Looking at the Commission unbundling enhancements document at https://www.fixtrading.org/packages/commission-unbundling-enhancements/
I see that the proposed changes to add/update the commission fields in 35=J (Post allocation) messages.
I want to understand if there is a similar change proposed to 35=D message where client can send the commission split in the order itself. 35=D currently supports fixtag 12 and 13 to indentify commissions, I am wondering if there would be more fields added here to support research commissions.
I do not believe that a clear requirement exists for the order to contain an explicit RPA value, as an RPA payment will relate to the fund, not the order or the ‘block’. The order may contain an indicator/flag that an RPA payment will be made when the completed order is allocated, and the broker may be able to automatically calculate a standard RPA value for each allocation based on that flag. The tags 12 and 13 will most likely contain the Execution Commission only, or the full service rate that the broker will unbundle. There is a separate FTC MiFID II committee that may have more information for you.
Thanks for your response.