Imported from previous forum
[ original email was from Jim Northey - jnorthey@lasalletech.com ]
We have been discussing how to communicate changes in a product status (from an exchange perspective) - Closed, Pre-Open, Open, Halted, etc.
SIAC proposed a "Trade Related" message during the ECN & Exchange working group meeting.
I would like to propose the following:
It seems to be that "Trade Related" is really more of an "Instrument Status" or a "Product Status" message.
The Instrument Request messages are intended to transmit information on what products are offered by a market. This could be a list of stocks or option classes, option series, etc.
It seems to me a logical follow on question after receiving a list of instruments would be "Which ones can I trade now?" "Is the product halted, closed, etc.?" Also, it seems sensible to be able to receive unsolicited updates regarding changes in the status.
Does anybody have an objection to the Trade Related message being referred to as Instrument Status and being documented as part of the Instrument Draft.
Regards,
Jim Northey
[ original email was from Jim Northey - jnorthey@lasalletech.com ]
Excuse the reply to my own posting…
In thinking about this more - from an exchange perspective there may be multiple times when status information on a particular product is necessary.
A Product Status attribute could be useful on book messages, quote requests, quotes, instrument messages (when initializing a database of products at the start of a trading session).
Instead of adding a new message - would it make more sense to use an attribute for product status and have this attribute as an option to multiple FIX messages?
> We have been discussing how to communicate changes in a product status (from an exchange perspective) - Closed, Pre-Open, Open, Halted, etc.
>
> SIAC proposed a "Trade Related" message during the ECN & Exchange working group meeting.
>
> I would like to propose the following:
>
> It seems to be that "Trade Related" is really more of an "Instrument Status" or a "Product Status" message.
>
> The Instrument Request messages are intended to transmit information on what products are offered by a market. This could be a list of stocks or option classes, option series, etc.
>
> It seems to me a logical follow on question after receiving a list of instruments would be "Which ones can I trade now?" "Is the product halted, closed, etc.?" Also, it seems sensible to be able to receive unsolicited updates regarding changes in the status.
>
> Does anybody have an objection to the Trade Related message being referred to as Instrument Status and being documented as part of the Instrument Draft.
>
> Regards,
> Jim Northey
>
I fully agree with M. Northey. This new message would be of great interest
for us too.
Damien ROEGIERS
BXS - Brussels Exchanges
> We have been discussing how to communicate changes in a product status (from an exchange perspective) - Closed, Pre-Open, Open, Halted, etc.
>
> SIAC proposed a "Trade Related" message during the ECN & Exchange working group meeting.
>
> I would like to propose the following:
>
> It seems to be that "Trade Related" is really more of an "Instrument Status" or a "Product Status" message.
>
> The Instrument Request messages are intended to transmit information on what products are offered by a market. This could be a list of stocks or option classes, option series, etc.
>
> It seems to me a logical follow on question after receiving a list of instruments would be "Which ones can I trade now?" "Is the product halted, closed, etc.?" Also, it seems sensible to be able to receive unsolicited updates regarding changes in the status.
>
> Does anybody have an objection to the Trade Related message being referred to as Instrument Status and being documented as part of the Instrument Draft.
>
> Regards,
> Jim Northey
>
[ original email was from John Lopez - john.e.lopez@usa.net ]
I think the quote and book updates should include instrument status and have fields for exchange/ecn status changes.
> I fully agree with M. Northey. This new message would be of great interest
> for us too.
>
> Damien ROEGIERS
> BXS - Brussels Exchanges
>
>
> > We have been discussing how to communicate changes in a product status (from an exchange perspective) - Closed, Pre-Open, Open, Halted, etc.
> >
> > SIAC proposed a "Trade Related" message during the ECN & Exchange working group meeting.
> >
> > I would like to propose the following:
> >
> > It seems to be that "Trade Related" is really more of an "Instrument Status" or a "Product Status" message.
> >
> > The Instrument Request messages are intended to transmit information on what products are offered by a market. This could be a list of stocks or option classes, option series, etc.
> >
> > It seems to me a logical follow on question after receiving a list of instruments would be "Which ones can I trade now?" "Is the product halted, closed, etc.?" Also, it seems sensible to be able to receive unsolicited updates regarding changes in the status.
> >
> > Does anybody have an objection to the Trade Related message being referred to as Instrument Status and being documented as part of the Instrument Draft.
> >
> > Regards,
> > Jim Northey
> >
>