About tag 60 and tag 75.

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1

Imported from previous forum

2

We are starting to use FIX and have the following questions :

  1. Does Tag 60(transact time) indicate date & time of order creation/execution on the trading floor or on Broker system?
  2. In which scenarios the date in tag 60(transact time) is different from tag 75(trade date).

Sabrina Riva
Giuseppe Corti
Software Company s.r.l.
socotek@socosoft.it

3

Hi,

Tag 60 (Transact Time) is represented as UTCTimestamp i.e. in the format YYYYMMDD-HH:MI:SS.sss and Tag 75 (Trade Date) is represented as LocalMktDate (YYYYMMDD format).

Generally Transact time is used to calculate Response time for orders. But I believe, Trade date is just an informational field.
From FIX 4.2 Version, Transact Time is a mandatory field for order placing and it also includes the millisecond in UTCTimestamp.

Vijay.

> We are starting to use FIX and have the following questions :
> 1. Does Tag 60(transact time) indicate date & time of order creation/execution on the trading floor or on Broker system?
> 2. In which scenarios the date in tag 60(transact time) is different from tag 75(trade date).
>
> Sabrina Riva
> Giuseppe Corti
> Software Company s.r.l.
> socotek@socosoft.it
>
>

4

[ original email was from Ryan Pierce - rpierce@taltrade.com ]
To further elaborate:

Because TransactTime is expressed in UTC, the date may disagree with date that the market knows. A trade placed late at night in a New York market on September 17th (the TradeDate) is going to have a TransactTime in the early hours of September 18th UTC.

TradeDate is more of a business concept than a technical one. For example, a market may consider after hours trades to be done on the following business day. In that case, TradeDate could represent this, and may differ substantially from TransactTime (i.e. a Friday night trade being considered as done on a Tuesday due to a holiday Monday.)

5

Tag 60 refers to the timestamp of the order when it is created/executed on the system that is generating the order.

Tag 75 refers to what day the Order was placed…

Cheers,
Mohammad

> We are starting to use FIX and have the following questions :
> 1. Does Tag 60(transact time) indicate date & time of order creation/execution on the trading floor or on Broker system?
> 2. In which scenarios the date in tag 60(transact time) is different from tag 75(trade date).
>
> Sabrina Riva
> Giuseppe Corti
> Software Company s.r.l.
> socotek@socosoft.it
>
>