Imported from previous forum
Hello,
Given that the QuoteResponse message can be used to Hit/Lift a quote, i.e. essentially executing an order, any reason why the PositionEffect or LegPositionEffect fields were not included in it? We have a tradable quoting scenario, and would love to stay with Quote and QuoteResponse. However, due to the absence of LegPositionEffect field in the Quoting messages, we are forced to use a NewOrderMultileg message, which breaks the clean model documented in the FIX spec.
Any advice, guidance, suggestions would be greatly welcome,
Nikhil
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
Hello Nikhil,
We originally extended Quote and modeled QuoteResponse around fixed-income trading where PositionEffect would not be needed, but to my knowledge the dialog has never been implemented. Now that you have a real-world need for the Quote dialog, feel free to extend these messages appropriately. Most engine vendors now allow for extension using existing fields, so you can probably avoid filing user defined fields. And once you’ve formalized your changes please post them on this discussion thread so they can be incorporated in future versions of the specification.
Dean Kauffman
Tradeweb LLC
Hello,
Given that the QuoteResponse message can be used to Hit/Lift a quote,
i.e. essentially executing an order, any reason why the PositionEffect
or LegPositionEffect fields were not included in it? We have a tradable
quoting scenario, and would love to stay with Quote and QuoteResponse.
However, due to the absence of LegPositionEffect field in the Quoting
messages, we are forced to use a NewOrderMultileg message, which breaks
the clean model documented in the FIX spec.Any advice, guidance, suggestions would be greatly welcome, Nikhil