Imported from previous forum
In the context of an ECN that has Market Maker Participants offering QUOTES to the market (Tradeable quoting),
How can a Market Maker (Quoting party) Ack that he received an execution report from the ECN ?
In other words, if the ECN wants to be 100% sure that the Market Maker has received an Execution, is there an “Execution report Ack” message that would serve the opposite function of the “Don’t Know Trade” (DK) message ?
Hi,
Hre is the answer for your question form fix spec volume 2.
Message Acknowledgment:
The FIX session protocol is based on an optimistic model; normal delivery of data is assumed (i.e. no acknowledgment of individual messages) with errors in delivery identified by message sequence number gaps. Each message is identified by a unique sequence number. It is the receiving application’s responsibility to monitor incoming sequence numbers to identify message gaps for response with resend request messages.
In the context of an ECN that has Market Maker Participants offering
QUOTES to the market (Tradeable quoting), How can a Market Maker
(Quoting party) Ack that he received an execution report from the ECN ?In other words, if the ECN wants to be 100% sure that the Market
Maker has received an Execution, is there an “Execution report Ack”
message that would serve the opposite function of the “Don’t Know
Trade” (DK) message ?