Re: [Quickfix-developers] Re: [Quickfix-users] how to send response to a client

[Caleb E. <cal...@gm...>]

On 6/3/05, James C. Downs <jc...@co...> wrote:

> I'm curious why in your case the OrdStatus =3D "NEW" was not sufficient t=
o
> indicate that the order was accepted by the exchange and in the market? W=
hat
> exchange/venue was most problematic for you in this regard?

I think the answer depends on how fine-grained you want to make the
information you pass back to clients of a system.  Especially if
messages take more than one hop before they go out the door.  Consider
for example this system:

Client app -> FIX router -> ECNs

If the FIX router were purely a message-passing application, it would
just rely on the ECNs to generate all of the execution reports and
wouldn't generate any of its own.  But what if the Client App wants to
distinguish between a message that:

* It has created, but not yet sent to the router
* Has been sent to the router (or we think it has)
* Has been acknowledged by the router as having been received (but
hasn't been sent to the ECN yet)
* Has been sent by the router to the ECN (or the router thinks it has)

And so on.  Different systems may want to have some sort of feedback
for any/all of these events, so I can see a need for finer-grained
status codes.  As with routing FIX in general though, the more hops
you have, the more fields or codes you need if you want to capture all
of the this information.  This can turn into a mess pretty fast.

--=20
Caleb Epstein
caleb dot epstein at gmail dot com