Management of OTC Events using FIX4.4

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Imported from previous forum

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Hello all,

I am looking to construct messages using FIX 4.4 in order to sent OTC contract events (Assignation, Novation and Terminaison) to several staging platforms (TSOX, MarketAxess and TradeWeb).

Currently there is no standards describing messages types, components and options in order to populate them according to counterparties and markets requirements.

I think that there is two messages types which could manage these events, NewOrderSingle or CancelReplaceRequest maybe customised with proprietary tags, or specifications that are not published to the community.

Many thanks for your help

Best regards
JFT

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Hello Jean-François,

Each of the trading platforms you mention has published rules-of-engagement documents detailing their requirements. Such events are not supported under pure FIX 4.4 (vintage 2003) but are now supported in FIX 5.0. Trading platforms have either extended FIX 4.4 to include FIX 5.0 standard tags or they have created their own custom tags to support trade continuation events. You should follow up with each one.

An example: To terminate or novate an existing contract you would submit NewOrderSingle with TradeContinuation(1937) set to the appropriate value and OrigTradeID(1126) referencing the original trade.

Regards,
Dean

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Dean,

Thank you for your response which is very clear and helpful

I am going to ask the trading platforms supports team in order to receive thir rules of engagement, but according to yoir advise we will test this simple enhancement of NewOrderSingle messadge asap

Best regards

JFT