State Model for FIX BP Vol 3 - Feedback please!

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Imported from previous forum

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Please see the following link-
http://www.etlogic.com/public/inquiry-state-model.html

We are working on implementing the emerging Fixed Income and Derivatives standards for FIX, mainly in the area of the business logic (e.g. when does the trader provide a quote, how quickly, On-the-wire timings, what quote values etc).

To help us in our analysis and testing, we drew up the above State Model that explores all aspects of the Inquiry and Price Order flow as detailed in BP Vol 3 docs for Swaps and Bonds. We would like to share this with everyone, as we feel it may be generally useful.

We would also value your feedback on this.

Thanks
Steven Bennett

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Based on the latest GFIC call, I have updated the state model (see link below)
http://www.etlogic.com/public/inquiry-state-model.html

This reflects the latest draft changes relayed in that meeting-

  1. the ability for venue to state the time deadline by which a quote response is to be received, as part of an RFQ, and therefore the potential of a “Dealer Response Timed Out” event

  2. the possibility of the “no trader Last Look” scenario i.e. when a customer Hits/Lifts a firm (OTW or streamed) quote it results directly in a trade

As always, value your feedback.
Steve