The Lab

Expand all   Collapse all

Versions Compared

Old Version 7

changes.mady.by.user Matthew Whitaker

Saved on

compared with

New Version Current

changes.mady.by.user Matthew Whitaker

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

...

Maker clients are associated with a arbitrary sets of Tiers, rather than a single Scheme. This has a great deal of inherent flexibility, but means that a substantial number of tiers are required in order to exactly replicate a 'standard' model on another venue. For example to deliver 5-rung Gold, Sliver, Bronze pricing across all pairs in Currenex you would need 15 separate Tiers. 

...

Unlike other venues, the Maker is thus responsible for the fan-out of their standard volume-laddered quotes across individual Currenex Tiers.


Info
titleWhy Can't Whisperer 'Normalisation' not support Support Currenex Stacked Pricing?


MarketFactory has done the necessary business analysis to define considered the feasibility of offering a model to allow the Maker customer to deliver a MassQuote Ladder as per other venues.This model necessarily requires additional :

    • Additional MarketFactory configuration would be required to map between multiple Currenex Tiers (agreed between Currenex and Maker) and custom pricing Scheme names (agreed between Maker and MarketFactory).
In addition the solution is necessarily brittle - for example,
    • The current pass-thru of Tier names and QuoteRequest IDs from Currenex to the Maker would most likely not be possible to retain - leading to increased opacity when Support team interaction is required.
    • Whisperer must accumulate the necessary Currenex subscription requests before sending a single QuoteRequestMessage to the Maker
and
    • for the full Ladder. It cannot be guaranteed to correctly handle scenarios when there is a mismatch of configuration between Maker and Currenex, or the maker MassQuote contains more rungs than expected, and so on.

For these reasons we have, to date, elected not to implement this feature. However should a customer have a strong interest in the detail additional information is available, on request.

...