Quote Message Required Fields

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Imported from previous forum

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[ original email was from Kevin J Houstoun - 106333.2651@compuserve.com ]
We’re currently starting to use the quote request & quote message. We’ve noticed that BixPx is a required field in 4.0 but not in 4.1.

As OfferPx is not required in either we are assuming this to be a typo. Is the correct position that both are required or neither?

Keivn J Houstoun
KevinH@visbasic.com

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[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> We’re currently starting to use the quote request & quote message. We’ve noticed that BixPx is a required field in 4.0 but not in 4.1.
>
> As OfferPx is not required in either we are assuming this to be a typo. Is the correct position that both are required or neither?

My understanding is that a Quote was intended to display either a bid, an offer, or both. It apparently was a typo in the 4.0 spec to require BidPx. Both are now only conditionally required in 4.1, which states:

"Note that either BidPx, OfferPx or both must be specified."

So if you’re doing FIX 4.1, everything’s fine, but you may have issues with some FIX 4.0 implementations requiring BidPx. My view here is that because it seems like a typo in the spec, it would be okay to use either one or the other in FIX 4.0 if you first agree upon it with your trading partners.

Also, I didn’t really think that many people actually used Quote / Quote Request. I suggest participating in the ECNs/Exchanges group because there’s talk of expanding the Quote /.Quote Request to include support for requesting and stopping continuous quote updates and for displaying depth of book.

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The intention in 4.0 was to indicate that if you use the Quote message, you must provide either the BidPx or the OfferPx. We clarified that distinction in the 4.1 spec by indicating that BidPx is not required but made reference to the fact that you must show either the Bid side of things or the Offer side of things or both. I consider it a typo in the 4.0 spec but nevertheless it’s in the 4.0 spec that way.

> We’re currently starting to use the quote request & quote message. We’ve noticed that BixPx is a required field in 4.0 but not in 4.1.
>
> As OfferPx is not required in either we are assuming this to be a typo. Is the correct position that both are required or neither?
>
> Keivn J Houstoun
> KevinH@visbasic.com
>