Imported from previous forum
What is the proper way to positively acknowledge a QuoteRequest message?
Quote has QuoteAck which allows an ACK or a reject reason, but QuoteRequest only allows QuoteRequestReject.
Hi Robert,
The correct response to a QuoteRequest is either a Quote or a QuoteRequestReject.
There are message flow examples in volume 7 of the spec which are very useful.
Cheers,
George.
Further to George’s response, there is no technical ACK message to say that one has simply received a quote request and will eventually act upon it one way or the other, i.e. with a quote or a reject. In the context of the new FIX Performance Session Layer (FIXP), we are discussing a generic approach to acknowledge the receipt of a request. It is related to an idempotent flow where it is important to ensure that a transaction does not get applied more than once. Please see http://www.fixtradingcommunity.org/pg/structure/tech-specs/high-performance-specifications for details on FIXP and the other new standards for high performance FIX. In the interest of reducing verbosity, one should try to avoid technical ACK messages whenever possible. We have them but only for specific use cases where no other message if foreseen.
QuoteAck was added only quite recently by EP143 (http://www.fixtradingcommunity.org/pg/extensions/extension-pack?ExtensionID=EP143) for the fixed income market with a very specific purpose, i.e. “The QuoteAck message will only be used in the FIX message flows that support the negotiation dialog between parties where the issuer of the quote (e.g. the broker/dealer) governs the status of the quote.”.
The workflows for fixed income instrument are documented in the best practices: http://www.fixtradingcommunity.org/pg/file/fplpo/read/46902/cash-bonds-best-practices-phase-3
In particular volume 3 has a section about quote request workflows.
Per the standards:
The FIX protocol assumes complete ordered delivery of messages between parties. Hence, in general there are no message acks.
The FIX session protocol is based on an optimistic model; normal delivery of data is assumed (i.e. no acknowledgment of individual messages) with errors in delivery identified by message sequence number gaps. Each message is identified by a unique sequence number. It is the receiving application’s responsibility to monitor incoming sequence numbers to identify message gaps for response with resend request messages.
The FIX protocol does not support individual message acknowledgment. However, a number of application messages require explicit application level acceptance or rejection.