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4.0 Session
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re: Time zones & the spec
Scott Atwell
15 Sep 1997 8:07PM ETI don't see a need for fields to specify the timezone for timestamps in the FIX spec. All timestamps are specified in GMT and (in FIX 4.0) include the date so it's pretty easy for systems to convert/represent it any way they want. The way they're represented has no real relationship to when sequence numbers need to reset. TradeDate and other date only fields left in FIX 4.0 represent a logical trading date (i.e. date of the local market) and are the ones which would be used for "end of trading day" processing.
The real challenge is for firms who support trading activity in the North and South America, Europe, and Pacific Rim (and any other market that doesn't include) since you are potentially dealing with three distinct trading "days" and there is no "best" time to go down and reset sequence numbers and then reconnect later. It may make sense for
counterparties to establish 3 different FIX Sessions (with more than one running concurrently for certain periods of time) to accomodate different world markets and any end of day batch processing associated with each, for example. I think everyone will implement solutions which best fit their technical and business requirements.
re: Time zones & the spec
Scott Atwell 15 Sep 1997 8:07PM ET
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