Since the year 2000, the Caracas Stock Exchange has been using the Fix Protocol v4.1 (Financial Information eXchange protocol) as the standard protocol for the broadcast of real time data to the information difusers.
The Fix Protocol (www.fixprotocol.org) was proposed (implemented, established) in 1992 by a group of institutions and brokers interested in updating the processes that they executed. This firms felt that they and the whole industry could benefit of the indicators, the orders and the executions over an electronic comunication. Fix is a open standard message that is not controled by any organization, and can be structured to answer the business requirements of any enterprise.
Nowadays the Fix Protocol is supported by the principal financial firms in the USA, Europe and Japan.
With the implementation of the Fix Protocol, the broadcast capacities over the Internet have been improved remarkably, reducing maintenance costs caused by comunication infrastuctures based mainly on dedicated lines, obviously taking acount all securities restrictions implied.
-Figure 1-
In Figure 1 the Fix Protocol implementation scheme can be observed, and the information broadcast over the Internet can be observed as well.
The advantages that this new comunications architechture based on the Fix protocol has to offer are:
- The use of the TCP/IP protocol allows that anyone in the Internet may have access to the broadcasted information from the Caracas Stock Exchange at a lower cost.
- The new platform will allow the clients that connect under the new scheme to enjoy a bidirectional comunications with the Caracas Stock Exchange. By soporting a bidirectional comunication each session may be individualized, with which the new platform will allow reception problems to be handled by the comunication protocols. The information rebroadcast will be made automaticaly, even during the market session.
- Information profiles may be defined depending on the particular needs of the Data Vendors, as well as the services that they wish to contract; every client will be assigned one of this profiles. This characteristic will also allow the restriction the kind and flow of information that certain Data Vendors will be able to receive. This will also allow the Data Vendors to receive only the information that they want, avoiding the investment in time and resources to process and discharge data that is not of their interest and usefullness in their business processes.
- A special type of profile that provides information with certain delay in respect to market session dinamics may be defined under this scheme; which is known as delayed information.
- Managing independent connection to different Data Vendors will be allowed, with which is possible to establish an administrative arquitechture of different connections that allows to identify and resolve problems that may arise in the comunication in a rapid and efficient way, and thus to elevate the quality of the service that is offered to the Data Vendors.
EXAMPLE OF A VALID FIX MESSAGE
8=FIX.4.1<SOH>9=84<SOH>35=BVCNE<SOH>49=BVC<SOH>56=DV<SOH>34=1<SOH>43=N
<SOH>52=19990919-23:00:00<SOH>5001=EDC<SOH>5002=1000<SOH>5003=290.00<SOH>
10=134<SOH>
TIPES OF MESSAGES GENERATED IN THE DATA FEED
The messages generated by the transaction system are clasiffied in two, messages of fixed income and variable income. Following is a brief description of each one of the messages to be transmitted.
VARIABLE INCOME MESSAGES
Within the Variable Income records available in the format the following may be found:
- Record of VARIABLE INCOME NEGOTIATION: Record that corresponds to the transactions between members of the exchange during a market session. The frequency of the record will depend on the number of transactions during the schedule between the opening and the closing of the market.
- Record of VARIABLE INCOME NEGOTIATION CANCELLATION: Record that corresponds to the cancellations of the operations previously contracted in the market. The frequency of the record will depend on the execution of the cancellation action during the market session.
- Record of VARIABLE INCOME POSITIONS: Record that corresponds to the six best positions of the Orders Book of the transactions system. The frequency of the record will depend on the market dynamics if any of the best six positions in the Orders Book are affected. The messages will be sent during the market session.
- Record of VARIABLE INCOME VALUES: Record that corresponds to the information of the negotiable simbols. These records will be shown at the start of the processes, in other words, before the Pre-Opening, and aditionaly will be found during the market session as long as any of them observe an update on its master.
- Record of VARIABLE INCOME CLOSING: Record that contains the summarized information of each symbol at the end of the market session. It contains information of the total negotiated stocks, negotiated volumes, openings, closings and variations of each symbol that interacted on the market.
- Record of VARIABLE INCOME MARKET INFORMATION: Record that contains the information of the market, in other words, its situation. It informs the market daily the opening and closing of each type of market, and eventually a "market not available" may be shown, which indicates that the Variable Income Market has been temporaly put on halt by the Market Department. Aditionaly, other situations take place, like "Adjustment Start and Finish" that mainly go associated to the Type pf Market Fixing.
- Record of VARIABLE INCOME ESTIMATION: Record that corresponds to the opening price estimations of the symbol in the Pre-Opening period.
- Record of INDEX: Record that contains the information of the variations of the General, Industrial and Financial Indices. It also informs of every register from which the change comes from, in other words, it calculates the estimated opening index in the pre-opening period, also in the session, each change in the index is affected by a negotiation, and at the end it shows the closing index for the session. (see Tag 6098)
- Record of TEXT MESSAGE: Record that contains the market news generated by the Market Division of the Caracas Stock Exchange, which contain relevant market information.
FIXED INCOME MESSAGES
Within the Fixed Income records available in the format the following may be found:
- Record of FIXED INCOME NEGOTIATION: Record that corresponds to the transactions between members of the exchange during a market session. The frequency of the record will depend on the number of transactions during the schedule between the opening and the closing of the market.
- Record of FIXED INCOME POSITIONS: Record that corresponds to the three best positions of the Orders Book of the transactions system. The frequency of the record will depend on the market dynamics if any of the best three positions in the Orders Book are affected. The messages will be sent during the market session.
- Record of FIXED INCOME VALUES: Record that corresponds to the information of fixed income simbols. These records will be shown only at the start of the market, in other words, before the market Pre-Opening, and they will be not generated during the market session.
- Record of FIXED INCOME MARKET INFORMATION: Record that contains the information of the market, in other words, its situation. It daily informs the market of the market opening and closing, and eventually a market not available may be shown, which indicates that the Fixed Income Market has been temporaly put on halt by the Market Department.
The subscription is by a signed agreement contract between the two parties.
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