[This message was posted by Aaron Pryce of The FIX Consultancy <[email protected]> to the "Foreign Exchange" discussion forum at http://fixprotocol.org/discuss/1. You can reply to it on-line at http://fixprotocol.org/discuss/read/e4c2e3b6 - PLEASE DO NOT REPLY BY MAIL.]
Tag 60 is the business event date/time stamp eg when the order was created in the OMS/EMS/system. Tag 52 in the header is the transaction time of when the order was sent across the wire. IMO I wouldn't assume that all EMS/OMS etc would populate Tag 60 in the same way i.e. repopulating the Tag 60 with the original value upon resend. It's really a question of interpretation about what the business event is (the orginal order generation or the resend) and how the resend is handled in the EMS/OMS (does it resend or in effect copy the transaction, cancel the original but keeping the original Tag11 say but creating a new business event timestamp). If this question is about development work being undertaken on your/clients system then a bit more digging as to how the underlying trading system generates timestamps in resend scenarios may be in order. > Right, we are looking for a combination of tags to guarantee uniqueness > aacross many days. As tag 11 only guarantee uniquness with same trading day, > that's why I would like to add the tag 75 as well. > > However, there is 2nd question about tag 60. From the wording of tag 60 > description in FIX protocol, I am not sure if it is the business unique time > for each order. E.g. business trader place 1 order, but in system it is > resent twice. Then does that 2 orders sent by system share the same value of > tag 60? > > Regards, > Gary > > > Hi Gary, > > > > I guess the question is "what is your underlying driver?" > > > > Do you need to guarantee uniqueness across many days using a combo of tags > > because your Tag 11 value is only unique on a daily basis ie a Tag 11 used > > today may be reused tomorrow? > > > > If the answer to the assumption above is yes and you are a market > > participant then using Tag 75 and Tag 11 seems logical. > > > > Obviously it would be better practise to ensure Tag 11 is unique over a > > longer time frame. > > > > If you are the venue then Tag 37 (Order ID) should be unique and used as > > the key order identifier. > > > > Does this answer your question? Let us know a few more details if it > > doesn't. > > > > cheers > > Aaron. > > > > > > > > > > > > Do we have a tag to indicate the Trade Date of the New > > > > > > Order-Single? > > > > > > > > > > > > In msgType 35=D, there's a tag 60, which is the "Transaction Time", > > > > > > and its description is 'Time of execution/order creation (expressed > > > > > > in UTC (Universal Time Coordinated, also known as "GMT")' > > > > > > > > > > > > I am wondering if the client system send in the same deal order > > > > > > (e.g. resend the deal order if the previous one not received), > > > > > > should the value of this tag 60 has the same value? > > > > > > > > > > > > If yes, it could serve as the functional trade date (i.e. no matter > > > > > > how many times this deal order is resent, it has the identical date > > > > > > value). > > > > > > > > > > > > Thanks for any comments. > > > > > > > > > > Tag 75, if present, should be trade date. > > > > > > > > > > > > Right, Tag 75 fits perfectly as its description: "Indicates date of > > > > trade referenced in this message in YYYYMMDD format. Absence of this > > > > field indicates current day (expressed in local time at place of trade)" > > > > > > Follow up question. For the Tag 60 (TrasactTime), should the value of > > > this keep constant? i.e. For the same New Order-Single, even the system > > > pperform resend (resend the same Deal order twice), the value of tag60 is > > > same in them? > > > > > > We are looking for a combination of tags which can be used as unique > > > identify for each Deal order. I am not sure if Tag 11 (ClOrdID) + Tag 75 > > > (Trade Date) have the enough uniqueness? or need to add the Tag 75 > > > (TransactTime) together? Thanks for any input. [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.
