Request for review - FIXatdl xml meda type
rick at clbcm.com
Sun Dec 16 00:32:45 CET 2007
Per a request from Amanda Baber at Internet Assigned Numbers Authority (IANA) we post here for feedback on this MIME registration request. All help is very much appreciated. There are several areas that are unclear to us at this time. (See question marks below)
Thanks in advance for your assistance.
tmp2004 at clbcm.com
Name : Richard Labs
Email : tmp2004 at clbcm.com
MIME media type name : Application
MIME subtype name : Standards Tree -FIXatdl+xml [Not quite sure we have that correct?]
Required parameters : none
Optional parameters : none
Encoding considerations : binary [Everything we do is really just text in UTF-8 to support all modern languages. So not sure if this should be Text (particularly if that implies ASCII) or binary or ?]
This media type is XML encoded with UTF-8 to support all languages including Asian, character based languages.
UTF-8 encoding may require encoding on transports not capable directly supporting it.
Security considerations :
(1) State whether or not the media type contains active or executable content.
The media type does not contain any executable code. It carries the detailed parameter values for a specific algorithmic security trade. For a basic overview see: http://en.wikipedia.org/wiki/Algorithmic_trading and particularly, the communications subsection section. For an announcement regarding the standard search the WWW for "FIXatdl"
(2) State whether or not the information contained in the media type needs privacy or integrity services.
Yes, the information contained in this media type requires both privacy and integrity services. It is envisioned that this media type would predominately be transfered via conventional SSL WWW protocols.
The media type carries data that drive the parameters of an algorithmic trading securities order. There is however, no automatic execution of these orders without several additional steps. In a typical use-case the interaction is as follows:
1. The trader is on a SSL link to a broker's web site. Prior to interacting on that web site he was fully authenticated and logged in.
2. WWW interaction occurs and a draft security order is mutually worked up.
2. The trader directs his Order Management System to "import" this draft order by fetching and parsing the XML file.
3. During the parsing, that xml is checked against its standard schema to insure it's well formed and fully validating.
4. The Order Management System applies substantial additional security measures to the importation of this type of data.
5. The imported xml order values are displayed to the securities trader once import validation is complete.
6. Once the trader is satisfied with the order, he hits a send order button and comprehensive validation of all parts of the order can run at that time.
7. Once the order is released from OMS system, it is transmitted via direct, dedicated IP circuits, or highly encrypted VPNs, from the trader to the broker.
Interoperability considerations :
These media types are common xml files with UTF-8 encoding. They will support English plus all other modern languages.
Published specification : http://www.fixprotocol.org/working_groups/algowg/documents
Applications which use this media :
These files should have universal interoperability - they are not application specific. They are designed to be used with a wide variety of Order Management Systems (OMS) in the securities trading industry. Some order management systems have a broad user base and are distributed as conventional, prepackaged software. Other Order Management Systems are entirely created and maintained in-house by a single entity. All these systems just import these xml orders and the interact with them on their own terms.
Additional information :
1. Magic number(s) : none
2. File extension(s) : .FIXatdl [not sure here?]
3. Macintosh file type code : .FIXatdl? (Not sure here? XML? Text? UTF-8?)
4. Object Identifiers: none
We are in the final steps of finishing the XML schema for this new standard. We would very much like to register the Mime extension and mandate that structure in our final standard. We expect to issue FIXatdl as a standard early in 2008.
Person to contact for further information :
1. Name : Algorithmic Trading Working Group, FIX Protocol Ltd.
2. Email : algotech at fixprotocol.org
Intended usage : Common
These XML files are designed to be used with a wide variety of Order Management Systems (OMS) in the securities trading industry
Author/Change controller : FIX Protocol Limited
Algorithmic Trading Working Group
CL&B Capital Management, LLC
7583 Hunt Lane
Fayetteville, NY 13066-2554
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