Imported from previous forum
[ original email was from Chris Minogue - chris@oceanretail.com ]
My company is just getting started and I was wondering which FIXML standard should I start with and where can I get the documentation standards for each release? Are there any other standards that I should look at besides FIXML?
We as a company want to keep things as simple as possible to start.
Thanks in advance
[ original email was from John Greenan - john.greenan@alignment-systems.com ]
Chris,
Based on the "keep it simple" idea I propose that you need to investigate the use of FIXML 4.3.
My reasoning is this:
FIX 4.2 does not fully support FIXML
No version before 4.2 does at all.
FIXML 4.4 is more complex (more functionality)
So, that leaves 4.3…
The documentation is on the specifications page on this website and this discussion group.
With regard to other standards, you’ll probably need to have three:
-
Message format
You’ve picked FIXML X.Z -
Message transport
Since you are not using a FIX session layer you need to get the messages from "here" to "there". Most non-FIX session based implementations use a store & forward message layer such as MSMQ, IBM MQ Series, TIB R/V and so on. -
Message flow logic
You still need to have flow logic and valid order state transitions. You are best using the logic from the same version of FIX.
But, bear in mind that so much of FIX and FIXML is about the specifics of the implementation of your counterparties.
For your information, the CME is implementing a FIXML over IBM MQ Series interface and at least one London based company is implementing FIXML over MSMQ.
Regards,
John
> My company is just getting started and I was wondering which FIXML standard should I start with and where can I get the documentation standards for each release? Are there any other standards that I should look at besides FIXML?
>
> We as a company want to keep things as simple as possible to start.
>
> Thanks in advance
>
[ original email was from John Greenan - john.greenan@alignment-systems.com ]
Chris,
Based on the "keep it simple" idea that I propose that you need to investigate the use of FIXML 4.3.
My reasoning is this:
FIX 4.2 does not fully support FIXML
No version before 4.2 does at all.
FIXML 4.4 is more complex (more functionality)
So, that leaves 4.3…
The documentation is on the specifications page on this website and this discussion group.
With regard to other standards, you’ll probably need to have three:
-
Message format
You’ve picked FIXML X.Z -
Message transport
Since you are not using a FIX session layer you need to get the messages from "here" to "there". Most non-FIX session based implementations use a store & forward message layer such as MSMQ, IBM MQ Series, TIB R/V and so on. -
Message flow logic
You still need to have flow logic and valid order state transitions. You are best using the logic from the same version of FIX.
But, bear in mind that so much of FIX and FIXML is about the specifics of the implementation of your counterparties.
For your information, the CME is implementing a FIXML over IBM MQ Series interface and at least one London based company is implementing FIXML over MSMQ.
Regards,
John
> My company is just getting started and I was wondering which FIXML standard should I start with and where can I get the documentation standards for each release? Are there any other standards that I should look at besides FIXML?
>
> We as a company want to keep things as simple as possible to start.
>
> Thanks in advance
>
[ original email was from Chris Lambert - chris.lambert@cmg.com ]
On day there’ll be ISO XML - the result of the effort to converge FIX & ISO 15022 onto a single internally-consistent set of messages - complete with UML-style documentation.
The working docs are at
http://www.fixprotocol.org/cgi-bin/Workgroup.cgi?id=994459967&menu=994459967).
But it’s not complete or signed-off just yet!
> My company is just getting started and I was wondering which FIXML standard should I start with and where can I get the documentation standards for each release? Are there any other standards that I should look at besides FIXML?
>
> We as a company want to keep things as simple as possible to start.
>
> Thanks in advance
>
[ original email was from John Greenan - john.greenan@alignment-systems.com ]
Chris,
While Chris Lambert is right in - there will be a FIX / 15022 “universal” set of message specs - one day, it has to be said - which day that will be is open to question. It’s certainly some way off, so while FIX / 15022 will be an all singing, all dancing specification, I would suggest that just to “keep your eyes on the prize” you investigate FIXML 4.3 as a way to get started right now.
With regard to other standards beyond FIX I suggest that this depends on the business requirements. For "straight" cash equity front office business then FIX is great, and a lot of people are adopting FIX for fixed income, f/x and other instruments. If you are involved with derivatives in a big way then FpML is something to look at.
If you are more involved in mid/back office then there is a growing amount of FIX coverage with allocations and so on.
Get in touch off-line if you’d like to talk some more on this.
John
> On day there’ll be ISO XML - the result of the effort to converge FIX & ISO 15022 onto a single internally-consistent set of messages - complete with UML-style documentation.
>
> The working docs are at
> http://www.fixprotocol.org/cgi-bin/Workgroup.cgi?id=994459967&menu=994459967).
>
> But it’s not complete or signed-off just yet!
>
> > My company is just getting started and I was wondering which FIXML standard should I start with and where can I get the documentation standards for each release? Are there any other standards that I should look at besides FIXML?
> >
> > We as a company want to keep things as simple as possible to start.
> >
> > Thanks in advance
> >
>
[ original email was from Robert Stowsky - rstowsky@brookpath.com ]
Also keep in mind that FPL is moving to a schema representation of FIXML for 4.4. The first draft of this specification is to be released in the next couple of weeks. If you haven’t done so already, you may want to look at the FAQ on the FIXML Schema Working Group page.
> My company is just getting started and I was wondering which FIXML standard should I start with and where can I get the documentation standards for each release? Are there any other standards that I should look at besides FIXML?
>
> We as a company want to keep things as simple as possible to start.
>
> Thanks in advance
>