|
General Q/A
< Previous Next >
Re: Market Maker Status
Paul Allen / IIROC <>
15 Jun 2009 10:02AM ET Thanks Hanno
The regulators and the market making firm are privy to the status of the market maker (I believe it used to be made available to all participating organizations (PO) but not anymore). In Canada we do not have a competing market maker structure, so only one PO is selected by the TSX.
I think the SecurityStatus message would suffice for this purpose, but would require an additional field(s) / component block.
Thanks for the response Hanno. Much appreciated.
Paul
> I believe this is relevant in the exchange space and not covered by FIX
> so far. Who is entitled to such information in your case, only market
> surveillance or also all traders at a marketplace?
>
> An additional requirement I see is to inform a market maker that he is
> now the primary market maker in a security, e.g. due to an outage of
> the normal market maker. This is relevant for markets where there
> always has to be at least one active market maker or else the security
> has to be halted.
>
> Providing dynamic information about securities is normally done with the
> SecurityStatus message. The Parties block is not in there but would be
> able to convey one or more market makers. A sub-role field does not
> exist but might be required to distinguish primary from competing market
> makers. The PtysSubGrp could cover additional information like the side
> the market maker is on.
>
> I would see SecurityDefinition more for static information about
> securities that is not meant to change during a single business day
> (even though it can). The way you describe, it can go back and forth
> during the day just like the security trading status.
>
> The other requirement I mentioned above is different as it is a single
> (or at least very few) participant(s) who need(s) to be informed about
> an obligation to make markets. This seems to be better covered by the
> UserNotification message (extensions needed).
>
> Regards, Hanno.
>
> > Hello
> >
> > I am currently working on a market regulation feed based on FIX 5.0
> > SP2. A requirement that recently came to light is the ability to know
> > when a market maker is participating and on what side (bid or offer).
> > Here in Canada market maker participation and on what side can change
> > numerous times throughout the day and our surveillance group needs to
> > know the status for each security.
> >
> > I'm curious if anyone else has dealt with this, and if so, what
> > message(s)/field(s) they use to convey this information.
> >
> > Thanks
Re: Market Maker Status
Paul Allen / IIROC 15 Jun 2009 10:02AM ET
|
