MDQuoteType (1070) vs QuoteCondition (276)

1

hi,

We currently publish 276 (QuoteCondition) on our MarketDataSnapshot (35=W) msgs for FX prices. This is to indicate Tradeable vs Indicative.

We have a requirement to expose another internal condition that represents our prices are available but it’s past our current cut-off time.

Is it ok to send both these values and can I use 1070 for the new requirement ?

Can someone explain the differences between these 2 tags if any ?

thanks

2

Are you saying then that you’re using custom value for the Tradeable vs Indicative in QuoteCondition? That really should have been MDQuoteType then your internal condition to say that the quote is past cut-off time could be a custom enum in QuoteCondition.

MDQuoteType indicates whether the quote provide is a tradeable price or indicative price (for example, there are other values). QuoteCondition is optional and talks about other conditions/characteristics about the quote.

3

Hi,

Thanks for reply. Both are optional from the looks of it.

We are only using 276 (QuoteCondition) to send A or B for our FX prices (active vs inactive). This was implemented a long time ago and we cannot change this as it will impact all fix clients we send the snapshot to.

For one specific internal client we want to provide another internal condition as i said (past cut-off).

Is it wrong to use MDQuoteType for that internal condition or given where we are, its a better option than a custom tag?

thanks

4

So it seems you’re using QuoteCondition=A (Open/Active) as “tradeable” and B (Closed/Inactive) as “indicative” …

For your new internal condition, I rather not see you overload MDQuoteType because that really should have been used for the tradeable and indicative indicators. I’d go with a custom value in QuoteCondition. QuoteCondition has a data type of MultipleStringValue (legacy data type before repeating groups came to be), that allows you to string together multiple values from the code set with space as a delimiter. So you can send something like 276=1 99

See the FIX data type descriptions in FIXimate here and look for MultipleStringValue

5

Hi,

I cannot change or extend the existing tag 276 without it impacting other API’s that only expect A or B in the value.

I will use 1070 for the new value but will ensure that when QuoteCondition 276=A or B, then MDQuoteType 1070 = 1, 0 to align but also add 2 (restricted tradeable) to 1070 to use for this special case (past cut-off time).

If in the future we have the capacity to involve all our API’s to change to using 1070 for A, B values only then we can look to changing it.

thanks