Imported from previous forum
I have the following question.
On the Amsterdam Exchange it is possible to
do a "Deal".
This is when a buy/sell takes place between two companys privately.(not through an exchange). The execution has to be reported to the Amsterdam Exchange.
(I think in the USA this is called ‘over the counter’)
Which function in fix covers the "Deal" functionality
I hope someone can help me out.
Regards Malcolm
[ original email was from Ryan Pierce - rpierce@taltrade.com ]
> I have the following question.
>
> On the Amsterdam Exchange it is possible to
> do a “Deal”.
>
> This is when a buy/sell takes place between two companys privately.(not through an exchange). The execution has to be reported to the Amsterdam Exchange.
> (I think in the USA this is called ‘over the counter’)
>
> Which function in fix covers the “Deal” functionality
I believe this is referred to in FIX as a "Cross" which can have several meanings. One is where two parties agree among themselves to transfer a security at a given price, and if there is a reporting requirement, it is reported to the exchange as a Cross.
The other meaning is where two parties intend to trade with each other, but present the proposed Cross to the exchange, where specialists / market makers might price improve one side of the Cross, or otherwise execute some or all of a side of it.