Change Summary
Mandatory Change
Background
ExecutionAcknowledgement/ 35=BN is commonly supported by most ECNs to ACK or NACK a client's ExecutionReport.We treat ExecutionAcknowledgement (and OrderTimeout) as the end of the order life cycle in the maker workflow (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 ExecutionAcknowledgement to notify the client 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 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_tex_maker
Change
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
- - UAT - MarketFactory will introduce the synthetic
ExecutionAcknowledgementfor clients to test the affected venues in UAT. - - PROD - Whisperer release 2025.09.16.WE with the synthetic
ExecutionAcknowledgementchange will be available for clients.
Whisperer Client Impact
Change Details
Whisperer clients trading on the Affected Venues will see the following change:
- In the absence of an ACK from the venue in response to a client
ExecutionReportwithExecType=FilledorRejected, a syntheticExecutionAcknowledgement/ 35=BN (withTradingFlags= Y) will be sent to the maker withExecAckStatus=Accepted.
ExecutionAck gaps addressed per venue:
| Venue | ExecutionAck Gaps | Change |
|---|---|---|
| A synthetic | |
| A synthetic ExecutionAcknowledgement will be sent to the maker with ExecAckStatus = Accepted. |
Synthetic ExecutionAck Exception
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.
Documentation
Overview
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