Differences between ExecBroker (tag 76) & ContraBroker (tag 375)

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Imported from previous forum

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Hi all - Can anyone please advise the difference(s) between ExecBroker (tag 76) & ContraBroker (tag 375)? The latter can be part of a repeating group…Thanks Albert

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[ original email was from Himanshu Sharma - hsharma@knighttrading.com ]
> Hi all - Can anyone please advise the difference(s) between ExecBroker (tag 76) & ContraBroker (tag 375)? The latter can be part of a repeating group…Thanks Albert
>
IMHO, if I am sell-side and receive orders from customers, my customer is my contra-broker. The broker who actually executes the order (it might be myself if I execute the order myself) is the ExecBroker.

Other view is:
Customer A —> Me ----- > ExecutingBroker B

For the first leg, A is my contra-broker. For the second leg B is my contra-broker. While B is always ExecutingBroker coz he is actually executing the order. So contra thing might depend on your point-of-view for a specific transaction.

Any other ides ???

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> > Hi all - Can anyone please advise the difference(s) between ExecBroker (tag 76) & ContraBroker (tag 375)? The latter can be part of a repeating group…Thanks Albert
> >
> IMHO, if I am sell-side and receive orders from customers, my customer is my contra-broker. The broker who actually executes the order (it might be myself if I execute the order myself) is the ExecBroker.
>
> Other view is:
> Customer A —> Me ----- > ExecutingBroker B
>
> For the first leg, A is my contra-broker. For the second leg B is my contra-broker. While B is always ExecutingBroker coz he is actually executing the order. So contra thing might depend on your point-of-view for a specific transaction.
>
> Any other ides ???
> > > >
Thanks for the reply! This makes sense to me…Have a wonderful day…