Tag corresponding to the current Business session.

I would like to know if a specific tag exists to indicate the date corresponding to the current Business session. We are planning to add this information in the Logon message returned by our Server.

I found tag 2400 (EffectiveBusinessDate – described as “Specifies an explicit business date for associated reference data or transaction. Used when an implicit date is not sufficiently specific”).

We are considering using this tag or alternatively using a new custom tag.
Which choice seems more appropriate?

Any suggestions would be welcome.

xbalo,
Many FIX engines use SendingTime(52) to check that the submitting engine is within reasonable tolerance of the atomic clock and I believe that should be your gatekeeper. Otherwise I propose you use a custom tag for current business date in Login(A). At the risk of being pummeled by my FIX colleagues I will tell you there is a field being used in the post-trade space for this very purpose, much overloaded, but appearing again and again - ClearingBusinessDate(715). Best to stay away from it in Login(A).
Dean

@deankauffman was right about eyebrows being raised…but I understand the motivation. The issue is that Logon(35=A) belongs to the FIX4 and FIXT session layer but not to others, FIX (FIXP session) or non-FIX (AMQP, WebsphereMQ,…). FIX Latest lets you to choose your session layer, including non-FIX session layers.

The FIX session layer should only be required for connectivity and recovery on a technical level, i.e. it should be agnostic about the business level semantic. ClearingBusinessDate(715) is from the business level but TradeDate(75) is too and is generic as well. Still, I agree with Dean to stay away from this in Logon(35=A).

In my view, this is the standard FIX solution for this:

After acknowledging the successful login with a Logon(35=A) message, send a TradingSessionStatus(35=h) to inform the counterparty about the business session. Use TradeDate(75) to indicate the business date of the session and additional fields as needed.

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@hanno.klein @deankauffman Just a side note: Of course a field of type LocalMktDate seems not suitable to check your clocks :wink: So I guess the field 60/TransactTime of type UTCTimestamp as part of the TradingSessionStatus(35=h) could be a good option as well. Depends on what you needs…

Cheers, Jörg

@jorgthonnes agree, but requirement from @xbalo was not about clock sync I believe. Simply wanted an official date. For example, CBOT opened up the Monday trading session on Sunday evening 6pm. SendingTime(52) on all messages prior to midnight should have Sunday but TradeDate(75) should always be Monday.

Thank you all for the contributions. They have been very useful to understand the different scenarios.

Just to confirm: we want to add a field to indicate the business session date.

Greetings. Xavi Balo.