Exclusion of a Target Company from IOI distribution.

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Imported from previous forum

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[ original email was from Jean-Pierre Schiltz - Societe Generale - Paris - ]
Broadcast of IOI is done using peer-to-peer FIX communication, but also using FIX links with vendors like Autex and Bridge.

Apparently the technique with vendors is to send the IOI
to a list of clients defined within the vendor system.

Now comes the problem : the client who sent the order may well be in that list. They should not receive the IOI. My questions are :

  • Shouldn’t the “DeliverToCompId” field be a list of fields, so that it is possible to ask the other side to distribute to more than one target ; as mentioned above the alternative to that is to setup a list of targets within the system;
  • Shouldn’t there be a “ExcludeCompId” field to allow broadcast minus a certain list of companies ; the alternative to that is a complex syntax agreed upon with the vendor, something like DeliverToCompId = “List1 -ACME -XYZ”.
  • What is the usual practice with FIX : should one exclude the order originator from the IOI distribution, or not ? This is a question but the problem is still there for communication with vendors.
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[ original email was from Matthew Lavicka - ]
The FIX protocol is really intended to support communication
between two counterparties. Modifications have been made
since its original inception to support "pass-through"
functionality provided by some FIX network providers.
However, the support of communicating with multiple
couterparties via "list explosion" is not something that is
currently handled. The destination addressing mechanism
that you implement is generally something that is agreed
upon between the two counterparties.

Perhaps sometime in the future, the technical committee can
tackle the trickier problem of standardizing the use of the
"from" and "to" fields.