Imported from previous forum
Dear all,
According to the FIX Regional Steering, bellow is the definition of some discrection order.
If a FIX order comes in with Order Type=‘Market’ and ExecutionInsturction='Over the day" BUT at the same time the HandlInst=1 (No broker intevention). This is obviously contradicting the CD order definition. How do we treat this particular order?
Thanks in Advance,
Jane
After discussion the FIX Regional Steering Committee proposes the following:
Careful Discretion.
Order Type 'Market’
Execution Instruction ‘Over the Day’
Execute at Market.
Order Type 'Market’
Execution Instruction ‘Held’
Trader’s Discretion.
Order Type 'Market’
Execution Instruction ‘Not Held’
Gavin Williamson
Salomon Smith Barney
gavin.williamson@ssmb.com