Re: FIX Algorithmic Schema - Date/Time fields
John Greenan / http://www.alignment-systems.com
31 Oct 2007 11:14AM ET
Happy to discuss, mailed you offline.
I'd like to pick up on one general point made: "Most of the broker dealers were comfortable with using actual times such as 16:00 for mkt close."
Ok, but did anyone ask the buy-side?
The technical implementation is one thing, but it's all about making algos user friendly - that's the thing that matters. User friendly = gets used by the buy-side = MONEY for the broker.
The analogy I have given to many brokers is like cars. It's fine that cars have different engines, gearboxes, steering, suspension etc. But (for the UK) let's keep the pedals in the same order and the steering wheel in front. Gearstick on the left of the driver. That's a user friendly car - let's make algos user friendly.
A prediction: never mind the number of installed desktops (a bogus measure), the provider to the buy-side that has the most algo order flow to the sell-side will be the one with the easiest to use front end.
For the techie audience, think of the difference between a command line and a GUI. A command line is great if you really know what you are doing. For mere mortals a GUI is a way better way to work. And that GUI has to behave in a smart manner - default everything, conditional logic, dropdowns populated with meaningful values ("Aggressive", "Medium", "Passive" - not 1,2,3) and a user look and feel like a well thought through metaphor and implicit workflow.
Just my 2p worth...