BEST instead of JOIN orders...

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Imported from previous forum

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[ original email was from Johan Becker - johan.becker@neonet.se ]

What OrderType is to be used if ExecInst = T, Fixed Peg to local best bid or offer. This is a JOIN order, but I want to use this for a BEST order instead (One tick better than the best bid or offer). Can OrderType be set to: P?

All the best,
Johan Becker

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If ExecInst = T then OrderType can be set to P. The FIX protocol clearly states that. If OrdType=P, exactly one of the following values (ExecInst = L, R, M, P, O, T, or W) must be specified. An ExecInst = T will as you say constitute a JOIN order meaning Fixed Peg to Local best bid or offer at time of order.
In my opinion for doing a BEST order that is one tick better than the best bid or offer, you will have to play around with the PegDifference tag. Correct me if I have misunderstood, everything else will remain the same the PegDifference would offset the price to a level lower or higher than the best bid or offer.

Kashif Awan,
kashif.awan@kolachi.net.
Manager Electronic Connectivity,
Kolachi Advanced Technologies.
www.kolachi.com.

>
> What OrderType is to be used if ExecInst = T, Fixed Peg to local best bid or offer. This is a JOIN order, but I want to use this for a BEST order instead (One tick better than the best bid or offer). Can OrderType be set to: P?
>
> All the best,
> Johan Becker
>