Imported from previous forum
Hello
Which is the best method to implement the concept of “cared” orders using FIX?.
Regards
The term “cared” is not self-explanatory, please describe the business background and workflows.
Hello
Which is the best method to implement the concept of “cared” orders
using FIX?. Regards
[ original email was from Greg Wood - gregjwood@hotmail.com ]
Vicente - by “cared” order do you mean an order that is routed to a broker for manual execution rather than sent direct to the exchange for electronic execution ?
If so then this is typically implemented by HandlingInstruction (21) = 3 (Manual). The sell side routes orders with 21=3 to their order management system and the broker receives the order via some form of notification such as a pop-up on their screen. They then work the order based on the parameters supplied and send the fills back electronically to the client using the original order submitted via FIX.
Often care orders are verbally confirmed with the client on receipt but it is possible to provide granular instructions using ExecInst (18).
Regards,
- Greg
The term “cared” is not self-explanatory, please describe the business
background and workflows.Hello
Which is the best method to implement the concept of “cared” orders
using FIX?. Regards
Vicente - by “cared” order do you mean an order that is routed to a
broker for manual execution rather than sent direct to the exchange for
electronic execution ?If so then this is typically implemented by HandlingInstruction (21) = 3
(Manual). The sell side routes orders with 21=3 to their order
management system and the broker receives the order via some form of
notification such as a pop-up on their screen. They then work the order
based on the parameters supplied and send the fills back electronically
to the client using the original order submitted via FIX.Often care orders are verbally confirmed with the client on receipt but
it is possible to provide granular instructions using ExecInst (18).Regards,
- Greg
The term “cared” is not self-explanatory, please describe the business
background and workflows.Hello
Which is the best method to implement the concept of “cared” orders
using FIX?. Regards
First of all thank you for your response and apologies for my later response, but I have been out of office until now.
My expression “cared order” means Greg tells “an order that is routed to a broker for manual execution rather than sent direct to the exchange for electronic execution”. In order to work on the cared order, the broker could send several (suppose three) orders to electronic market. Each of these three single orders could be several fills and so on. My question is how to map a single ClOrderID (the original cared order) to several “real” orders (each of them with their OrderID on the markets,…).
Perhaps the solution is as Greg tells, only to send to the buy side the fills associated to the original ClOrderID. But in this approach, the buy side only receives information at the end of the broker work.
Thanks in advance for yor help and suggestions.