Imported from previous forum
Hi all
We are currently looking at a functionality where a News message may be forwarded from a trading venue to a particular broker firm instructing it to be forwarded to another firm or a user (e.g. in the case of a Service Bureau, trading venue needs to send a News message to a customer of the Service Bureau. Since it is only the Service Bureau who connects to the venue, the venue will send the News message to the Service Bureau indicating the final recipient. The recipient may be a firm or a user).
We have thought about using the Routing Group in the News message for this purpose with the enumerations Target Firm (to indicate the final recipient firm) and Target List (to indicate the final recipient user). We have not thought of using the DeliverToCompID field as the trading venue is unaware of the comp id used by the recipient firm to connect to the Service Bureau.
Two questions:
- Is this correct usage of the Routing Group in the News message?
- I believe that the usage of Target List enumeration to denote a user may not be correct. Should we think of using a custom enum for this?
Many thanks
You could use the Routing group as you described to send to a targetted firm via the service bureau. “target list” is not meant to denote a user. The idea behind the “target list” is an agreed upon label between the trading venue and service bureau (in your example) that is a label for a collection/list of firms, e.g. “L1” may be all the level/tier 1 customers of the trading venue.
Appendix 3A in Vol. 3 of the FIX specification (FIX 4.4 and above) describes in more detail the use of the routing component in the context of IOIs, but the repeating group’s usage with News is the same.
Hi all
We are currently looking at a functionality where a News message may be forwarded from a trading venue to a particular broker firm instructing it to be forwarded to another firm or a user (e.g. in the case of a Service Bureau, trading venue needs to send a News message to a customer of the Service Bureau. Since it is only the Service Bureau who connects to the venue, the venue will send the News message to the Service Bureau indicating the final recipient. The recipient may be a firm or a user).We have thought about using the Routing Group in the News message for this purpose with the enumerations Target Firm (to indicate the final recipient firm) and Target List (to indicate the final recipient user). We have not thought of using the DeliverToCompID field as the trading venue is unaware of the comp id used by the recipient firm to connect to the Service Bureau.
Two questions:
- Is this correct usage of the Routing Group in the News message?
- I believe that the usage of Target List enumeration to denote a user may not be correct. Should we think of using a custom enum for this?
Many thanks
I have captured this clarification in FIXwiki at Welcome fixwiki.org - BlueHost.com.
For convenience, I have also included there a copy of Appendix 3A of the spec.
Appendix 3A in Vol. 3 of the FIX specification (FIX 4.4 and above) describes in more detail the use of the routing component in the context of IOIs, but the repeating group’s usage with News is the same.
Hi John/Lisa
Thank you very much for the input and yes John, it’s the example you had on the wiki that made me realise Target List may not be the appropriate enum for the usage I am intending.
We will use a separate custom enum for this purpose. Thank you again for the information.
Please note that RoutingType(216) does not permit user-defined values. Standard FIX engines would reject such messages. The right approach would be to submit a Gap Analysis for FPL to request an extension with a standard value. I believe the use case of a more granular target below the firm level (target trader/block trader) is a valid one and that other FIX users could profit from a standardisation.
Regards,
Hanno.
Hi John/Lisa
Thank you very much for the input and yes John, it’s the example you had on the wiki that made me realise Target List may not be the appropriate enum for the usage I am intending.We will use a separate custom enum for this purpose. Thank you again for the information.