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changes.mady.by.user Unknown User (aagoro)

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changes.mady.by.user Kamakshi Sachdeva

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Comment: Published by Scroll Versions from this space and version 1.5.96

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  1. Venue Accepts Maker Trade - this is essentially confirming the trade has been completed successfully
  2. Venue Rejects Maker Trade -  this may happen for a variety of reasons - e.g. mandatory regulatory fields are incorrect.
  3. Venue Accepts Maker Rejection -  this is essentially a simple acknowledgment that no trade has been completed.
  4. Venue Rejects Maker Rejection - the Venue was unable to propery process therejection for some reason. This is an indication of a serious system error.

If It should be noted that there is a lot of variation in how this terminal message is used across the venues:

  • Some venues will only send 1. E.g. Bloomberg
  • Some Venues will only send 1. or 2. E.g. CboeFX.
  • Some Venues will send all variants. E.g. Currenex RFS
  • Some Venues may not use this message at all.


Info

In the absence of an ExecutionAck from the venue, Whisperer generates a synthetic ExecutionAck messages for Filled and Rejected orders.

Please note that the synthetic ExecutionAck from Whisperer does not apply to the Firm trading workflow, where the venue notifies (the maker) of the fills using ExecutionReport in response to MassQuote from the maker.

Please refer to 2025-09-16 - Post-Trade Normalisation (Execution Context) - Synthetic ExecutionAcknowledgement for more infoAt present Whisperer does not  generate synthetic ExecutionAck messages  as it is not possible to ensure uniformity, or know the actual venue state with any certainty.


Warning
titleManual Intervention Required

Should the Client receive an ExecutionAck (Rejected) message, then this is indicative of a serious condition that requires urgent rectification. The Client system should send a an urgent notification to relevant support teams that manual intervention is required.

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Note
titleLast-Look vs Firm Trading

The messages flows documented here illustrate illustrates a standard "Last-Look" trading model.

"Firm" trading is possible on some Venues and comprises standard MassQuote provision alongside receipt of ExecutionReport messages from the Venue notifying the maker of the fills.

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