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General Q/A
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re: how to determine Trader presence in FIX for real-time applications ?
Richard Valk / Dexia Bank Nederland
15 Oct 2002 3:35AM ET John,
I can only tell you what we have done to circumvent this. We have a custom
build OMS which doensn't have desk functionality. Our FIX engine is
connected to it via our middleware solution (TIBCO Active Enterprise). We
have solved this by having a list of traders in the system that should
handle electronic tading orders, when a trader isn't logged on or doesn't
respond quickly enough (getting coffee or...) the order is taken away and
send to the next trader using the middleware. It's crude but it works. If no
trader responds an email is send out to the head of the trading desk
indicating no one was available to handle the order. Someone gets flogged !
The traders should always keep one of them at the desk.
Good luck with your solution and I hope this helps..
Richard Valk
Technical Consultant
Dexia Bank Netherlands
richard.valk@dexiabank.nl
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> I underestand why this can be outside the scope of FIX.
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> I guess what I really would like to know is how are people handling this scenario ?
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> "need to know if trader(or assistant or trader rep) is logged in at client end of a Fix connection"
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> I know applications have have different requirments and everyone does it differently, but any insight into different ways of managing presence at the fix-gateway level would be great.
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> > While I've not seen this handled through FIX, I've never seen an investment bank turn away business because a trader is off the desk...
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> > Although it might be an idea to add this to FIX, this is so dependent on the organisational structure (are traders members of desks, are traders covered by a secondary trader if off the desk? A third choice trader if the primary and secondary are off the desk?) that I cannot see that this is "Financial Information Exchange", it's more about coverage and structure.
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> > As such, IMHO I don't think it's appropriate to add this to the FIX protocol.
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> > Regards,
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> > John
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> > > apparently Fix does not spec. out how to determine if a Trader/User is on-line or not.(AFAIK)
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> > > This can be vital information if your fix gateway wants to block sending out messages to your counter party, if the counter-party trader is not loggined into the trading application at the client end.
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> > > Any one has to deal with this situation? How do you folks handle this?
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> > > I realize presence is very application depenendant and every one does it differently but it would be nice to get a standard way of determining this for real-time order routing.
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> > > regards
> > > J.
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re: how to determine Trader presence in FIX for real-time applications ?
Richard Valk / Dexia Bank Nederland 15 Oct 2002 3:35AM ET
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