FIX 35=s refers to a specific message type within the Financial Information eXchange (FIX) protocol, where ’35’ is the Tag for ‘MsgType’ and ‘s’ is its value, signifying a ‘Market Data Request Reject’ message. This message communicates to a client that their request for market data could not be processed or fulfilled by the counterparty system.
Mechanism
In a crypto trading system utilizing FIX, when a client sends a Market Data Request (MsgType=V), and the receiving system (e.g., an exchange or OTC desk) encounters an issue—such as an invalid subscription, insufficient permissions, or an unavailable instrument—it responds with a FIX 35=s message. This response mechanism ensures clear error handling and communication regarding data provision failures, maintaining protocol integrity.
Methodology
The use of FIX 35=s is a standard component of robust FIX message flow management, enabling automated trading systems to detect and react to data access problems. Systems architects integrate this message type into error handling logic to inform traders of unavailable data feeds, allowing for either re-submission of the request, adjustment of trading parameters, or logging of the failure for diagnostic purposes, thereby sustaining operational stability in crypto RFQ and options trading.
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