[This message was posted by Elton Melo of Santander - Altec Brasil <[email protected]> to the "4.2 Changes" discussion forum at http://fixprotocol.org/discuss/5. You can reply to it on-line at http://fixprotocol.org/discuss/read/cb649e52 - PLEASE DO NOT REPLY BY MAIL.]
Hello everyone, > It's amazing how much difference of opinion there has been on this post > regarding a relatively straightforward operation such as busting a trade > that has been previous reported. > > John and myself did actually discuss this offline Wow, I couldn't imagine that my question would have cause all that. Sorry guys! :) > My approach to this is to clearly detail our implementation for busts in > our rules of engagement, and if a client or vendor requires something > different then we will manipulate tags 39 and 150 accordingly based on > the presence of tag 20=1. Not ideal, but it allows us to flexibly work > around these differences in opinion. Meanwhile, I asked my FIX-partner to tell me what they want to receive in a busted execution. By now, their answer is: "please check at www.fixprotocol.org"... > I guess that a lot of the ambiguity comes from the evolutionary nature > of tag 150 from its first inclusion in 4.1 through to a slightly more > rounded definition in 4.4 and later. I would also suggest that this > difference of opinion has arisen due to the lack of a simple New Order->Acked- > >Fully Filled->Fully Busted scenario in Appendix D. > > Is this something that the GTC should consider revisiting, perhaps by > offering best practice guidelines for busts on versions of FIX > *prior* to 5.0 ? This is a good idea. An important remark: - Some exchange houses return the "busted quantity" to the trading floor. In this case, the order returns to a "new" or "partially filled" status. - Other exchange houses don't return the "busted quantity" to the trading floor. A "full-fill" > "full-bust" would set the order status to "canceled" in this case. ... Besides that, I also observed some divergences on tags 31 and 32 when busting an execution. The FIX specs tell us to send both tags with 0; but I have one FIX-partner who asked me to send the "busted quantity" in LastShare, and the "busted price" in LastPx. Thank you all. [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 -~----------~----~----~----~------~----~------~--~---
