Flash Message

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Imported from previous forum

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Hello,
Can anyone please tell me what a Flash Message means (MsgType 35=FL)?
Thanks & Regards,
Vijay.

3

[ original email was from Sreedhar Tulluri - stulluri@paxclearing.com ]
> Hello,
> Can anyone please tell me what a Flash Message means (MsgType 35=FL)?
> Thanks & Regards,
> Vijay.
>
Its a BOX(Boston Options Exchange) specific message type thats provides participants with a more efficient way of placing orders compared to the simple order. The Flash messages allow BOX participants to enter more than one order on one or many instruments within a single message as long as those instruments belong to the same group.

4

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> > Hello,
> > Can anyone please tell me what a Flash Message means (MsgType 35=FL)?
> > Thanks & Regards,
> > Vijay.
> >
> Its a BOX(Boston Options Exchange) specific message type thats provides participants with a more efficient way of placing orders compared to the simple order. The Flash messages allow BOX participants to enter more than one order on one or many instruments within a single message as long as those instruments belong to the same group.

This is a practice which should be avoided.

Proprietary, user-defined message types are allowed in FIX, but the message type must begin with "U" as the first character, i.e. "UA" "UB" "UC" etc.

Naming a proprietary message type "FL" generates confusion that it may indeed be a standard FIX message.

Similarly, engine vendors have known for years that "U*" messages are user-defined. Having user-defined messages that fall outside the standard naming convention means that the engine may need additional modification above and beyond what is normally done for user-defined messages.

5

[ original email was from Sreedhar Tulluri - stulluri@paxclearing.com ]
> > > Hello,
> > > Can anyone please tell me what a Flash Message means (MsgType 35=FL)?
> > > Thanks & Regards,
> > > Vijay.
> > >
> > Its a BOX(Boston Options Exchange) specific message type thats provides participants with a more efficient way of placing orders compared to the simple order. The Flash messages allow BOX participants to enter more than one order on one or many instruments within a single message as long as those instruments belong to the same group.
>
> This is a practice which should be avoided.
>
> Proprietary, user-defined message types are allowed in FIX, but the message type must begin with "U" as the first character, i.e. "UA" "UB" "UC" etc.
>
> Naming a proprietary message type "FL" generates confusion that it may indeed be a standard FIX message.
>
> Similarly, engine vendors have known for years that "U*" messages are user-defined. Having user-defined messages that fall outside the standard naming convention means that the engine may need additional modification above and beyond what is normally done for user-defined messages.
>

I would say that most of the exchanges go above & beyond FIX standards to give their legacy trading platforms a FIX interface. Few ways to avoid these discrepancies are to:

1 - Have the ability in FIX protocol to not only define user defined message types but also define messages themselves - Generic way of expressing a message - "FIX Extensions".

2 - Capture the common/useful functions of exchange specific messages that could help expand FIX protocol

3 - FPL certification process that is mandatory for all ECN’s/Exchanges.