# Offering a Standard ON REPO **URL:** \ **Category:** General Q&A\ **Tags:** general-qa, xid\_167947, imported\ **Created:** [February 1, 2010, 4:19pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998 "2010-02-01T16:19:34Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![robertmitchell45](https://avatars.discourse-cdn.com/v4/letter/r/ec9cab/32.png) [@robertmitchell45](https://forum.fixtrading.org/u/robertmitchell45)\ **Post date:** [February 1, 2010, 4:19pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/1 "2010-02-01T16:19:34Z")
Imported from previous forum ---
**Author:** ![robertmitchell45](https://avatars.discourse-cdn.com/v4/letter/r/ec9cab/32.png) [@robertmitchell45](https://forum.fixtrading.org/u/robertmitchell45)\ **Post date:** [February 1, 2010, 4:19pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/2 "2010-02-01T16:19:34Z")
I’d like to be able to offer clients a standard ON REPO. The problem I’m running into is the lack of a FinancingDetails block in the Instrument definition. FinancingDetails is associated only with IOIs and NewOrder… messages. Is there any way in the existing specification to standardize a financing arrangement as an Instrument? ---
**Author:** ![ltaikit](https://yyz2.discourse-cdn.com/flex010/user_avatar/forum.fixtrading.org/ltaikit/32/743_2.png) [@ltaikit](https://forum.fixtrading.org/u/ltaikit)\ **Post date:** [February 1, 2010, 5:57pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/3 "2010-02-01T17:57:24Z")
The FinancingDetails component block is a separate component block from the Instrument component block. The FinancingDetails component block is in many messages including IOI, Order messages, Quote messages, TradeCapture messages. Which messages are you looking to use? By “standardize a financing arrangement” are you looking to defined a “standardized” repo to be traded? > I’d like to be able to offer clients a standard ON REPO. The problem I’m > running into is the lack of a FinancingDetails block in the Instrument > definition. > > FinancingDetails is associated only with IOIs and NewOrder… messages. > Is there any way in the existing specification to standardize a > financing arrangement as an Instrument? ---
**Author:** ![robertmitchell45](https://avatars.discourse-cdn.com/v4/letter/r/ec9cab/32.png) [@robertmitchell45](https://forum.fixtrading.org/u/robertmitchell45)\ **Post date:** [February 1, 2010, 6:05pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/4 "2010-02-01T18:05:13Z")
Exactly, I want to be able to accept orders and provide market data quote updates on a standard overnight gcf repo. > The FinancingDetails component block is a separate component block from > the Instrument component block. The FinancingDetails component block is > in many messages including IOI, Order messages, Quote messages, > TradeCapture messages. > > Which messages are you looking to use? By “standardize a financing > arrangement” are you looking to defined a “standardized” repo to > be traded? > > > I’d like to be able to offer clients a standard ON REPO. The problem > > I’m running into is the lack of a FinancingDetails block in the > > Instrument definition. > > > > FinancingDetails is associated only with IOIs and NewOrder… > > messages. Is there any way in the existing specification to > > standardize a financing arrangement as an Instrument? ---
**Author:** ![robertmitchell45](https://avatars.discourse-cdn.com/v4/letter/r/ec9cab/32.png) [@robertmitchell45](https://forum.fixtrading.org/u/robertmitchell45)\ **Post date:** [February 2, 2010, 5:59pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/5 "2010-02-02T17:59:22Z")
So, does anyone know why FinancingDetails shouldn’t be part of the Instrument? We have all the fields that allow one to specify an Instrument as a REPO, Product (460), SecurityType (167), SecuritySubType (762), but there is no way to indicate the TerminationType (788) or the Start and End Dates (916, 917) or the other fields of . > Exactly, I want to be able to accept orders and provide market data > quote updates on a standard overnight gcf repo. > > > The FinancingDetails component block is a separate component block > > from the Instrument component block. The FinancingDetails component > > block is in many messages including IOI, Order messages, Quote > > messages, TradeCapture messages. > > > > Which messages are you looking to use? By “standardize a financing > > arrangement” are you looking to defined a “standardized” repo to > > be traded? > > > > > I’d like to be able to offer clients a standard ON REPO. The problem > > > I’m running into is the lack of a FinancingDetails block in the > > > Instrument definition. > > > > > > FinancingDetails is associated only with IOIs and NewOrder… > > > messages. Is there any way in the existing specification to > > > standardize a financing arrangement as an Instrument? ---
**Author:** ![ltaikit](https://yyz2.discourse-cdn.com/flex010/user_avatar/forum.fixtrading.org/ltaikit/32/743_2.png) [@ltaikit](https://forum.fixtrading.org/u/ltaikit)\ **Post date:** [February 2, 2010, 6:35pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/6 "2010-02-02T18:35:16Z")
When this was designed we do not feel any of the fields in the FinancialDetails component should be part of the core Instrument block. That said, FinancingDetails component exists in a lot of different messages already where Instrument component also exists. Nothing prevents you from using the fields in FinancingDetails in conjunction with the Instrument block to define your “standardized” repo. Like I said in my earlier reply, if you find you need the FinancingDetails block in a message where it doesn’t exist let us know and we will consider adding it. > So, does anyone know why FinancingDetails shouldn’t be part of the > Instrument? We have all the fields that allow one to specify an > Instrument as a REPO, Product (460), SecurityType (167), SecuritySubType > (762), but there is no way to indicate the TerminationType (788) or the > Start and End Dates (916, 917) or the other fields of > . > > > Exactly, I want to be able to accept orders and provide market data > > quote updates on a standard overnight gcf repo. > > > > > The FinancingDetails component block is a separate component block > > > from the Instrument component block. The FinancingDetails component > > > block is in many messages including IOI, Order messages, Quote > > > messages, TradeCapture messages. > > > > > > Which messages are you looking to use? By “standardize a financing > > > arrangement” are you looking to defined a “standardized” repo to be > > > traded? > > > > > > > I’d like to be able to offer clients a standard ON REPO. The > > > > problem I’m running into is the lack of a FinancingDetails block > > > > in the Instrument definition. > > > > > > > > FinancingDetails is associated only with IOIs and NewOrder… > > > > messages. Is there any way in the existing specification to > > > > standardize a financing arrangement as an Instrument? ---
**Author:** ![robertmitchell45](https://avatars.discourse-cdn.com/v4/letter/r/ec9cab/32.png) [@robertmitchell45](https://forum.fixtrading.org/u/robertmitchell45)\ **Post date:** [February 2, 2010, 6:59pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/7 "2010-02-02T18:59:15Z")
I guess you are referring to Quote and IOI. But those are conceptually very different from SecurityDefinitionRequest and MarketDataRequest. If and when REPO markets go to an exchange model aren’t you going to have to be able to quote GC REPOs of different tenors? How can you do that if you can’t specify the FinancingDetails in the Instrument? > When this was designed we do not feel any of the fields in the > FinancialDetails component should be part of the core Instrument block. > That said, FinancingDetails component exists in a lot of different > messages already where Instrument component also exists. Nothing > prevents you from using the fields in FinancingDetails in conjunction > with the Instrument block to define your “standardized” repo. > > Like I said in my earlier reply, if you find you need the > FinancingDetails block in a message where it doesn’t exist let us know > and we will consider adding it. > > > So, does anyone know why FinancingDetails shouldn’t be part of the > > Instrument? We have all the fields that allow one to specify an > > Instrument as a REPO, Product (460), SecurityType (167), > > SecuritySubType > > (762), but there is no way to indicate the TerminationType (788) or > > the Start and End Dates (916, 917) or the other fields of > > . > > > > > Exactly, I want to be able to accept orders and provide market data > > > quote updates on a standard overnight gcf repo. > > > > > > > The FinancingDetails component block is a separate component block > > > > from the Instrument component block. The FinancingDetails > > > > component block is in many messages including IOI, Order messages, > > > > Quote messages, TradeCapture messages. > > > > > > > > Which messages are you looking to use? By “standardize a financing > > > > arrangement” are you looking to defined a “standardized” repo to > > > > be traded? > > > > > > > > > I’d like to be able to offer clients a standard ON REPO. The > > > > > problem I’m running into is the lack of a FinancingDetails block > > > > > in the Instrument definition. > > > > > > > > > > FinancingDetails is associated only with IOIs and NewOrder… > > > > > messages. Is there any way in the existing specification to > > > > > standardize a financing arrangement as an Instrument? ---
**Author:** ![ltaikit](https://yyz2.discourse-cdn.com/flex010/user_avatar/forum.fixtrading.org/ltaikit/32/743_2.png) [@ltaikit](https://forum.fixtrading.org/u/ltaikit)\ **Post date:** [February 2, 2010, 7:21pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/8 "2010-02-02T19:21:17Z")
Now you’re talking. If you can give us a list of the FIX message where you feel FinancingDetails should be added because it is not there, we would consider it. The process would be for you to submit a proposal for this to be added to the messages and why (e.g. illustrate the business requirements or the business you’re trying to support) to the Global Fixed Income Committee since Repos fall under their purview. At the time FinancingDetails was created it was part of an initiative that focused only on trading, thus the reason this component is not in the market data and security definition messages. There was no requirement for it back in 2003 when this component block was added to the specification. > I guess you are referring to Quote and IOI. But those are conceptually > very different from SecurityDefinitionRequest and MarketDataRequest. If > and when REPO markets go to an exchange model aren’t you going to have > to be able to quote GC REPOs of different tenors? How can you do that if > you can’t specify the FinancingDetails in the Instrument? > > > When this was designed we do not feel any of the fields in the > > FinancialDetails component should be part of the core Instrument > > block. That said, FinancingDetails component exists in a lot of > > different messages already where Instrument component also exists. > > Nothing prevents you from using the fields in FinancingDetails in > > conjunction with the Instrument block to define your > > “standardized” repo. > > > > Like I said in my earlier reply, if you find you need the > > FinancingDetails block in a message where it doesn’t exist let us know > > and we will consider adding it. > > > > > So, does anyone know why FinancingDetails shouldn’t be part of the > > > Instrument? We have all the fields that allow one to specify an > > > Instrument as a REPO, Product (460), SecurityType (167), > > > SecuritySubType > > > (762), but there is no way to indicate the TerminationType (788) or > > > the Start and End Dates (916, 917) or the other fields of > > > . > > > > > > > Exactly, I want to be able to accept orders and provide market > > > > data quote updates on a standard overnight gcf repo. > > > > > > > > > The FinancingDetails component block is a separate component > > > > > block from the Instrument component block. The FinancingDetails > > > > > component block is in many messages including IOI, Order > > > > > messages, Quote messages, TradeCapture messages. > > > > > > > > > > Which messages are you looking to use? By “standardize a > > > > > financing arrangement” are you looking to defined a > > > > > “standardized” repo to be traded? > > > > > > > > > > > I’d like to be able to offer clients a standard ON REPO. The > > > > > > problem I’m running into is the lack of a FinancingDetails > > > > > > block in the Instrument definition. > > > > > > > > > > > > FinancingDetails is associated only with IOIs and NewOrder… > > > > > > messages. Is there any way in the existing specification to > > > > > > standardize a financing arrangement as an Instrument? ---
**Author:** ![robertmitchell45](https://avatars.discourse-cdn.com/v4/letter/r/ec9cab/32.png) [@robertmitchell45](https://forum.fixtrading.org/u/robertmitchell45)\ **Post date:** [February 2, 2010, 7:25pm UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/9 "2010-02-02T19:25:37Z")
Thanks Lisa. Is there a link you can send me that would help me understand the expected format of such a proposal and the mechanics of getting it in front of the GFIC? > Now you’re talking. If you can give us a list of the FIX message where > you feel FinancingDetails should be added because it is not there, we > would consider it. The process would be for you to submit a proposal for > this to be added to the messages and why (e.g. illustrate the business > requirements or the business you’re trying to support) to the Global > Fixed Income Committee since Repos fall under their purview. > > At the time FinancingDetails was created it was part of an initiative > that focused only on trading, thus the reason this component is not in > the market data and security definition messages. There was no > requirement for it back in 2003 when this component block was added to > the specification. > > > I guess you are referring to Quote and IOI. But those are conceptually > > very different from SecurityDefinitionRequest and MarketDataRequest. > > If and when REPO markets go to an exchange model aren’t you going to > > have to be able to quote GC REPOs of different tenors? How can you do > > that if you can’t specify the FinancingDetails in the Instrument? > > > > > When this was designed we do not feel any of the fields in the > > > FinancialDetails component should be part of the core Instrument > > > block. That said, FinancingDetails component exists in a lot of > > > different messages already where Instrument component also exists. > > > Nothing prevents you from using the fields in FinancingDetails in > > > conjunction with the Instrument block to define your > > > “standardized” repo. > > > > > > Like I said in my earlier reply, if you find you need the > > > FinancingDetails block in a message where it doesn’t exist let us > > > know and we will consider adding it. > > > > > > > So, does anyone know why FinancingDetails shouldn’t be part of the > > > > Instrument? We have all the fields that allow one to specify an > > > > Instrument as a REPO, Product (460), SecurityType (167), > > > > SecuritySubType > > > > (762), but there is no way to indicate the TerminationType (788) > > > > or the Start and End Dates (916, 917) or the other fields of > > > > . > > > > > > > > > Exactly, I want to be able to accept orders and provide market > > > > > data quote updates on a standard overnight gcf repo. > > > > > > > > > > > The FinancingDetails component block is a separate component > > > > > > block from the Instrument component block. The > > > > > > FinancingDetails component block is in many messages including > > > > > > IOI, Order messages, Quote messages, TradeCapture messages. > > > > > > > > > > > > Which messages are you looking to use? By “standardize a > > > > > > financing arrangement” are you looking to defined a > > > > > > “standardized” repo to be traded? > > > > > > > > > > > > > I’d like to be able to offer clients a standard ON REPO. The > > > > > > > problem I’m running into is the lack of a FinancingDetails > > > > > > > block in the Instrument definition. > > > > > > > > > > > > > > FinancingDetails is associated only with IOIs and > > > > > > > NewOrder… messages. Is there any way in the existing > > > > > > > specification to standardize a financing arrangement as an > > > > > > > Instrument? ---
**Author:** ![ltaikit](https://yyz2.discourse-cdn.com/flex010/user_avatar/forum.fixtrading.org/ltaikit/32/743_2.png) [@ltaikit](https://forum.fixtrading.org/u/ltaikit)\ **Post date:** [February 4, 2010, 1:44am UTC](https://forum.fixtrading.org/t/offering-a-standard-on-repo/4998/10 "2010-02-04T01:44:28Z")
Robert, here’s the link with the proposal template: [http://www.fixprotocol.org/documents/2341/FIX%20Protocol%20Gap%20Analysis%20Proposal%20Template.zip](http://www.fixprotocol.org/documents/2341/FIX%20Protocol%20Gap%20Analysis%20Proposal%20Template.zip) Please get in touch with me offline regarding the process. > Thanks Lisa. Is there a link you can send me that would help me > understand the expected format of such a proposal and the mechanics of > getting it in front of the GFIC? > > > Now you’re talking. If you can give us a list of the FIX message where > > you feel FinancingDetails should be added because it is not there, we > > would consider it. The process would be for you to submit a proposal > > for this to be added to the messages and why (e.g. illustrate the > > business requirements or the business you’re trying to support) to the > > Global Fixed Income Committee since Repos fall under their purview. > > > > At the time FinancingDetails was created it was part of an initiative > > that focused only on trading, thus the reason this component is not in > > the market data and security definition messages. There was no > > requirement for it back in 2003 when this component block was added to > > the specification. > > > > > I guess you are referring to Quote and IOI. But those are > > > conceptually very different from SecurityDefinitionRequest and > > > MarketDataRequest. If and when REPO markets go to an exchange model > > > aren’t you going to have to be able to quote GC REPOs of different > > > tenors? How can you do that if you can’t specify the > > > FinancingDetails in the Instrument? > > > > > > > When this was designed we do not feel any of the fields in the > > > > FinancialDetails component should be part of the core Instrument > > > > block. That said, FinancingDetails component exists in a lot of > > > > different messages already where Instrument component also exists. > > > > Nothing prevents you from using the fields in FinancingDetails in > > > > conjunction with the Instrument block to define your > > > > “standardized” repo. > > > > > > > > Like I said in my earlier reply, if you find you need the > > > > FinancingDetails block in a message where it doesn’t exist let us > > > > know and we will consider adding it. > > > > > > > > > So, does anyone know why FinancingDetails shouldn’t be part of > > > > > the Instrument? We have all the fields that allow one to specify > > > > > an Instrument as a REPO, Product (460), SecurityType (167), > > > > > SecuritySubType > > > > > (762), but there is no way to indicate the TerminationType (788) > > > > > or the Start and End Dates (916, 917) or the other fields > > > > > of . > > > > > > > > > > > Exactly, I want to be able to accept orders and provide market > > > > > > data quote updates on a standard overnight gcf repo. > > > > > > > > > > > > > The FinancingDetails component block is a separate component > > > > > > > block from the Instrument component block. The > > > > > > > FinancingDetails component block is in many messages > > > > > > > including IOI, Order messages, Quote messages, TradeCapture > > > > > > > messages. > > > > > > > > > > > > > > Which messages are you looking to use? By “standardize a > > > > > > > financing arrangement” are you looking to defined a > > > > > > > “standardized” repo to be traded? > > > > > > > > > > > > > > > I’d like to be able to offer clients a standard ON REPO. > > > > > > > > The problem I’m running into is the lack of a > > > > > > > > FinancingDetails block in the Instrument definition. > > > > > > > > > > > > > > > > FinancingDetails is associated only with IOIs and > > > > > > > > NewOrder… messages. Is there any way in the existing > > > > > > > > specification to standardize a financing arrangement as an > > > > > > > > Instrument?