Imported from previous forum
[ original email was from Kevin Bilello - kbilello@betasys.com ]
There’s a problem of identifying a single exchange when dealing with a code that represents a 1 to many relationship. For example,
an inbound order comes into a service bureau (you look like the exchange to them), and you route it out to either the exchange that will
execute the order OR another trading system that will route it. This will be indicated using tag 100 (exec dest) such that “100=TH”. This scenario would leave no alternative short of adding a complicated scheme flexible enough to handle different trading instruments, different
firm preferences, default exchanges, etc. Not very easy or intuitive.
Specific to Professional Execution (options &
equities) business…private systems/companies available to broker/dealers for professional execution of orders, thus called “the third market”. In looking at 4.3 (page 88 of vol 7), ATS has custom values for tag 30 that were registered as their own “routing codes” since Reuters doesn’t support them. Is it possible to add values for these below and publish them in a future errata?
I am hoping to have some light shed on the following:
- how "out of the box" FIX engines handle this today (the 100=TH example)
…and more importantly
- whether custom values (ie. new 1 for 1 relationships) can be assigned to cover our immediate concerns regarding the list below. I
don’t want to assume that a value I create will stay unique if we don’t get acceptance from the FIX community.
We have the ability to interface with various Third Markets/Market Makers including (but not limited to):
ERNST & COMPANY
GVR & COMPANY
HULL LIQUIDITY FUND
MADOFF
KNIGHT SECUTITIES
PERSHING
ROBERTSON STEPHENS
TRIMARK
SCHWAB CAPITAL MARKETS
HERZOG
SPEAR LEADS