Difference in "MaxShow" and "MaxFloor" for NewOrderSingle Message

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Imported from previous forum

2

Hi,

I am working on NewOrderSingle message in FIX 4.2, i am a little confused about the properties “MaxShow” and “MaxFloor”.
Kindly can someone explain what exactly is the difference in both of these properties and how to use them effectively.

Thanks…

–
Regards,
Taimoor

3

I have only seen MaxFloor in use - This is used to instruct the broker to display only a certain quantity (always less than actual quantity) to the market at any time. Iceberg orders usually contain MaxFloor (or some non standard equivalent tag to represent MaxFloor) specifying how much to display in the public order book.

MaxShow - it seems this is used when you need two levels of reserve quantity (i,e MaxFloor and one more) to display one level to the world (MaxFloor) and another to subscribers of the ECN. There is good explanation of both in FIX 4.2 spec (section E)

Regards
Kingshuk

Hi,

I am working on NewOrderSingle message in FIX 4.2, i am a little confused about the properties “MaxShow” and “MaxFloor”.
Kindly can someone explain what exactly is the difference in both of these properties and how to use them effectively.

Thanks…

–
Regards,
Taimoor

4

Kingshuk thanks for your help.

I have only seen MaxFloor in use - This is used to instruct the broker to display only a certain quantity (always less than actual quantity) to the market at any time. Iceberg orders usually contain MaxFloor (or some non standard equivalent tag to represent MaxFloor) specifying how much to display in the public order book.

MaxShow - it seems this is used when you need two levels of reserve quantity (i,e MaxFloor and one more) to display one level to the world (MaxFloor) and another to subscribers of the ECN. There is good explanation of both in FIX 4.2 spec (section E)

Regards
Kingshuk

Hi,

I am working on NewOrderSingle message in FIX 4.2, i am a little confused about the properties “MaxShow” and “MaxFloor”.
Kindly can someone explain what exactly is the difference in both of these properties and how to use them effectively.

Thanks…

–
Regards,
Taimoor