Imported from previous forum
[ original email was from Steve Glickstein - sglickstein@warburg.com ]
Does anyone in the FIX community care to comment on the GSTP model?
In a FIX compliant world I don’t see the need for matching, since all messages are linked through the order id. Thus matching, as done today, becomes obsolete.
By beginning with the NOE, the GSTP model is preventing the industry from "obsoleting" matching and embracing linking.
The FIX Committees have been working with the GSTPC Committee in a co-operative manner. FIX has been very successful on pre-trade and trade message processing extending into post-trade processing. GSTPC is focusing primarily on post-trade processing extending into clearing and settlement. The GSTPC Committee has indicated that they would like to ensure that FIX messaging can be used within the GSTPC model and the FIX Committees have committed to work with the GSTPC in that effort. It is our opinion that both FIX and GSTPC are complementary vs. competitive efforts.
> Does anyone in the FIX community care to comment on the GSTP model?
>
> In a FIX compliant world I don’t see the need for matching, since all messages are linked through the order id. Thus matching, as done today, becomes obsolete.
>
> By beginning with the NOE, the GSTP model is preventing the industry from “obsoleting” matching and embracing linking.
>
>
[ original email was from Steve Glickstein - sglickstein@warburg.com ]
Please do not misunderstand me. I am not implying that the FIX committee and GSTPC are not working together. I am well aware of the cross-fertilization between the two organizations. It is my personal opinion that FIX and GSTPC are complementary.
I am concerned that the current GSTPC model is limiting the GSTPA’s ability to bring about significant change.
I am concerned that as long as the GSTPC model begins with an NOE, they are unecessarily restricting the scope of industry change they can initiate.
Beginning with the NOE, lays a foundation that can only support incremental change and, as a corollary, partially support FIX.
Beginning with the order, lays a foundation that can facilitate an industry wide paradigm shift and, as a corollary, fully support FIX.
Specifically, matching, as we know it today, can become obsolete.
I am advocating that the GSTPC model be changed to begin with the order instead of the NOE.
I believe the FIX community is best positioned to voice my concerns to the GSTPA.
> The FIX Committees have been working with the GSTPC Committee in a co-operative manner. FIX has been very successful on pre-trade and trade message processing extending into post-trade processing. GSTPC is focusing primarily on post-trade processing extending into clearing and settlement. The GSTPC Committee has indicated that they would like to ensure that FIX messaging can be used within the GSTPC model and the FIX Committees have committed to work with the GSTPC in that effort. It is our opinion that both FIX and GSTPC are complementary vs. competitive efforts.
>
> > Does anyone in the FIX community care to comment on the GSTP model?
> >
> > In a FIX compliant world I don’t see the need for matching, since all messages are linked through the order id. Thus matching, as done today, becomes obsolete.
> >
> > By beginning with the NOE, the GSTP model is preventing the industry from “obsoleting” matching and embracing linking.
> >
> >
>