Hi all,
I haven’t been able to find details in the FIX specs. Let’s say the buy-side submits a new order with 54=2, the sell-side responds with an order ack with an updated Side e.g. 54=5. Is this FIX compliant? Can tag 54 be changed unilaterally by the sell-side?
Thank you for your inputs.
Well, this depends. Your example is an order submitted as ‘sell’ but the dealer comes back saying it’s a “sell short” - the question is was the client intended for it to be a sell short to begin with. There are some jurisdictions that short sell have to be explicitly marked and reported later as a short position.
In this specific case, I would say yes it is allowed.
However if the client submitted a buy and the dealer changes to sell short or sell that should not be allowed.
This isn’t about whether it is FIX complaint or not, but what is allowed by the business practices.