Buy-Side: Creating a Step-Out Equity Trade with Step-In Broker's MPID

1

Hi, Looking to confirm the data points a Buy-side client would need to submit to properly support the Step-out/Step-In requirements. Below are the tags I understand are required in the AllocationInstruction message.

Key Tags to support Step-Out Allocation to Executing Broker

79=specific account identifier or broker-id
…
81=3
539=1
524=Step-In Broker’s BIC
525=B
538=4 (I think)

If I also wanted to capture the Step-In Broker’s Market Participant Identifier (MPID), would the following entry need to be included in the tag 453 grouping:

453=3
448=Buyside BIC
447=B
452=13
448=Sellside (Executing Broker) BIC
447=B
452=1
448=Step-In Broker’s Market Participant Identifier (MPID)
447=C
452=4 (I think)

Please let me know/correct where necessary.

thank you in advance for the support.

Pierre

2

Hi Pierre,
There is a Recommended Practice guideline published about this that you can find here: https://www.fixtrading.org/packages/equity-allocations-via-fix-recommended-guidelines-v1-2-8/
See section 11.6.3 in that guideline.