Imported from previous forum
[ original email was from Gordon Mitchell - gordon.mitchell@reuters.com ]
Can anybody clarify what an IOI with Side being set to 7 (undisclosed) actually means to the business. Is this interpreted as a willingness to buy and sell?
Also FIX states the IOIshares is a mandatory field but allows the field to be set with 0. I assume zero shares is used if you want to express an interest in a stock at a certain price(buy/sell/undisclosed still be valid?).
What is the business expectation is an IOI arrives which has no price, IOI shares set to zero and Side set to undisclosed. To me this looks meaningless, would I be right in rejecting the message as invalid?