Thanks. So, I guess, all along replaying of the messages has been the key reason behind FIX implementation as point-to-point.
What if there is a pub-sub network where replaying of the messages can be provided for, and privacy of the trades is also maintained. Obviously, then multiple parties can engage each other on a transaction (for example, collateral managed trading).
Are there any pitfalls to such an approach ? Is there any other reason I am missing because of which point-to-point is almost always used in the FIX trading world ?
Appreciate your inputs.