Imported from previous forum
[ original email was from Michael Farthing - mick.farthing@bigfoot.com ]
Hi,
I have a query about the QuoteRejectReason field that I hope someone can answer for me.
OrdRejReason, which can be part of an Execution Report, has value 0 = Broker Option which I believe is used when the broker wishes to specify their own reason for rejecting an Order Request.
The QuoteRejectReason does not have a Broker Option value. What value should be used for this field when a broker does not wish to quote for whatever reason? (e.g. the requested FutSettDate is too far in the future) I can’t see which value should be used for these cirumstances.
Thanks.
[ original email was from Jim Northey - jnorthey@lasalletech.com ]
Unfortunately, we didn’t include this enumeration when we drafted the specification, again it was an oversite. It is a good idea to have a broker option for quoterejreason. It is also a good idea to use 0 to be consistent with orderrejectreason.
Unfortunately, 4.2 is published, fix engine providers frequently build validation rules on the enumerations, so by using 0, or any other non-standard enumeration, one risks having a counterparty reject the message due to an invalid value.
With all that said, we (fix community) have defined some additional enumerations recently that are not part of 4.2, but may be part of the next version of the specification that users require at this time to trade. I think the 0=Broker Option for QuoteRejectReason is one of these.