Imported from previous forum
[ original email was from John Greenan - john.greenan@alignment-systems.com ]
Does any foreign buy-side firm actually sent orders by FIX to mainland China brokers for execution on Shanghai or Shenzhen??
If you do this - please do get in touch with me - I’d like to see what problems you encountered or if it was all smooth…
[ original email was from John Greenan - john.greenan@alignment-systems.com ]
Bump. Anyone?
Does any foreign buy-side firm actually sent orders by FIX to mainland
China brokers for execution on Shanghai or Shenzhen??If you do this - please do get in touch with me - I’d like to see what
problems you encountered or if it was all smooth…
[ original email was from David Tsoi - dtsoi@pacific.net.hk ]
> > Bump. Anyone?
Does any foreign buy-side firm actually sent orders by FIX to
mainland China brokers for execution on Shanghai or Shenzhen??If you do this - please do get in touch with me - I’d like to see
what problems you encountered or if it was all smooth…
Hi John, The main issue isn’t really on the FIX side, its more on
physical connectivity due to PRC telco regulations and costs, and of
course language depending on what firms you are dealing with. Some
issues with investor IDs but thats usually configurable. Feel free to
contact me if you want to discuss further.DLee
STEP protocol has been designated as a national standard for connection between brokers and the exchanges in China. STEP is based on FIX and has been developed in close cooperation with FIX organization.
However, it is a protocol “newly” published and is not yet widely supported by the exchanges yet.
For buy-side firms connecting to brokers in China, I suspect most brokers in China may not have the corresponding capability to support FIX though I could not exclude the existence of a few exceptional cases. That could be confirmed through a survey with a few technology-more-aggressive brokers.
Local regulatory restrictions on foreign investors participating in the markets “dampen” the need further, other than the telco and language issues raised by DLee.
David
Bump. Anyone?
Does any foreign buy-side firm actually sent orders by FIX to
mainland China brokers for execution on Shanghai or Shenzhen??If you do this - please do get in touch with me - I’d like to see
what problems you encountered or if it was all smooth…
Hi John, The main issue isn’t really on the FIX side, its more on
physical connectivity due to PRC telco regulations and costs, and of
course language depending on what firms you are dealing with. Some
issues with investor IDs but thats usually configurable. Feel free to
contact me if you want to discuss further.DLee
STEP protocol has been designated as a national standard for connection
between brokers and the exchanges in China. STEP is based on FIX and has
been developed in close cooperation with FIX organization.However, it is a protocol “newly” published and is not yet widely
supported by the exchanges yet.For buy-side firms connecting to brokers in China, I suspect most
brokers in China may not have the corresponding capability to support
FIX though I could not exclude the existence of a few exceptional cases.
That could be confirmed through a survey with a few technology-more-
aggressive brokers.Local regulatory restrictions on foreign investors participating in the
markets “dampen” the need further, other than the telco and language
issues raised by DLee.David
Quite a few Chinese brokerage firms have the cap. and experience in trading via FIX connection. For QFII buyside they can trade A-share while others trade B-share. Several FIX vendors can help. Leaseline is not a problem and the cost is around 2K RMB/mth.
Ron
[ original email was from John Greenan - john.greenan@alignment-systems.com ]
Thanks for the answers. I know at least one PRC broker that has FIX capability. There does seem to be a lack of consensus around which QFII should be used when a foreign QFII buy-side trades with a local PRC broker or when trading with another foreign QFII broker.
Any thoughts from any sell-sides - foreign or PRC local?