Imported from previous forum
What’s the business meaning of TransactTime (60) in the QuotReqGrp of the QuoteRequest [R] message?
If a QuoteRequest [R] includes multiple instruments (symbols), why would I want/need to specify a TransactTime (possibly a different one) for each of the instruments. If TransactTime is always the same, then why is it not specified outside the repeating group?
In the context of QuoteRequest [R], what does the definition of TransactTime (60) – “Time of execution/order creation (expressed in UTC (Universal Time Coordinated, also known as “GMT”)” – mean?
I agree that you would rarely use different values for TransactTime in a QuoteRequest for multiple instruments. On the other hand, if it is outside the repeating group, you can never have different values and would need to issue multiple quote requests. FIX always tries to be flexible. Maybe that was the reason to choose the given design.
TransactTime is primarily intended to capture a business level timestamp of the sender of a request (as opposed to SendingTime on the technical level). I agree that the description in the data dictionary is not generic enough to cover all its use cases. It is also slightly redundant as the data type already defines it to be UTC. One could then add context specific descriptions within the individual messages. For a Quote Request it would be the time the request was made from a business perspective and you could have multiple timestamps if you collect quote requests from multiple sources and bundle them together to a single request towards a marketplace.
Regards,
Hanno.
What’s the business meaning of TransactTime (60) in the QuotReqGrp of
the QuoteRequest [R] message?If a QuoteRequest [R] includes multiple instruments (symbols), why would
I want/need to specify a TransactTime (possibly a different one) for
each of the instruments. If TransactTime is always the same, then why is
it not specified outside the repeating group?In the context of QuoteRequest [R], what does the definition of
TransactTime (60) – “Time of execution/order creation (expressed in UTC
(Universal Time Coordinated, also known as “GMT”)” – mean?
Hanno, thanks for the explanation.