FIX Trading Community

 

 Remember me

Register  |   Lost password?

Derivatives

Discussions > Derivatives > Help -Wanted( info for commodities)

Help -Wanted( info for commodities)

Complete message thread from old site

Mahendra Kumar
20 April 2007 5:31am

Hi All,

Can any one help me for the below details for commonidities using FIX:

1) Which version supports commodities

2) what are the required tags to place an order for commodities

Regards,

Mahendra

Sunil Singh
23 April 2007 7:16am

Try to look into this link-" http://www.fixprotocol.org/functionality". I don't find comodities mentioned anywhere up till Fix 5.0

Regards,
Sunil

Mahesh Kumaraguru
23 April 2007 3:45pm

Hi Mahendra,

When there is talk of Commodities Trading, it about Futures and Options. Refer investopedia definition at

http://www.investopedia.com/terms/c/commodity.asp

[quote from investopedia]

2. The sale and purchase of commodities is usually carried out through futures contracts on exchanges that standardize the quantity and minimum quality of the commodity being traded. For example, the Chicago Board of Trade stipulates that one wheat contract is for 5,000 bushels and also states what grades of wheat (e.g. No. 2 Northern Spring) can be used to satisfy the contract.

[/quote from investopedia]

A very goog article explaining origin / history of commodities trading is available at

http://en.wikipedia.org/wiki/Commodity_markets

For FIX protocol support for Futures and Options refer

http://fixprotocol.org/functionality

Hope this answers your question. Feel free to post any more questions you have.

regards,
K. Mahesh
+1-203-252-4039

>
> Hi All,
>
> Can any one help me for the below details for commonidities using FIX:
>
> 1) Which version supports commodities
>
> 2) what are the required tags to place an order for commodities
>
> Regards,
>
> Mahendra

Sunil Singh
24 April 2007 3:27am

Mahesh,
Those were some really knowledgeable links that you've given. Can you provide some FIX logs for commodity futures starting from New order to order ack and then fill. That would really help. We already have logs w.r.t. futures and options trading pertaining to securities and Index. Just wanted to know how is it different from commodities.

Regards,
Sunil

Girish Kumar
25 April 2007 1:24pm

> Hi Mahendra,
>
> When there is talk of Commodities Trading, it about Futures and Options.
> Refer investopedia definition at
>
> http://www.investopedia.com/terms/c/commodity.asp
>
> [quote from investopedia]
>
> 2. The sale and purchase of commodities is usually carried out through
> futures contracts on exchanges that standardize the quantity and minimum
> quality of the commodity being traded. For example, the Chicago Board of
> Trade stipulates that one wheat contract is for 5,000 bushels and also
> states what grades of wheat (e.g. No. 2 Northern Spring) can be used to
> satisfy the contract.
>
> [/quote from investopedia]
>
> A very goog article explaining origin / history of commodities trading
> is available at
>
> http://en.wikipedia.org/wiki/Commodity_markets
>
> For FIX protocol support for Futures and Options refer
>
> http://fixprotocol.org/functionality
>
> Hope this answers your question. Feel free to post any more
> questions you have.
>
> regards,
> K. Mahesh +1-203-252-4039
>
> >
> > Hi All,
> >
> > Can any one help me for the below details for commonidities
> > using FIX:
> >
> > 1) Which version supports commodities
> >
> > 2) what are the required tags to place an order for commodities
> >
> > Regards,
> >
> > Mahendra

Hi mahesh

Can you please help me in commodities trading through FIX and if you have any logs relating to this you can send me on my email id. early response much appreciated.

Regards
Girish

Mahesh Kumaraguru
2 May 2007 5:10pm

Hi Girish, Sunil,

Unfortunately I do not have any logs for these. Hope any of the other members could provide these to you.

Regards,
Mahesh
+1-203-252-4039

Wissam BEN
31 October 2016 2:45pm

Hi All,

please i'm having a little issue while expressing quantities for commodities.

In commodities markets, base metals for example, quantities are expressed in "lots", each lot refers to a different amount of metric tons depending on the underlying, examples :

- For Aluminium, 1 lot is 25 tons
- for Nickel, 1 lot is 6 tons ...

Could you please help me express this in fix messages, as I would like the quantity to be expressed in "lots", but to be clear it refers to a certain amount of metric tons depending on the underlying.

Thank you.

Regards,
Wissam.

Javier Ibarra
31 October 2016 3:04pm

Hello,

One approach could be if you specify, in the security list or security definition, tags 996 and 1147 (UnitOfMeasure and UnitOfMeasureQty), there you could specify how is defined each unit.

So your trading could still be traded in the units that you define and those units are defined with the UnitOfMeasure and UnitOfMeasureQty tags.

Regars

Wissam BEN
31 October 2016 3:36pm

thank you very much Javier,

However, how would I express the lots in my spec ?

let's take an example :

if a client wants to trade 10 lots of aluminiun, if I understand what you said, there should be :

38 = 10
996 = t (metric tons)
1147 = 25

but how would I mention that the quantity he requested is 10 LOTS so he doesn't get mistaken it's 10 tons ?

Thank you.
Regards,
Wissam.

Javier Ibarra
31 October 2016 4:54pm

Well, that would depend on how you're specifying the security list. In the security list you could define, for instance:

35=y
55=Symbol_A
996=t
1147=25

So, with that, you will define that Symbol_A will be handled by using that configuration of tons and qty per ton.

And, in the trading you can send:

35=D
55=Symbol_A
38=10

So, your engine or application, behind the gateway should understand that Symbol_A should handle the Qty multiplying it by 25 tons.

Regards

Wissam BEN
31 October 2016 5:26pm

thank you very much Javier.
Much appreciated !

Javier Ibarra
31 October 2016 6:40pm

You're welcome.