# Market Data vs Stop Orders
**URL:** https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955
**Category:** General Q&A
**Tags:** general-qa, xid\_167907, imported
**Created:** [December 19, 2006, 6:23pm UTC](https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955 "2006-12-19T18:23:48Z")
**Posts on this page:** 6
**Page:** 1
### Author:  [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)
#### Post date: [December 19, 2006, 6:23pm UTC](https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955/1 "2006-12-19T18:23:48Z")
Imported from previous forum
---
### Author:  [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)
#### Post date: [December 19, 2006, 6:23pm UTC](https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955/2 "2006-12-19T18:23:48Z")
[original email was from Marcondes Farias - mfarias@bmf.com.br]
Recently we’ve received a new request to implement a way to display the stop orders available in our trading system in a given moment. It´s like a view of the central orderbook but actually a view of the central stop orderbook. The Market Data Incremental Refresh and Market Data Snapshop Fullrefresh would fit in this scenario, but, the view of the orderbook is not public to the market: just our market surveillance staff will be allowed to see the stop orders. Anyone has already faced any scenario like this? we’ve been thinking on these solutions:
1. Create new user defined MDEntryTypes: StopBuy and StopSell.
2. Craate new user defined Market Data Messages.
Ideas and complaints will be very usefull
Kind regards,
Marcondes
---
### Author:  [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)
#### Post date: [December 19, 2006, 9:35pm UTC](https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955/3 "2006-12-19T21:35:31Z")
[original email was from Matt Simpson - [msimpson@cme.com](mailto:msimpson@cme.com) ]
Marcondes -
It seems that MDOriginType, tag 1024 could fit your needs. It’s purpose is to describe the source of quotes which make up a book. If you need to represent a book made up of non-working stop orders then a new enum of “non-working orders” may suffice. This presence of this value would indicate that it is for internal use only.
There has also been some discussion of a new field called MDBookSubType which could be used to classify the book as consisting of “non-working orders”. Let me know if you’d like to discuss further.
> Recently we’ve received a new request to implement a way to display the
> stop orders available in our trading system in a given moment. It´s like
> a view of the central orderbook but actually a view of the central stop
> orderbook. The Market Data Incremental Refresh and Market Data Snapshop
> Fullrefresh would fit in this scenario, but, the view of the orderbook
> is not public to the market: just our market surveillance staff will be
> allowed to see the stop orders. Anyone has already faced any scenario
> like this? we’ve been thinking on these solutions:
>
> 1. Create new user defined MDEntryTypes: StopBuy and StopSell.
> 2. Craate new user defined Market Data Messages.
>
> Ideas and complaints will be very usefull
>
> Kind regards,
>
> Marcondes
---
### Author:  [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)
#### Post date: [December 20, 2006, 6:01am UTC](https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955/4 "2006-12-20T06:01:19Z")
[original email was from Rikard Hedberg - [rikard.hedberg@omxgroup.com](mailto:rikard.hedberg@omxgroup.com) ]
Marcondes,
I believe one significant issue is that this information is not to be publically disseminated. Considering this, I would prefer sending drop copies of Execution Reports to Market Supervision. Those guys often want to see more information about orders (and trades) than what is divulged through market data. I might even give them this information in non-FIX messages or transport.
If Market Data is still the preferred way to go for you, I wonder if not MDFeedType is an alternative for indicating that this is a separate feed. In my view the MDFeedType could be used for the various “feed products” an exchange offers and in this case we are talking about a feed to Market Supervision.
I’m not sure new MDEntryType’s should be needed as OrdType is there in Market Data messages to indicate that it is a stop order. I also think one may need to consider other types of order that are “non-working”, e.g. “At the Close” orders entered before the closing session starts, suspended or stopped orders, etc. Matt’s idea about a single MDEntryType for all “non-working” could help.
Regards
Rikard
---
### Author:  [@marzenasmetek\_x](https://forum.fixtrading.org/u/marzenasmetek_x)
#### Post date: [December 20, 2006, 11:07am UTC](https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955/5 "2006-12-20T11:07:25Z")
Hi,
Generally, FIX should be used for external connectivities. If your surveillance wishes to receive this kind of data on demand it’s not the best sollution to use FIX,
probably your trading system is based on any database, in such a case you can use any queries in order to receive requested data, however if FIX is the only interface I suggest to implement new user defined message, probably this kind of message will be never disseminated to the members, usually stop orders are “hidden” and not viewed in the order book,
If you will have new user message you can add any additional information any time you wish without impact on external connectivities (users and/or members ?),
Rgds,
Marzena
> Recently we’ve received a new request to implement a way to display the
> stop orders available in our trading system in a given moment. It´s like
> a view of the central orderbook but actually a view of the central stop
> orderbook. The Market Data Incremental Refresh and Market Data Snapshop
> Fullrefresh would fit in this scenario, but, the view of the orderbook
> is not public to the market: just our market surveillance staff will be
> allowed to see the stop orders. Anyone has already faced any scenario
> like this? we’ve been thinking on these solutions:
>
> 1. Create new user defined MDEntryTypes: StopBuy and StopSell.
> 2. Craate new user defined Market Data Messages.
>
> Ideas and complaints will be very usefull
>
> Kind regards,
>
> Marcondes
---
### Author:  [@fplpo\_x](https://forum.fixtrading.org/u/fplpo_x)
#### Post date: [December 21, 2006, 4:13pm UTC](https://forum.fixtrading.org/t/market-data-vs-stop-orders/4955/6 "2006-12-21T16:13:39Z")
[original email was from Marcondes Farias - mfarias@bmf.com.br]
Hi Marzena,
in our point of View, FIX is not only fittable in external connectivity scenarios, and we do believe it can be used for internal connectivity throughout an exchange. Actually, we are so committed with FIX that our new Trading System is fully implemented with FIX: from the Trader Screen to our Internal Risk Management System. We choose FIX as our integration protocol, with no fear of innovation. This has caused us to raise questions to ourselves and new challenged arose. One of them was the root of this email. Actually, our market surveillance software works with FIX: user defined messages had to be created but FIX is there. We will look forward towards a way to accommodate our needs with the standard.
Cheers.
> Hi,
>
> Generally, FIX should be used for external connectivities. If your
> surveillance wishes to receive this kind of data on demand it’s not the
> best sollution to use FIX,
>
> probably your trading system is based on any database, in such a case
> you can use any queries in order to receive requested data, however if
> FIX is the only interface I suggest to implement new user defined
> message, probably this kind of message will be never disseminated to
> the members, usually stop orders are “hidden” and not viewed in the
> order book,
>
> If you will have new user message you can add any additional information
> any time you wish without impact on external connectivities (users
> and/or members ?),
>
> Rgds, Marzena
>
> > Recently we’ve received a new request to implement a way to display
> > the stop orders available in our trading system in a given moment.
> > It´s like a view of the central orderbook but actually a view of the
> > central stop orderbook. The Market Data Incremental Refresh and Market
> > Data Snapshop Fullrefresh would fit in this scenario, but, the view of
> > the orderbook is not public to the market: just our market
> > surveillance staff will be allowed to see the stop orders. Anyone has
> > already faced any scenario like this? we’ve been thinking on these
> > solutions:
> >
> > 1. Create new user defined MDEntryTypes: StopBuy and StopSell.
> > 2. Craate new user defined Market Data Messages.
> >
> > Ideas and complaints will be very usefull
> >
> > Kind regards,
> >
> > Marcondes