Imported from previous forum
This is related to scenario R10 in the best practices document.
Can the quote be changed whilst it is On the Wire?
This is related to scenario R10 in the best practices document.
Can the quote be changed whilst it is On the Wire?
I would say no. Otherwise the wire time is useless in my eyes.
Agreed - the purpose of the OTW time is that the dealer has committed to honour a fixed price for that amount of time.
This is an interesting one.
Some markets do support this sort of thing. We’ve just been having this same debate (not specifically around FIX) in our office as some traders are upset that they can’t do this in our system (mainly US bond traders who aren’t so used to electronic trading), but they can on the broker software.
Personally I feel it shouldn’t be part of best practice (as mentioned above, what’s the point of a wire time otherwise?!) but should be possible if people really want to.
This is an interesting one.
Some markets do support this sort of thing. We’ve just been having this same debate (not specifically around FIX) in our office as some traders are upset that they can’t do this in our system (mainly US bond traders who aren’t so used to electronic trading), but they can on the broker software.
Personally I feel it shouldn’t be part of best practice (as mentioned above, what’s the point of a wire time otherwise?!) but should be possible if people really want to.
Maybe setting a 0 wire time would be a workaround.
This is an interesting one.
Some markets do support this sort of thing. We’ve just been having this same debate (not specifically around FIX) in our office as some traders are upset that they can’t do this in our system (mainly US bond traders who aren’t so used to electronic trading), but they can on the broker software.
Personally I feel it shouldn’t be part of best practice (as mentioned above, what’s the point of a wire time otherwise?!) but should be possible if people really want to.
Maybe setting a 0 wire time would be a workaround.
Many markets set a minimum wire time value so wouldn’t allow that
This is an interesting one.
Some markets do support this sort of thing. We’ve just been having this same debate (not specifically around FIX) in our office as some traders are upset that they can’t do this in our system (mainly US bond traders who aren’t so used to electronic trading), but they can on the broker software.
Personally I feel it shouldn’t be part of best practice (as mentioned above, what’s the point of a wire time otherwise?!) but should be possible if people really want to.
Maybe setting a 0 wire time would be a workaround.
Many markets set a minimum wire time value so wouldn’t allow that
But these markets would not want to have on-the-wire-quotes be changed.
So instead of venues may allow the changing of on-the-wire-quotes they should set their minimum wire time to 0. That would make the usage more straight forward and would not confuse traders quoting on different venues with the same software at the same time.
This is an interesting one.
Some markets do support this sort of thing. We’ve just been having this same debate (not specifically around FIX) in our office as some traders are upset that they can’t do this in our system (mainly US bond traders who aren’t so used to electronic trading), but they can on the broker software.
Personally I feel it shouldn’t be part of best practice (as mentioned above, what’s the point of a wire time otherwise?!) but should be possible if people really want to.
Maybe setting a 0 wire time would be a workaround.
Many markets set a minimum wire time value so wouldn’t allow that
But these markets would not want to have on-the-wire-quotes be changed.
So instead of venues may allow the changing of on-the-wire-quotes they should set their minimum wire time to 0. That would make the usage more straight forward and would not confuse traders quoting on different venues with the same software at the same time.
I totally agree with you except for the bit about “But these markets would not want to have on-the-wire-quotes be changed” – the problem is, venues like Bloomberg set a minimum wire time of 3 seconds on some products, but still allow you to update a quote within the wire time.
Perhaps some people from venues that support this functionality could comment? I know Bloomberg and Market Axess both have minimum wire times; BBG allow price updates within the wire time, and Market Axess allow a cancel. I’m sure there are others to. I’d be curious to know the rationale behind it.
I think we’re agreed anyway, supporting this behaviour probably shouldn’t be part of the FIX best-practices document even if FIX allows for it in the protocol.