Rejecting Quote(S) due to missing fields

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Imported from previous forum

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[ original email was from Rob Gilliam - rob.gilliam@reuters.com ]
How should I respond if I get a Quote message with missing/incompatible conditional data? e.g. I get a BID quote with only the OfferPx specified.

I’m currently sending a Business Message Reject with a “Missing Conditional Field” reason and the missing field identified in an error message in the Text field, but volume 1 of the FIX 4.4 spec says NOT to use Business Message Reject to reject a Quote, and that a Quote Status Report should be sent instead.

However, the description of Quote Status Report in volume 3 doesn’t list Quote as one of the messages it should be used as a response to, and none of the field descriptions lend themselves to providing the right information I wish to convey in the rejection.

Any suggestions?

Rob.

3

How should I respond if I get a Quote message with missing/incompatible
conditional data? e.g. I get a BID quote with only the OfferPx
specified.

I’m currently sending a Business Message Reject with a “Missing
Conditional Field” reason and the missing field identified in an error
message in the Text field, but volume 1 of the FIX 4.4 spec says NOT to
use Business Message Reject to reject a Quote, and that a Quote Status
Report should be sent instead.

However, the description of Quote Status Report in volume 3 doesn’t list
Quote as one of the messages it should be used as a response to, and
none of the field descriptions lend themselves to providing the right
information I wish to convey in the rejection.

Any suggestions?

Rob.

Reject message on Session Level mentioning that requried field is missing.

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[ original email was from Rikard Hedberg - rikard.hedberg@omxgroup.com ]
Rob,

I think the FIX specification is not consistent when saying that the Quote Status Report is not to be used as acks/nacks to Quote messages. If e.g. an implementation always want to ack a Quote, that is the message to use. So I would prefer using the Quote Status Report with:

  • QuoteStatus (297) = 5 (Rejected)
  • Text (58) = relevant error text, e.g. “BidPx required for bid quotes”

Regards

Rikard

How should I respond if I get a Quote message with
missing/incompatible conditional data? e.g. I get a BID quote with
only the OfferPx specified.

I’m currently sending a Business Message Reject with a “Missing
Conditional Field” reason and the missing field identified in an error
message in the Text field, but volume 1 of the FIX 4.4 spec says NOT
to use Business Message Reject to reject a Quote, and that a Quote
Status Report should be sent instead.

However, the description of Quote Status Report in volume 3 doesn’t
list Quote as one of the messages it should be used as a response to,
and none of the field descriptions lend themselves to providing the
right information I wish to convey in the rejection.

Any suggestions?

Rob.

Reject message on Session Level mentioning that requried field is
missing.

5

[ original email was from Rob Gilliam - rob.gilliam@reuters.com ]
> I think the FIX specification is not consistent when saying that the

Quote Status Report is not to be used as acks/nacks to Quote messages.
If e.g. an implementation always want to ack a Quote, that is the
message to use.
So I would prefer using the Quote Status Report with:

  • QuoteStatus (297) = 5 (Rejected)
  • Text (58) = relevant error text, e.g. “BidPx required for bid quotes”

Thanks, that makes sense. I wonder why I didn’t think of it?

Rob.