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Any feature that results in the creation, modification or deletion of Customer or Venue-provided data (eg messages sent/received, message content - prices, qtys, value dates etc) is Business Logic.

 
The default Whisperer behaviour should be to act as a normalised API only, although for historic reasons Whisperer currently does provide additional features.Please

note that Customer enhancement requests will be rejected if they should Future requests for enhancements that require business logic within Whisperer . This is will, most likely, be rejected - because of the implicit log-term costs that would otherwise exist:

• MF Customers and Venues cannot reliably review issues without MF involvement.
• MF Customers cannot be in full control of their pricing/trading strategies.
• MF needs to involve every otheraffected other affected existing Customer in every business logic change to ensure that there are no adverse/unintended consequences.
  
  

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• Be deployed in self-contained MF components, separated from the core Whisperer product
• Require an explicit, active, safe opt-in from the client, rather than the current opt-out - requiring prior knowledge, discussion etc.

Whisperer Classic API Normalisation

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• Unified approach to different book structures
• Provide MF metafields for client configuration and flow mgt - User, Model iD
• Standardise client quote/order IDs across all venues

3.15

• Maker/Taker-perspective agnostic 
• Standardised Quote/Order/Deal representations
• Unify Order matching, ESP and RFS flows
• Standardised Regulatory Reqts support - DoddFrank/SEF, EMIR, MiFID II

Business Logic

• API Server - Order handling (Cum/LeavesQty tallying done internally (TBC I don't regard this as business logic by above definition), OrderCancelRejects handled internally, not passed to venues, also limits monitoring etc)
• Price Improvement - Trade on in-flight quotes not yet received by taker, superficially nice idea, but can of worms. See Analysis for PRODMGT-42 [Improve the handling and management of quote ID's in MD/Order submission].

Exceptions

There are obviously many aspects of the trading work flow that cannot be normalised. These are typically venue-specific behaviours or features, such as:

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