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  1. Bursa Assist
  2. BTS3
  3. Message Specifications

Message Specifications

  • Can the new Specialized Quote Interface (SQF) protocol provide an alternative mechanism for mass cancellation?
  • How much faster is SQF compared to FIX?
  • Can SQF be used even for a single-level quote?
  • Is SQF mandatory and will FIX remain fully supported?
  • Is SQF intended to be the long-term market maker interface for Bursa?
  • Are the Transaction Per Second (TPS) or throttle limits the same for FIX and SQF market making?
  • Will the likely future architecture be FIX/SP2 for retail OMS, FIX/MDF for institutional participants, and SQF for market makers?
  • Is the Security Definition information the same between FIX Order Entry and Market Data feeds?
  • For unchanged trading functionality, can FIX messages or tags remain exactly the same as BTS2?
  • Are FIX changes limited to business fields, or do they also affect FIX sessions, workflows and sequencing?
  • Does Bursa Masa News (FIX 35=B) continue to be available through ITCH or MDF?
  • Can Bursa publish all FIX message changes, including Drop Copy changes, in a separate document?
  • Will FIX eventually be phased out, and if so, when?
  • After removal of AD/AQ from FIX, will there be reliance only on resend requests for DBT history?
  • Can firms subscribe to both Market Data Feed (MDF) and ITCH simultaneously, or must they choose only one?
  • Will message specifications for ITCH and MDF be shared after the briefing?
  • Can Bursa provide test data for ITCH and MDF before connectivity testing?
  • Can ITCH MBP and ITCH MBO subscriptions be maintained concurrently in the production environment?
  • Will Market By Price (MBP) messages on MDF be sent in real time or in intervals?
  • Will market participants be able to identify their own orders in the Market By Order feed?
  • Will queue position information be available to identify which queue number an order occupies at a price level?
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