Imported from previous forum
I have customers saying I should be giving them only 4 places and rounding in Tag 6. Currently, I am going out 6 places. I am trying to find out how many places other firms expect to see.
[ original email was from Ryan Coon - ryanc@betasys.com ]
> I have customers saying I should be giving them only 4 places and
rounding in Tag 6. Currently, I am going out 6 places. I am trying to
find out how many places other firms expect to see.
For FIX.4.2:
float: Sequence of digits with optional decimal point and sign character (ASCII characters “-”, “0” - “9” and “.”); the absence of the decimal point within the string will be interpreted as the float representation of an integer value. All float fields must accommodate up to fifteen significant digits. The number of decimal places used should be a factor of business/market needs and mutual agreement between counterparties.
The precision varies based on the last sentence above. Mind you, in FIX.4.0 the field was a float with no additional description and 15 significant digits is the only requirement. The best solution would allow the precision to be set for each interface independently.
Tag 6 info can be send upto 4 places. The main problems comes at the time of settlement wherein the client & counterparty’s statements of trades might not match. In that case its better suggested to mutually agree on the no. of places in tag 6. The industry standard ranges from 2-6 places.