Background

ExecutionAcknowledgement/ 35=BN is commonly supported by most ECNs to ACK or NACK the a client's ExecutionReport. MarketFactory considers the ExecAck We treat ExecutionAcknowledgement (and OrderTimeout) as the end of the trade order life cycle on in the maker workflow (where the MF please refer ESP/RFS/RFQ State Transition Model), where Whisperer clients are the market makers).

However, Integral is an anomaly and does not send an an ExecutionAcknowledgement to notify that the client ExecutionReport is accepted or rejected. that their ExecutionReport was Accepted. Several other ECNs do not support ExecutionAcknowledgement when the order was Rejected by the maker.

To normalise the order lifecycle in the maker workflow, MarketFactory will introduce a synthetic ExecutionAcknowledgement  ExecutionAcknowledgement in the maker gateways to address the gaps in venue behaviour.

Affected Venues

• cboefx_fixproxy
• fxall_activetrading_maker
• fxall_quicktrade_maker
• integral_esp_maker
• integral_rfs_maker
• lseg_fxall_maker
• t360_supersonic_maker
• t360_gtx
• t360_tex
• t360_tex_maker

Change

Timeline

To address a normalisation gap in the maker workflow order lifecycle, MarketFactory will introduce a synthetic ExecutionAcknowledgement, in the absence of a venue ACK, in response to the maker's Filled or Rejected ExecutionReport.

Timeline

• 12 Sept 10 Feb 2025 - UAT - No support for USI in all 360T APIs and platforms. MarketFactory will introduce the synthetic ExecutionAcknowledgement for clients to test the affected venues in UAT.
• 16 Sept 14 Mar 2025- PROD - Whisperer release 2025.0309.XX16.WE with the synthetic ExecutionAcknowledgement change will be available for clients to ensure the client systems can handle the changes introduced by MarketFactory to process venue RegulatoryTradeIDs as a UTI and not a USI.