Imported from previous forum
[ original email was from John Harris - john.harris@bondmart.com ]
AllocAcctIDSource (Tag ID 661) has obvious value, e.g., for situations in which an investment advisor executes a block trade with a dealer but has inadvertently neglected to establish one or more of the destination accounts with that dealer prior to execution of the block. On the other hand, how would an application for AcctIDSource (Tag ID 660) ever arise? I cannot conceive of a situation in which a trade could be electronically executed for a primary account, without the account having been established in the first place, thereby mooting the need for AcctIDSource. Thank you.
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
John,
These changes are among the Fixed Income recommendations. Today two counterparties will have agreed how buyside accounts will be identified, but the source of synonymous identifiers will vary from one firm to the next - adding some complexity and guesswork to the allocation process. Anticipating the advent of the VMUs and the convergence of FIX and ISO 15022, we wanted to provide a way to clarify the idenfier source consistent with the way identifiers are qualified in ISO 15022.
> AllocAcctIDSource (Tag ID 661) has obvious value, e.g., for situations in which an investment advisor executes a block trade with a dealer but has inadvertently neglected to establish one or more of the destination accounts with that dealer prior to execution of the block. On the other hand, how would an application for AcctIDSource (Tag ID 660) ever arise? I cannot conceive of a situation in which a trade could be electronically executed for a primary account, without the account having been established in the first place, thereby mooting the need for AcctIDSource. Thank you.
>
[ original email was from Dean Kauffman - dean.kauffman@tradeweb.com ]
> John,
>
> These changes are among the Fixed Income recommendations. Today two counterparties will have agreed how buyside accounts will be identified, but the source of synonymous identifiers will vary from one firm to the next - adding some complexity and guesswork to the allocation process. Anticipating the advent of the VMUs and the convergence of FIX and ISO 15022, we wanted to provide a way to clarify the idenfier source consistent with the way identifiers are qualified in ISO 15022.
>
> > AllocAcctIDSource (Tag ID 661) has obvious value, e.g., for situations in which an investment advisor executes a block trade with a dealer but has inadvertently neglected to establish one or more of the destination accounts with that dealer prior to execution of the block. On the other hand, how would an application for AcctIDSource (Tag ID 660) ever arise? I cannot conceive of a situation in which a trade could be electronically executed for a primary account, without the account having been established in the first place, thereby mooting the need for AcctIDSource. Thank you.
> >
>