Imported from previous forum
Hello,
Through the current FIX 4.3 specification, Commission Type (CommType, Tag #13) is specified on a per share, percentage, or absolute basis.
These are all basically fixed quantities relative to the current trade.
-Is there also a way of specifying a value relative to the brokerage’s (published, standard) commission table? This would particularly be useful for messages between affiliated brokers and the brokerage.
Also,
-How would "commission cancelled" typically be specified using FIX 4.3? "Full comission"?
Much thanks,
Richard Fanta
- I do not think there is presently a way to specify that it is relative to another rate. How would you envision that? Would it simply be a percentage relative to that "standard rate" (i.e. a percentage discount or premium)? Obviously you could calculate the value using that standard rate and provide that which would then be relative to the current trade.
I would like to know the level of need/interest in this for others as well.
- If you have no commission, I would recommend CommType=Absolute and Commission=0
> Hello,
>
> Through the current FIX 4.3 specification, Commission Type (CommType, Tag #13) is specified on a per share, percentage, or absolute basis.
>
> These are all basically fixed quantities relative to the current trade.
> -Is there also a way of specifying a value relative to the brokerage’s (published, standard) commission table? This would particularly be useful for messages between affiliated brokers and the brokerage.
>
> Also,
> -How would “commission cancelled” typically be specified using FIX 4.3? “Full comission”?
>
> Much thanks,
> Richard Fanta
>
>
How does Comm Type=Percent work? Can you provide some examples?
I've seen per share and absolute but not percent and need to know how to code for it.
Percent is also known as "Percent of Principal". It's simply Gross Trade Amt times the percentage.
In equities, "(cents) Per Share" is common for US securities, while "Percent of Principal" is common for non-US securities.