Commission currency

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Imported from previous forum

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In FIX 4.1, for an Execution Report message, is the Commission (tag 12) expressed in the currency specified in the Currency (15) or SettlCurrency (120) fields? I suspect it is likely to be Currency since this field is effectively mandatory (absence indicates USD).

Thanks for your help,
Lance Gardiner
Beauchamp Financial Technology Ltd
email: lgardiner@bftl.com

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It should be expressed in the Currency (15) field. Note that SettlCurrency is used when requesting a forex accomodation trade (basically to trade a security and to perform an F/X transaction to settle in a different currency than the security trades in).

If SettlCurrency is used for the order, then the ExecutionRpt should echo the SettlCurrency value back and should supply SettllCurrFxRate and SettlCurrFxRateCalc which can be used to compute the Commission in the SettlCurrency denomination.

Also note that the FIX 4.1 Errata dated "19990630" amended the Currency field language about "Absence of this field in a message is interpreted as US dollars." to "Absence of this field is interpreted as the default for the security. It is recommended that systems provide the currency value whenever possible."

> In FIX 4.1, for an Execution Report message, is the Commission (tag 12) expressed in the currency specified in the Currency (15) or SettlCurrency (120) fields? I suspect it is likely to be Currency since this field is effectively mandatory (absence indicates USD).
>
> Thanks for your help,
> Lance Gardiner
> Beauchamp Financial Technology Ltd
> email: lgardiner@bftl.com
>
>