Imported from previous forum
Can anyone please advise why targetting or blocking clients from receiving trade advertisement messages is not valid FIX. Is there a legal issue with regards to targetting/ blocking clients from receiving these Ads?
[ original email was from Antonio Barakat - email@example.com ]
Legal issue solely depend on the source or destination of the Trade advertisement FIX message. Otherwise it is not standard nor is it esthetically correct to target / block these messages.
Can anyone please advise why targetting or blocking clients from
receiving trade advertisement messages is not valid FIX. Is there a
legal issue with regards to targetting/ blocking clients from receiving
I’d like to revisit this topic. It is not clear to me why trade advertisement messages do not support targeting? i.e. why Routing Group tags (216/217) are not present on Trade Advertisement messages as they are on an Indication of Interest?
In many ways the use cases seem similar, one being pre-trade and the other post. The world has generally moved towards targeted advertising, should FIX protocol not support the same?
I do not think there is any statement behind the absence of RoutingGrp in the Advertisement(35=7) message. It was added with FIX 4.2 to the Email(35=C), News(35=B) and IOI(35=6) message. I would guess that there was simply no request from FIX members at the time. RoutingGrp was added to further messages with FIX 4.4. Volume 3 of the FIX Specification explains RoutingGrp in the context of IOIs in Appendix 3-A. That business area seems to have been the focus of the extension.
Personally, I find the term “Advertisement” confusing as it is about publication of completed trades. As you can see from the MsgType(35) value it is one of the very first FIX message types. As a workaround, you can use MarketDataIncrementalRefresh(35=X) to “advertise” trades. It contains the RoutingGrp. As a FIX member you can join a FIX working group and ask for an extension of the Advertisement(35=7) message.
Thank you, I appreciate the very informative reply.
How best do I go about joining a working group to request the extension?
@jamesbillett have a look at https://www.fixtrading.org/working-groups/ which gives you a list of currently active working groups. There is no explicit one on pre-trade but a number of MiFID working group, e.g. on transparency or best execution. In case you are from the Asia/Pacific region there is also a more general APAC Technical Subcommittee that is currently active to extend FIX for client facilitation rules defined by the SFC.
Please contact the FIX Program Office (firstname.lastname@example.org) for more information on how to get involved.
Resulting from initial discussions within the Asia Pac Tech committee, a proposal for FIX support for Trade Advertisement targeting is being prepared. A draft GA will be uploaded shortly for feedback/input from the community.