Imported from previous forum
[ original email was from Darren Nash - darren.nash@cba.com.au ]
Hi,
Does anyone know what’s the best way for clients to present whether they want to route orders direct to the market or through an internal best market router? Are there any tags which define such a route.
Thanks,
Darren
Hi Darren,
Does anyone know what’s the best way for clients to present whether they want to route orders direct to the market or through an internal best market router? Are there any tags which define such a route.
I would expect to use the field 100/ExDestination.
If it is not given, then it is best execution (internal market router?),
otherwise you explicitly specify the execution venue.
Regards, Jörg
21=3 (HandlInst = best execution) seems more appropriate.
Xavier.
Hi Darren,
Does anyone know what’s the best way for clients to present whether they want to route orders direct to the market or through an internal best market router? Are there any tags which define such a route.
I would expect to use the field 100/ExDestination.
If it is not given, then it is best execution (internal market router?),
otherwise you explicitly specify the execution venue.Regards, Jörg
Yes, 21/HandlInst tell whether to place the order directly in the
market (DMA, value 21=1) or whether the order is manually executed
by a trader (21=3), who is expected to do the best execution.
But I was thinking that Darren wanted to submit a specific market place
instead the place selected by the broker / network.
Jörg
21=3 (HandlInst = best execution) seems more appropriate.
Xavier.
Hi Darren,
Does anyone know what’s the best way for clients to present whether they want to route orders direct to the market or through an internal best market router? Are there any tags which define such a route.
I would expect to use the field 100/ExDestination.
If it is not given, then it is best execution (internal market router?),
otherwise you explicitly specify the execution venue.Regards, Jörg