Trade Capture Report, Trade Capture Report Acknowledgement and Trade Capture Report Rejection Methods on FIX module

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In the FIX protocol, a Trade Capture Report (TCR) is a message that is used to report the details of a trade that has been executed between two parties. The TCR message is typically sent by the party that has executed the trade, such as a broker or an exchange, to the counterparty that was involved in the trade.

The TCR message contains a number of fields that provide information about the trade, including:

Trade ID: A unique identifier for the trade Trade Date: The date on which the trade was executed Symbol: The security or instrument that was traded Side: Whether the trade was a buy or a sell Quantity: The number of units of the security that were traded Price: The price at which the trade was executed Currency: The currency in which the trade was denominated Trade Type: Whether the trade was an outright trade or a derivative trade, such as an option or a futures contract Settlement Date: The date on which the trade will settle The TCR message can also include other optional fields, such as commission or fees associated with the trade.

The TCR message is an important part of the trade confirmation and settlement process, as it provides a record of the details of the trade that can be used to reconcile the trade between the two parties and to ensure that settlement occurs smoothly and efficiently.

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In the FIX protocol, after a Trade Capture Report (TCR) message has been sent by the party that has executed the trade, the counterparty that was involved in the trade typically responds with a Trade Capture Report Acknowledgement (TCRACK) message to confirm that the TCR message has been received and processed.

The TCRACK message contains a number of fields that mirror the fields in the original TCR message, as well as some additional fields that provide information about the status of the acknowledgement, including:

Trade Report ID: A unique identifier for the TCR message being acknowledged Trade ID: The unique identifier for the trade Trade Date: The date on which the trade was executed Symbol: The security or instrument that was traded Side: Whether the trade was a buy or a sell Quantity: The number of units of the security that were traded Price: The price at which the trade was executed Currency: The currency in which the trade was denominated Trade Type: Whether the trade was an outright trade or a derivative trade, such as an option or a futures contract Status: A code that indicates whether the acknowledgement is an acceptance or rejection of the TCR message Text: An optional field that can be used to provide additional information about the acknowledgement status The TCRACK message is an important part of the trade confirmation and settlement process, as it provides a confirmation that the trade details have been received and acknowledged by the counterparty, helping to ensure that the trade settles smoothly and efficiently.

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is it after a trade has happens that parties will make use trade capture report?

Yes, in the FIX protocol, the Trade Capture Report (TCR) message is used to report the details of a trade that has already occurred between two parties. The TCR message is typically sent by the party that executed the trade to the counterparty or parties involved in the trade.

The TCR message contains information about the details of the trade, including the security or instrument that was traded, the price at which the trade was executed, the quantity of the security that was traded, and any other relevant information about the trade. The TCR message is used to confirm the details of the trade and to provide a record of the trade that can be used for reconciliation and settlement purposes.

Once the TCR message has been sent, the counterparty or parties involved in the trade typically respond with a Trade Capture Report Acknowledgement (TCRACK) message to confirm that the TCR message has been received and processed. This helps to ensure that both parties have an accurate and up-to-date record of the trade and can take any necessary actions to reconcile and settle the trade.

In summary, the TCR message is used after a trade has occurred to report the details of the trade to the parties involved, and it is an important part of the trade confirmation and settlement process in the FIX protocol.

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A Trade Capture Report (TCR) message can be rejected by the counterparty, and the requesting party should be prepared to handle both successful and unsuccessful responses.

If the counterparty is unable to fulfill the request, they may respond with a Trade Capture Report Request Ack (TCRRA) message indicating that the request was rejected. The TCRRA message may contain a reason for the rejection, such as an invalid request, unsupported request type, or insufficient permission to access the requested data.

In addition to rejection, the counterparty may also respond with a Trade Capture Report (TCR) message that contains partial information about the requested trades. For example, if the counterparty is unable to provide all of the requested information, they may provide what information they can and indicate which fields are missing.

It is important for the requesting party to review the response message and take appropriate action based on the information provided. If the request was rejected, the requesting party may need to revise the request and send it again or seek out the requested information from another source.