ClOrderID (tag 11) on drop copy execution reports

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1

Imported from previous forum

2

Is it standard for the sellside or network to omit ClOrderID (tag 11) when sending the buy side an execution report for an order that was placed by a means other than FIX. If so, is this standard of omitting tag 11 listed in any of the FIX specification documents or supporting documents?

3

Is it standard for the sellside or network to omit ClOrderID (tag 11)
when sending the buy side an execution report for an order that was
placed by a means other than FIX. If so, is this standard of omitting
tag 11 listed in any of the FIX specification documents or supporting
documents?

The FIX specs at

http://fixprotocol.org/specifications/fix4.0spec
http://fixprotocol.org/specifications/fix4.2spec

states

“Required for executions against electronically submitted orders which were assigned an ID by the institution. Not required for orders manually entered by the broker.”

You would get better response by posting your query to the appropriate forum at http://fixprotocol.org/discuss/

4

[ original email was from Leigh Thompson - leigh.thompson@rbos.com ]
> Is it standard for the sellside or network to omit ClOrderID (tag 11)

when sending the buy side an execution report for an order that was
placed by a means other than FIX. If so, is this standard of omitting
tag 11 listed in any of the FIX specification documents or supporting
documents?

It is listed as an optional field and has the following description in FIX 4.4

“Required for executions against electronically submitted orders which were assigned an ID by the institution or intermediary. Not required for orders manually entered by the broker or fund manager (for CIV orders).”

I’ve noticed it mentioned in some of the documentation relating to allocations also.

  • FAWG_44_Implementation_Guide_07.doc page 29

In the case of the order being placed out of band but a notice of execution was sent via FIX, the ClOrdID will be set to MANUAL.

  • FIX 4.4 spec Message Type Allocation Instruction (MsgType=J)

Except where AllocTransType = ‘Cancel’ or where AllocNoOrdersType = “Not specified”, the list of orders being booked or allocated must be specified by using their ClOrdID. If any orders were handled outside FIX, the ClOrdID must be set to ‘MANUAL’. Regardless of whether the orders were handled within or outside FIX, and where the orders are specified, the order quantity and average price must also be specified for each order. This is to assist in validating the message and, for manual orders, to help identify the correct orders to book.