Imported from previous forum
The Global Technical Committee has reviewed and preliminarily approved the Quote Model Type Extensions. This gap analysis proposal submitted by the Global Fixed Income Committee to enhance quoting features to include additional support for reserve (also known as hidden or iceberg) and Axe quote functionality.
To support the reserve functionality, the proposal recommends a new field to specify the type of quote model being used in conjunction with TotalBidSize(1749) and TotalOfferSize(1750).
The proposal introduces a new formal term of Axe (or Ax) defined as a list of one or more securities that a market participant is seeking to purchase or sell which can be limited to one or more potential counter parties or may be broadly distributed. An Axe does not require a response, but firm quotes and trade orders may result from an Axe. The QuoteQualifier(695) is proposed to be extended to specify the quote is an Axe.
The document now enters a public comment period in which public review and feedback is encouraged. Once the public comment period closes, the Global Technical Governance Board will meet to review public comments before final approval.
Please post feedback, comments, and questions as replies to this discussion thread.
A link to the proposal can be found at:
http://www.fixtradingcommunity.org/pg/file/fplpo/read/759318/fix-protocol-ga-quote-model-type-quote-qualifier-extension
The public comment period ends on January 14, 2014.