<div dir="ltr"><div class="gmail_default" style="font-size:small;color:rgb(0,0,0)">Yes.  If you are still unsure, you should confirm with your counterparty that this is what they expect.</div><div class="gmail_default" style="font-size:small;color:rgb(0,0,0)"><br></div><div class="gmail_default" style="font-size:small;color:rgb(0,0,0)"><div class="gmail_default">Anything relating to the interpretation of values within valid messages is specific to the sender and receiver.</div><div><br></div></div><div class="gmail_default" style="font-size:small;color:rgb(0,0,0)">FIX is a very fudgy standard, and so you really need to think of FIX as nothing more than a messaging protocol that comes with a list of pre-defined messages.  These pre-defined messages are, at best, suggestions, and in practice most counterparties do customizations to those messages.  Some counterparties do things with FIX that are technically wrong (sometimes by accident, but sometimes on purpose).</div><div class="gmail_default" style="font-size:small;color:rgb(0,0,0)"><br></div><div class="gmail_default" style="font-size:small;color:rgb(0,0,0)"><br></div><div class="gmail_default" style="font-size:small;color:rgb(0,0,0)">-Grant</div></div><div class="gmail_extra"><br><div class="gmail_quote">On Wed, Jun 17, 2015 at 5:10 AM, Nicholas Tucker <span dir="ltr"><<a href="mailto:ntucker@mercuria.com" target="_blank">ntucker@mercuria.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">




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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">Hi,</span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">Could someone help me with a question regarding the MarketDataIncrementalRefresh message. I have read the following:</span></p>
<p class="MsoNormal" style="margin-left:.5in"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">“For example, assume ten bids for a security ….. Adding a bid with</span><a href="http://btobits.com/fixopaedia/fixdic50/tag_290_MDEntryPositionNo_.html" target="_blank"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#003399;background:white">MDEntryPositionNo (290)</span></a><span><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white"> </span></span><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">=
 4 requires the receiver to shift down other<span> </span><span><b>Market</b></span><span> </span><span><b>Data</b></span><span> </span>Entries,
 i.e. the<span> </span><span><b>Market</b></span><span> </span><span><b>Data</b></span><span> </span>Entry in the 4th display position
 will shift to the 5th, the 5th shifts to the 6th, etc. until the 10th shifts to the 11th. The sender must NOT send a modification of all MDEntries in the 4th through 10th positions just to update the<span> </span></span><a href="http://btobits.com/fixopaedia/fixdic50/tag_290_MDEntryPositionNo_.html" target="_blank"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:#003399;background:white">MDEntryPositionNo (290)</span></a><span><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white"> </span></span><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">field
 ; the recipient must infer the change”</span></p>
<p class="MsoNormal" style="margin-left:.5in"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">From <a href="http://btobits.com/fixopaedia/fixdic50/message_Market_Data_Incremental_Refresh_X_.html?version=5.0&q=Market+Data+-+Incremental+Refresh" target="_blank">http://btobits.com/fixopaedia/fixdic50/message_Market_Data_Incremental_Refresh_X_.html?version=5.0&q=Market+Data+-+Incremental+Refresh</a></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">Is it up to the receiver to realize that the  11^th bid is now out of the range and must be removed or does the sender have to send
 a delete for that bid?</span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white"> </span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">Thanks,</span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black;background:white">Nick</span><span style="color:#1f497d"></span></p>
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<p><small>The message may contain confidential information, any reproduction or dissemination is strictly prohibited. The message does not constitute advice, whether tax, legal, accounting or otherwise. If you have received a message in error please notify
 sender immediately and delete it. </small></p>

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<br></blockquote></div><br><br clear="all"><div><br></div>-- <br><div class="gmail_signature"><div><font size="2"><span style="background-color:#000000"><span style="background-color:#ffffff">Grant Birchmeier</span></span></font><font size="2"><font color="#3333ff"><br></font></font></div><div><font size="2"><b><font color="#3333ff"><span style="background-color:#ffcc33"><span style="background-color:#ffcc66"><span style="background-color:#ffcc99"><span style="background-color:#ffffff"><span style="background-color:#ffcc00">Connamara Systems, LLC</span></span></span></span></span></font></b></font><br></div><div><font size="2"><b>Made-To-Measure Trading Solutions.</b></font></div><div><font size="2">Exactly what you need. No more. No less.</font><font size="2"><b><font color="#3333ff"><br></font></b></font></div><div><font size="2"><a href="http://connamara.com" target="_blank">http://connamara.com</a><br></font></div></div>
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