[This message was posted by Hanno Klein of Deutsche Börse Systems <hanno.kl...@deutsche-boerse.com> 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/e0428656 - PLEASE DO NOT REPLY BY MAIL.]
I agree, QuoteID is equivalent to ClOrdID for orders, not OrderID. The difference is that QuoteID can be re-used, i.e. there is no "quote chaining" and I see no need for it. It is the quote submitter who should define and control the field. It might not be needed if only a single quote per MM and instrument is permitted but it is still the submitter's field. I understand the requirement for the receiver to issue his own ID. In case of an exchange this often actually results in two IDs, one for each side to be able to match quote sides and orders in a consistent and efficient manner. However, I do not see the need to convey the IDs back to the quote submitter who should be able to identify the quote entities solely with his QuoteID or simply the instrument (and MM ID). There is also a use case for the submitter to change QuoteID everytime he submits a new quote. It is an easy way to analyze one's algorithm to find out which of the quote entries actually resulted in a fill. QuoteID is echoed back on the ExecutionReport. Regards, Hanno. > Christiaan > > At least in the implementations I have done - the QuoteID was unique for > the market maker and did not have to be changed after a fill. So you > could keep the same quote id through the day and reuse it. > > Within your trading system the QuoteID must then of course be > qualified with the owner of the quote (market maker id for instance) > within the system. > > We have a proposal to make the QuoteID uniqueness be more like that of > an OrderID and I find that very regrettable and costly in terms of > processing on a matching engine. > > For now basically many markets consider the QuoteID and its value under > the control of the quote originator. > > > Hope others weigh in on this discussion. > > > Hi all, > > > > In FIX 5.0, QuoteID is described as: "Unique identifier for quote". I > > was just wondering how to interpret that... > > > > Q1: Would every QuoteID on a certian currency pair have it's unique > > QuoteID per Quote (35=S), or can a QuoteID be resused during a FIX > > session? > > > > Q2: What if a trade is done on a Quote, should the QuoteID then be > > changed, or can I just send in a new Quote with the same QuoteID > > as before? > > > > Cheers! Christiaan [You can unsubscribe from this discussion group by sending a message to mailto:unsubscribe+100932...@fixprotocol.org] -- You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to fix-proto...@googlegroups.com. To unsubscribe from this group, send email to fix-protocol+unsubscr...@googlegroups.com. For more options, visit this group at http://groups.google.com/group/fix-protocol?hl=en.
