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Standardizing Transmission of FIXML over MQ Series

Standardizing Transmission of FIXML over MQ Series. Objective . Discuss the problems faced today pertaining to transmitting messages over MQ series Discuss issues related to re-transmission of messages Identify standardization parameters for message transmission

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Standardizing Transmission of FIXML over MQ Series

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  1. Standardizing Transmission of FIXML over MQ Series

  2. Objective • Discuss the problems faced today pertaining to transmitting messages over MQ series • Discuss issues related to re-transmission of messages • Identify standardization parameters for message transmission • Strategy/Proposal for establishing Best practices • Expectations for adoption/Compliance • Q & A

  3. Problems faced today • Firms receiving un-readable messages • Messages getting lost or truncated during transmission • ASCII vs. EBCDIC transmission disparities • Overly complicated routing configurations • Re-transmission requests vary by firm and Service Providers. Non standard re-transmission requests result in • Inability to identify the right set of messages to re-transmit • Frequent re-transmission requests

  4. Diagnosis • Lack of Standards and Best Practices for Message Transmission • Messages transmitted in different character sets (CCSID) creates a potential for unreadable messages or additional conversion requirements • Message Data Formats • Both ASCII and EBCDIC are used • Non-standard parameters in queue definition causing messages to get lost or truncated • Definition and handling of messages in Dead letter queues • Diverse Exit Routines

  5. Diagnosis contd.. • Lack of a message based API for Re-Transmission of FIXML messages leaving the exchanges to deal with ad-hoc re-transmission requests

  6. Standardization Parameters for message Transmission • Message Descriptors • Standardize on the usage of Message Descriptors • Message Transmitted over have 2 major components • Message Descriptor • Application data (Message data)

  7. Standardization Parameters contd.. • Message descriptor contains control information that accompanies the application data when a message travels between the sending and receiving application. • MCAs (Message Channel Agents) / Queue Managers convert the message descriptor and header data into the required character set and encoding of the receiving system • Put and Get • Guidelines for setting fields in a MQ-Put • Guidelines for setting fields and Options in an MQ-Get • Queue Definition • Queue Depth based on volume • Maximum Message Length

  8. Standardization Parameters contd.. • Message Data Formats • Standardize on the use of ASCII for FIXML messages • Dead Letter Queues • Processing messages from Dead Letter Queues • Channels Exit Routines • Hardware requirements / Software requirements

  9. Requirements for Message Re-Transmission • Define a message based API to accomplish re-transmission of messages • The API should support • A firm request for re-transmission • Should identify the fact that the message being re-transmitted is a duplicate • Should support referential messaging • The duplicate message should reference the original message ID • Re-transmission should be based on parameters specified in the request • Time Interval • Products • Position Accounts

  10. Proposals • FIA to spearhead the effort of establishing standards for message transmission • Exchange and firms participate in identifying all the parameters that affect message transmission over MQ series. • Get an industry expert to provide acceptable guidelines • FIA publishes the guidelines for message transmission over MQ series. • Discuss compliance requirements • Exchanges and Firms to work with FPL to define a FIXML messaging API for re-transmission of messages

  11. Q & A

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