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FIA Extensions
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Re: Identifying a downstream source of a trade
Matt Simpson / Chicago Mercantile Exchange
28 Jul 2005 11:42AM ETIn our domain, we've used the tags in specific roles so as to avoid the collision you speak of.
The TradeInput tags identify the original business system used to enter the trade and are carried around for the life of the trade. Some examples of Input Sources are Hand-held, Order Routing, Back-Office, Clearing, etc.
The MessageEventSource tag identifies the immediate source of a request which is taking action on a trade. The tag allows the request and corresponding Ack to convey this information. It is used primarily by the Back Office to book or ignore a message. If the request originated from the Back Office, do not apply updates on. If the request originated online, then the Back Office should book it.
TradeInputSource continues to carry it's original value throughout this process, as MessageEventSource may change on a per transaction basis.
> We would like to identify the downstream source of a trade capture report. There are four fields that can be used within the trade capture report (per the FIA extensions 1.1) to do this:
>
> 578 TradeInputSource N 579 TradeInputDevice N 821
> OrderInputDevice N TBD MessageEventSource N
>
> What is meant by downstream source is the system from which the trade
> report is generated - such as in-house clearing system as opposed to an
> upstream source like the trading system in which the trade occurred.
>
> Clearing House -> Clearing System at FCM / Broker Dealer -> Customer
>
> The focus of this communication is the FCM / Broker Dealer to Customer
> interface.
>
> Is it best to use MessageEventSource since the definition is as follows?
>
> "Message Event Source used to identify the event or source which gave
> rise to a message"
>
> It seems to me that if we were to use TradeInputSource or
> TradeInputDevice we could collide with content provided as part of the
> trade capture report coming from the upstream source.
>
> Any suggestions or recommendations are appreciated.
Re: Identifying a downstream source of a trade
Matt Simpson / Chicago Mercantile Exchange 28 Jul 2005 11:42AM ET
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