea of requesting from all my clients to include an exchange code in the IOI / Advertisement message. Since it is now NOT a part of such message, we could make it a custom field, or ‘mis-use’ the currency field in that we expand its meaning to a format like EUR-F to mean Euro as currency and Franfurt as exchange.
I would like to hear other people’s opinions on this before we force a decision that might be too custom to Bloomberg.
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> Therefore, I am playing with the idea of requesting from all my clients to include an exchange code in the IOI / Advertisement message. Since it is now NOT a part of such message, we could make it a custom field, or ‘mis-use’ the currency field in that we expand its meaning to a format like EUR-F to mean Euro as currency and Franfurt as exchange.
Mis-using the currency field with something like “EUR-F” just doesn’t sound right to me. But I don’t think you need to invent a custom field either.
I believe the proper field would be SecurityExchange (207). introduced in FIX 4.1. It was added to all messages wherever a security is identified, including IOI.
This presents a problem for anyone not speaking FIX 4.1. I don’t know how appropriate it would be to require a FIX 4.1 field in 4.0 or 3.0.
I agree that SecurityExchange (207) is the correct field for this. The reason this field was added in 4.1 was to help identify the currency (requested for derivatives but certainly seems like the appropriate field). The Currency fields should represent ISO currency codes.
> > Therefore, I am playing with the idea of requesting from all my clients to include an exchange code in the IOI / Advertisement message. Since it is now NOT a part of such message, we could make it a custom field, or ‘mis-use’ the currency field in that we expand its meaning to a format like EUR-F to mean Euro as currency and Franfurt as exchange.
>
> Mis-using the currency field with something like “EUR-F” just doesn’t sound right to me. But I don’t think you need to invent a custom field either.
>
> I believe the proper field would be SecurityExchange (207). introduced in FIX 4.1. It was added to all messages wherever a security is identified, including IOI.
>
> This presents a problem for anyone not speaking FIX 4.1. I don’t know how appropriate it would be to require a FIX 4.1 field in 4.0 or 3.0.
>
>
My second sentence should have been stated:
The reason this field was added in 4.1 was to help identify the security…
> I agree that SecurityExchange (207) is the correct field for this. The reason this field was added in 4.1 was to help identify the currency (requested for derivatives but certainly seems like the appropriate field). The Currency fields should represent ISO currency codes.
>
> > > Therefore, I am playing with the idea of requesting from all my clients to include an exchange code in the IOI / Advertisement message. Since it is now NOT a part of such message, we could make it a custom field, or ‘mis-use’ the currency field in that we expand its meaning to a format like EUR-F to mean Euro as currency and Franfurt as exchange.
> >
> > Mis-using the currency field with something like “EUR-F” just doesn’t sound right to me. But I don’t think you need to invent a custom field either.
> >
> > I believe the proper field would be SecurityExchange (207). introduced in FIX 4.1. It was added to all messages wherever a security is identified, including IOI.
> >
> > This presents a problem for anyone not speaking FIX 4.1. I don’t know how appropriate it would be to require a FIX 4.1 field in 4.0 or 3.0.
> >
> >
>