Imported from previous forum
Hello,
Wanted to check on the following, regarding the FX symbology in Market Data subscriptions and returned snapshot messages etc.
I assume there is no requirement to follow market conventions as far as FX Symbol (tag 55) goes.
So, we could for example have an incoming Market data subscription received where Symbol is specified as “GBP/EUR” which would mean X units of EUR per 1 unit of GBP and not the more conventional “EUR/GBP”
Or to take another example a Symbol can be specified as “JPY/CHF” and not “CHF/JPY”.
This then means that if a market data provider is streaming rates, the provider needs to invert the rates as appropriate to match the Symbol (quotation direction of CCY2 per CCY1) of the subscription message within the returned snapshot messages ?
Would that be the correct behavior or should the subscription be rejected if it does not match the convention maintained by the market data provider.
In practice does this happen often ?
Thanks
Regards