[This message was posted by Mohamed Kasim of ITC Infotech India Limited <[email protected]> to the "General Q/A" discussion forum at http://fixprotocol.org/discuss/22. You can reply to it on-line at http://fixprotocol.org/discuss/read/2b1855b9 - PLEASE DO NOT REPLY BY MAIL.]
Example Scenario: Request: Client to DMA System --> 35=D, 11=ABC, ... (ABC is the unique ID in client system) DMA System to 3rd Party --> 35=D, 11=DEF, 526=ABC, ... (DEF is unique ID in DMA System for this order) 3rd Party to Exchange --> 35=D, 11=GHI, 526=DEF, ... (GHI is the unique ID in 3rd Party System) Response: Exchange to 3rd Party --> 35=8, 11=GHI, 526=DEF, 37=JKL (JKL is the order ID in Exchange) 3rd Party to DMA System --> 35=8, 11=DEF, 526=ABC, 37=GHI, 198=JKL DMA System to 3rd Party --> 35=8, 11=ABC, 37=DEF, 198=GHI 198 and 526 are optional tags and not necessary to be available by default. If you will need these info, that should be agreed with all parties involved. Each of the system that routes orders to other venues will need to creat unique ID in the system to handle multiple different client orders in their OMS. If the order is routed to 3rd party, the cancellation request will be sent to 3rd Party only. That will trigger a cancellation request from 3rd Party to Exchange and cancel the order in exchange. However, if you have the option to override the 3rd party in extreme events and call up Exchange directly to cancel the orders over phone, then you will require Exchange ID / 3rd Party clordid. Exchange will be able to pull up the order in their books based on any one of these two ID. Your system will have this from the information available in 37 Tag of the responses sent by 3rd Party. Time limit on No Ack Order: 3rd Party can issue a pending Ack immediately on receipt of the order and send New once it is confirmed in Exchange. You can plan to cancel or trigger a status request that will warrant a response from 3rd Party to give the status of the order. How to track the order is successfully delivered to Exchange by the 3rd Party? Agree with 3rd Party to provide 198 tag with Exchange order id in the responses which will help you resolve this. End of Day Replay will be costly if the transactions volume are very high. Unless the client system is in full recovery mode, such need will not arise. You can use commercially available test tools from various organizations that mimic each of the exchanges. Also, you can build your own simulators using open source like quickfix. Hope this helps [You can unsubscribe from this discussion group by sending a message to mailto:[email protected]] --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/FIX-Protocol?hl=en -~----------~----~----~----~------~----~------~--~---
