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FIX Adapter Reference

Understanding Account Defaults

What are Account Defaults?

When TT FIX Adapter receives an order from a FIX client, it maps FIX tags to TT order attributes. By default, the FIX client must provide all data required by the TT Gateway / exchange in the FIX order routing message. You can set up Account Defaults to use default values for certain tags in lieu of including them in every FIX order routing message.

Account Defaults are actually a set of rules. A rule contains two types of information:

  • Keys, which TT FIX Adapter uses to match incoming orders to a particular rule
  • Default values, which TT FIX Adapter applies to any order that matches a rule and is missing one or more of the values in the FIX order routing message

Specifically, each rule consists of the following fields.

Field

Description

Type

FIX Tag

Account

Customer account number

Key

1 (Account)

Market

TT Market name

Key

*

Gateway

TT Gateway name

Key

*

Product Type

Product type associated with a security

Key

167 (SecurityType)

Account Type

Type of account associated with the trader

Default value

47 (Rule80A) and 204 (CustomerOrFirm)

-OR-

18205 (TTAccountType)

Give-Up Member

Member code for the clearing member; used for give-up trades only

Default value

440 (ClearingAccount)

FFT2 FFT3

Free-form fields, which might be required by some TT Gateways

Default value

16102 (FFT2) 16103 (FFT3)

Broker**

Identifies the Broker company that setup the Account Default rule.

Default value

** The Broker field is only available in the TT X_TRADER ASP environment.

* The way TT FIX Adapter uses the Market and Gateway fields depends on whether the configuration overrides the Market Name for the TT Gateway (for more information about this configuration parameter, see the TT FIX Adapter System Administration Manual), as follows:

  • If Tag 207 (SecurityExchange) contains a TT Market name, TT FIX Adapter uses the value from the order routing message.
  • If Tag 207 (SecurityExchange) contains an overridden Market name, TT FIX Adapter uses the Market name corresponding to the destination TT Gateway instead.

The TT User Setup administrator can configure Account Defaults for each user. Refer to the TT User Setup help system for more information.

How TT FIX Adapter uses Account Defaults

When TT FIX Adapter receives an order from a FIX client, it must convert it into a TT order that conforms to the TT Gateway requirements. If the order omits some of this information, TT FIX Adapter tries to match the order with one of the Account Default rules. If it finds a match, TT FIX Adapter inserts any specified default values into the order before routing it to the specified TT Gateway.

Consequently, tags 47 (Rule80A), 204 (CustomerOrFirm), 18205 (TTAccountType), 440 (ClearingAccount), 16102 (FFT2), and 16103 (FFT3) are all optional in a FIX message if a FIX session contains an Account Default with default values.

When TT FIX Adapter receives an order message from a FIX client, it starts the process of matching the order to a set of Account Defaults. It compares the Account Defaults keys to the corresponding tags in the order as follows:

  • Account key to Tag 1 (Account)
  • Market key to Tag 207 (SecurityExchange)
  • Gateway key to Tag 207 (SecurityExchange)

    Note: As this tag is optional, TT FIX Adapter internally determines the destination Gateway if the order routing message omits this tag.

  • Product Type key to Tag 167 (SecurityType)

If the values are the same, TT FIX Adapter considers the order to match the Account Default entry. Note that when you provide multiple Account Defaults with the same keys, TT FIX Adapter matches the first one it finds. If it finds no matching Account Defaults entry, TT FIX Adapter expects the FIX client to provide all of the necessary order information in the FIX message.

Account Defaults matching order

To help you understand the matching process, assume an administrator configures two FIX clients with the same set of Account Defaults, but in a different order. Each FIX client sending the same message to TT FIX Adapter receives different results.

TT User Setup includes the following Account Defaults entries for FIX client ABC:

Account

Market

Gateway

Prod Type

Acct Type

Give-Up

FFT2

FFT3

*

ICE_IPE

*

NRG

G1

999

*

*

*

*

A1

For FIX client XYZ, TT User Setup includes the same Account Defaults entries, but in reverse order, as shown:

Account

Market

Gateway

Prod Type

Acct Type

Give-Up

FFT2

FFT3

*

*

*

*

A1

*

ICE_IPE

*

NRG

G1

999

Both FIX clients send a message with:

  • Tag 1 (Account) = “123”
  • Tag 207 (SecurityExchange) = “ICE_IPE”
  • Tag 167 (SecurityType) = “NRG”

When TT FIX Adapter receives the message from FIX client ABC, it finds a match in the first Account Defaults listed, so it routes the order to the TT Gateway with Account Type = “G1” and Give-Up = “999”. When TT FIX Adapter receives the same message from FIX client XYZ, it matches the first row. Even though the second Account Defaults entry represents a more precise match, TT FIX Adapter stops looking after it finds the first match. Consequently, when TT FIX Adapter receives this message, it routes it to the TT Gateway with Account Type = “A1”.

Locking Account Defaults

If you want TT FIX Adapter to limit the ability of a FIX client to submit other values in the TT order fields, you can lock the Account Defaults by enabling the Restrict user from overriding Account Defaults setting in TT User Setup. When you lock the Account Defaults for a FIX session, TT FIX Adapter:

  • Rejects any incoming order that does not match an Account Defaults entry.
  • Rejects any incoming order that matches an Account Defaults entry but supplies values that differ from the default values specified in the matching entry.