Submitter's message Changes in the introductory material (Sections 1-4) are small edits for clarity in response to comments, or eliminate references to Schemas which we are not providing in this release.
Most changes to the core Order Book market (5-8) are small edits for clarity in response to comments. The comments also caused us to refactor attribute tables and UML around the repeated TenderBase (in Tenders, Transactions), eliminating repetitive material. This had made these section 5, 6 more consistent without introducing significant changes to messages.
Section 6.6, (Off-Market Transactions) was updated to reflect the addition of the Market Mechanism Types.
Language where the Editor misunderstood the use of the term “Crossing” in FIX have been eliminated rather than updated.
Section on Negotiation (9) was largely re-written.
Many reviewers found the relation between Subscriptions (10) and the classes of Market information (Tickers, Instruments, Segments, Market Discovery) (11-13) to be opaque, the section 10 was re-written to look forward to the Market Information sections.
All of the Market Information sections (11-13) were re-written. Instrument Session Data (12) was broken out from Tickers (11).
In Section 13, discovery of the Market and its Segments, we have moved from using Venue Types to Market Mechanism Types (MMT). The former was part of the core FIX protocol, the latter is defined to support regulators to analyze market data for fairness and manipulation. The Committee would like to draw attention to Section 13.1 which is the core of this change. MMT was added as a normative reference.
Market information is now divided up into essentially non-volatile information about each Market, rarely-volatile information about the Segments in the Market, and volatile Session Data about what is occurring in a Segment right now, including currently tradeable Instruments, un-scheduled auctions, and unplanned closings and openings. The terminology has been brought into alignment with the semantics of the FIX Protocol Association.
Appendix B is new, and it provides a non-normative discussion of the various Market Mechanisms
The Bindings Section (formerly Section 13) was dropped for this release.
I recommend sections 6.1, and 9-13, and Appendix B for public review.
-- Toby Considine
---------------------------------
Toby Considine
Systems Engineer
University of North Carolina at Chapel Hill
919-619-2104
---------------------------------