[This message was posted by Jay Hurley of Morgan Stanley <[email protected]> to the "Foreign Exchange" discussion forum at http://fixprotocol.org/discuss/1. You can reply to it on-line at http://fixprotocol.org/discuss/read/7968285b - PLEASE DO NOT REPLY BY MAIL.]
The quote message certainly matches the voice trading model of asking for a price and getting a quote then hit/taking the quote. For dealable streaming prices it is more like a market data stream - which was already being used by some ECNs and several counterparties. The mass quote message was discussed extensively, however, it was ruled out. The market data message has significant efficiency advantages as the incremental refresh is more suitable for FX price distribution than mass quote which fits well with options quoting where a single underlier updates many prices at the same time. > Hi Jim I've seen the recommendations but was just curious as to why > really ? It may be just me but the Quote messages seems a better fit to > provide FX Quotes both inwards and outwards. > > pritam > > > > We have been recommending the use of MarketData messages to provide > > streaming quotes from a market outward. > > > > A market maker would use quotes and mass quotes to provide quotes into > > a a market. > > > > > Hi > > > > > > I'm just wondering what drove the choice for using the MarketData > > > set of messages to provide streaming rates for FX in FIX5.0 SP2. > > > > > > In my experience so far I've noticed that the Quote (message type S) > > > is frequently used. I realise this is not the most efficient > > > especially when pricing the same currency pair across multiple > > > volumes > > > - a lot of data is repeated. I wondered why the MassQuote message > > > was overlooked (or was it?) as the migration for many of the users > > > I've come across would be a little more straight forward. > > > > > > Thanks for any replies > > > > > > pritam [You can unsubscribe from this discussion group by sending a message to mailto:[email protected]] -- You received this message because you are subscribed to the Google Groups "Financial Information eXchange" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/fix-protocol?hl=en.
