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When it alters them, it always alters in the direction of voiding an order action (TAKER), voiding an execution (MAKER), or changing passwords (LOGON, PASS_TKR, PASS_MKR). Reflector shall never change the identity of a quote, order, or execution. On inbound FIX messages, the only fields that Reflector is allowed to alter are Text[58] and Checksum[10]. This is predicated on the assumption that text fields have no semantics.
Parser behaviour necessarily varies depending on the
Session Type
Logon
Outbound
On the outbound direction of a session in logon state, the only allowed messages are Logon[A] and Logout[5]. Logon[A] messages are inspected. Logout[5] messages are ignored. If any other message is received, the result is session termination. On an outbound Logon[A] message, a credential is deduced and looked up using the ordered triple { ExchangeCode, COMP_ID, SUB_ID }.
If a credential is not found, or if the credential is disabled, or if any risk pools containing the credential is in a UNPLUGGED state, or if password translation is enabled and password match failed, then the session is terminated. Otherwise, the message passes through.
| Flag | Presence | Field | Type |
|---|---|---|---|
| COMP_ID | Required | SenderCompID[49] | STRING |
| SUB_ID | Optional | SenderSubID[50] | STRING |
| PASSWORD | Optional | Password[554] | STRING |
| NEW_PASSWORD | Optional | NewPassword[925] | STRING |
| Tip | ||
|---|---|---|
| ||
Password translation is an optional feature where the trader is not provided the venue's FIX logon password. Instead, the trader is provisioned a different password of the same length. On logon, Reflector checks for the fake password. Upon matching, it overwrites the fake password with the real password. |
| Warning | ||
|---|---|---|
| ||
| EBS & Reuters utilize a session-in-session scheme where the inner session must be logged onto using the UserRequest[BE] message. In practice, almost everyone uses the same credentials for the outer and inner sessions. Reflector requires that this be the case, and performs password translation again on the UserRequest[BE] message. |
Inbound
Password Change
Outbound
Inbound
Taker
Outbound
NewOrderSingle[D], QuoteResponse[AJ], & OrderCancelReplaceRequest[G]
OrderMassActionRequest[CA]
Inbound
ExecutionReport[8] & TradeCaptureReport[AE]
OrderMassCancelReport[r] & OrderCancelReject[9]
Reject[3] & BusinessMessageReject[j]
Maker
Outbound
ExecutionReport[8] & ExecutionAcknowledgement[BN]
Maker Blocking
Inbound
ExecutionReport[8] & ExecutionAcknowledgement[BN]
DontKnowTrade[Q]
OrderTimeOut[OT] & Currenex OrderTimeOut[U3]
Reject[3] & BusinessMessageReject[j]
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