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Are you engineering graduate? Do you have wide exposure in Java programming language? Are you interested to work as Java developer? Then log on to www.wisdomjobs.com and trace your job. Fix protocol is an electronic communications protocol initiated in 1992 for international real time exchange of information related to the securities transactions and markets. It is used mostly in business-to-business transactions. Fix protocol developer should have strong analytical and problem-solving skills, very good at oral and written skills. So, all job seekers who are interested to work as fix protocol developer, fix protocol specialists, fix connectivity analyst, senior fix engineer etc, can have a look at the Fix protocol job interview questions and answers given below and attend the interview with positive attitude.
Warrant is a financial product which gives right to holder to Buy or Sell underlying financial security, its similar to option with some differences e.g. Warrants are normally issued by banks while options are primarily traded in exchange.
In Simple term Settlement means money will deducted from buyers and account and security(Shares) will be credited to his account , normally Settlement occurs after few days of trade date for most of the exchange its T+3 (i.e. Three days after trade date) , T denotes Trade date means the date on which transaction has taken place.
For some of the exchanges e.g. NSE India, SEHK Hongkong its T+2.
When Clients connect to broker via FINANCIAL INFORMATION EXCHANGE (FIX) protocol, there FIX engine connects to each other, while setting up and during further communication many issues can occur below are some of most common ones:
Sequence Number is very important concept of FINANCIAL INFORMATION EXCHANGE (FIX) protocol which essentially provides it Recovery and replay functionality and ensures that no message will lose during transmission or communication. In FINANCIAL INFORMATION EXCHANGE (FIX) protocol every message contains a unique sequence number defined in tag 34. Logically we can divide sequence number into two Incoming and Outgoing Sequence number.
Incoming sequence number is the number any FIX Engine expecting from Counter Party and Outgoing sequence number is the number any FIX engine is sending to Counter Party.
If Client FIX Engine connects to Broker Fix Engine with Sequence Number higher than expected (e.g. broker is expecting Sequence Number = 10 and Client is sending = 15). As per FINANCIAL INFORMATION EXCHANGE (FIX) protocol Broker will accept the connection and issue a Resend Request (MsgType=2) asking Client to resend missing messages (from messages 10 -15) , Now Client can either replay those messages or can issue a Gap Fill Message (MsgType=4 as per FINANCIAL INFORMATION EXCHANGE (FIX) protocol) in case replaying those messages doesn't make any sense (could be admin messages e.g. Heartbeat etc).
Funari is very popular Order type commonly used in Japanese and Korean market , its denoted by OrdType=I in FIX protocol , In Funari Order type Order will remain in Market as Limit Order but during Market Closing period , if there is any unexecuted quantity then it will turn into a Market Order.
In Exchanges every Security traded in lot e.g. lot of 1, 10 or 100 or 1000. These are called Board lots and while placing order clients need to send Order quantity multiple of Board lot. If Clients sends any Order which is not a multiple of Board lot then its called Odd lot.
If Client FIX engine connects to broker FIX engine with Sequence No lower than expected than broker FIX engine will disconnect the connection. As per FINANCIAL INFORMATION EXCHANGE (FIX) protocol client then may try by increasing its sequence Number until broker accepts its connection.
As per FINANCIAL INFORMATION EXCHANGE (FIX) protocol PossDupFlag (tag 43): indicates possible retransmission of message with this sequence number valid value:
Y = Possible duplicate
N = Original transmission
PossResend (tag 97): Indicates that message may contain information that has been sent under another sequence number.
Question 11. You Have Bought A Stock At Inr 100 And Want To Sell It As Soon As It Hits Inr 110. If You Want To Guarantee That Your Sell Order Is Filled, Which Of The Following Types Of Order Should You Place?
In this case you cannot use limit order because limit order doesn't guarantee execution if there are similar LIMIT order exists then it will wait for its turn. You cannot either use Market Order because it didn't give you Price guarantee and will fill on current price. Solution is to use "STOP" order with stop price 110, as soon as price reaches 110 it will get activate but in case of high volatility it can fill more or less 110 if price is moving very fast.
Fill or Kill (FOK) and Immediate or Cancel (IOC) orders are types of order which either executed immediately or get cancelled by exchange. TimeInForce (tag 59) in FINANCIAL INFORMATION EXCHANGE (FIX) protocol is used to mark an order as FOK or IOC.
Main difference between FOK and IOC Order is that FOK demands full execution of order i.e. all quantity has to be filled while IOC order is ready to accept partial fills also.
STP is abbreviation of "Straight through processing" which denotes trading systems which requires either no manual interaction or some manual interaction for whole trade life cycle e.g. everything after submission of Order e.g. processing, execution, booking, allocation, settlement occurs automatically.
NON STP systems require manual interaction on some phases of trade life cycle e.g. booking or settlement.
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