Determine buy-side in ExecutionReport

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Imported from previous forum

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Hello,

I’m using FIX 4.2 and just wondering how to determine buy-side firm in ExecutionReport. Starting from 4.3 there is a new component Parties where I can find buy-side firm by condition PartyRole = 13. Is there an equivalent in 4.2?

The problem is - I don’t know how to interpret Side field. Value “1” can mean for receiving firm “buy” or “sell” depending on who is the order originator (if originator == receiving firm then 1=buy, 2=sell else vice versa).

Thanks

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[ original email was from eugene eugene - eugene.milovanov@thomsonreuters.com ]
> Hello,

I’m using FIX 4.2 and just wondering how to determine buy-side firm in ExecutionReport. Starting from 4.3 there is a new component Parties where I can find buy-side firm by condition PartyRole = 13. Is there an equivalent in 4.2?

The problem is - I don’t know how to interpret Side field. Value “1” can mean for receiving firm “buy” or “sell” depending on who is the order originator (if originator == receiving firm then 1=buy, 2=sell else vice versa).

Thanks

Hi Pavel,
Execution report is sent by sell-side (35=8)
Based on FIX 4.2 technical specifications, order originator aka buy-side (54=1) and broker aka sell-side (54=2). Hope this helps.

eugene

4

Hello,

I’m using FIX 4.2 and just wondering how to determine buy-side firm in ExecutionReport. Starting from 4.3 there is a new component Parties where I can find buy-side firm by condition PartyRole = 13. Is there an equivalent in 4.2?

The problem is - I don’t know how to interpret Side field. Value “1” can mean for receiving firm “buy” or “sell” depending on who is the order originator (if originator == receiving firm then 1=buy, 2=sell else vice versa).

Thanks

Hi Pavel,
Execution report is sent by sell-side (35=8)
Based on FIX 4.2 technical specifications, order originator aka buy-side (54=1) and broker aka sell-side (54=2). Hope this helps.

eugene

Thank you Eugene,

I work with FIX server of some trading system. I receive all the deals from the system: 1) fills for my orders and 2) my own fills for other orders. As I understand in case (2) value (54=1) means ‘sell’ for me.

5

[ original email was from John Harris - john.harris@bondmart.com ]
Pavel,

The prudent course of action when implementing any FIX communications link with any counterpart is to obtain explicit, mutual understanding as to frame of reference applicable to Side <54> for each message you will be exchanging that utilizes that field.

The terms “sellside” and “buyside” are ambiguous and should not be used in our industry, much less in message protocols. Bad habits die hard, unfortunately.

Best,
John

Hello,

I’m using FIX 4.2 and just wondering how to determine buy-side firm in ExecutionReport. Starting from 4.3 there is a new component Parties where I can find buy-side firm by condition PartyRole = 13. Is there an equivalent in 4.2?

The problem is - I don’t know how to interpret Side field. Value “1” can mean for receiving firm “buy” or “sell” depending on who is the order originator (if originator == receiving firm then 1=buy, 2=sell else vice versa).

Thanks

Hi Pavel,
Execution report is sent by sell-side (35=8)
Based on FIX 4.2 technical specifications, order originator aka buy-side (54=1) and broker aka sell-side (54=2). Hope this helps.

eugene

Thank you Eugene,

I work with FIX server of some trading system. I receive all the deals from the system: 1) fills for my orders and 2) my own fills for other orders. As I understand in case (2) value (54=1) means ‘sell’ for me.

6

[ original email was from eugene eugene - eugene.milovanov@thomsonreuters.com ]
> Pavel,

The prudent course of action when implementing any FIX communications link with any counterpart is to obtain explicit, mutual understanding as to frame of reference applicable to Side <54> for each message you will be exchanging that utilizes that field.

The terms “sellside” and “buyside” are ambiguous and should not be used in our industry, much less in message protocols. Bad habits die hard, unfortunately.

Best,
John

Hello,

I’m using FIX 4.2 and just wondering how to determine buy-side firm in ExecutionReport. Starting from 4.3 there is a new component Parties where I can find buy-side firm by condition PartyRole = 13. Is there an equivalent in 4.2?

The problem is - I don’t know how to interpret Side field. Value “1” can mean for receiving firm “buy” or “sell” depending on who is the order originator (if originator == receiving firm then 1=buy, 2=sell else vice versa).

Thanks

Hi Pavel,
Execution report is sent by sell-side (35=8)
Based on FIX 4.2 technical specifications, order originator aka buy-side (54=1) and broker aka sell-side (54=2). Hope this helps.

eugene

Thank you Eugene,

I work with FIX server of some trading system. I receive all the deals from the system: 1) fills for my orders and 2) my own fills for other orders. As I understand in case (2) value (54=1) means ‘sell’ for me.

Hi Pavel
I tend to agree with what John is saying: FIX implementation is different for each individual connection. Therefore all mandatory FIX tags and values must be clarified with the client during the implementation. And it all must be documented and saved away for future references.

Based on what you’re saying you’re a vendor providing FIX connectivity to your clients. Your fix engine receives incoming messages from order-originators and passes them on to trading entity. It would be helpful if you posted an execution report here and ask specific questions using it as an example. Hopefully it would make things clearer.

Cheers,
eugene