Imported from previous forum
[ original email was from Sandra Dinetz - sdinetz@dtcc.com ]
The recommendation from the CIV committee on primary/secondary market execution on funds is as follows:
On the order: ExDestination should specify the MIC of the secondary market if the order is to be executed as a secondary market order. ExDestination should be omitted for a primary market order.
On the execution report: LastMkt should specify the MIC of the secondary market; absence of the LastMkt field on an execution report will signify a primary market execution.